Towards the end of 2016, I went to see one of the financial planners/upscale banks in Belgium. A first get-to-know meeting is free. Worst case, you loose an hour. Best case, you pick up some ideas.
During this particular visit, I had mixed feelings on the sales guy in front of me. As soon as he sensed I was a DIY and there was little money I could move his way, his interest faded. This was confirmed by the fact there was no further follow up from him, not even after a reminder email from my side. That says more about him than me…
They advertise with a planning tool, I was interested: I am always open to learn or to have a discussion on finances, so, I went to another agency. With success this time.
As I came prepared, I was able to get my feedback and report. There is great news: when we continue like we do today, we can maintain our current life style after we retire! All good!
Not really, they mean retire at the regular age, like at 67…
We have the ambition to do better!
The tool required me to make some of our financial goals explicit. Here is what I came up with
- Emergency fund: life throws once in a while a curve ball. We need the means to deal with it.
- travel when the kids get 12, they get to pick the destination, I hope it is far far away.
- Retirement. A better term would have been Financial Independence.
- House repairs/upgrade. At some point in time we will need a new kitchen and bathroom.
- College fund for the kids
- Leave an inheritance for my kids
All seems to be reasonable objectives to achieve in the given timeframes. It is nice to see that our systems leads us to the right place.
Portfolio wise, the discussion was that I am way to conservative/defensive now. I do know that. That is why we have not bought any assets that qualify as “defensive” the last years. Going forward, it is all equity! and options 🙂
Reminder for a next visit that I might do: actually put FI on the table as a financial goal and see how they react. It is a missed opportunity as I decided to go with the flow of their systems and planning. We all know we have other plans…
Was this a loss of my time?