“What happens if I have no income for 2 years, will i have enough to pay for all my plans?”
This was a very honest question a client recently asked me.
And I’m thrilled that he asked this, because that is precisely why I am doing what I am doing, it is to give clarity and confidence to clients in such situations.
This also means that 𝘄𝗲 𝗮𝗿𝗲 𝗵𝗮𝘃𝗶𝗻𝗴 𝗿𝗲𝗮𝗹 𝗰𝗼𝗻𝘃𝗲𝗿𝘀𝗮𝘁𝗶𝗼𝗻𝘀, 𝗻𝗼𝘁 𝗷𝘂𝘀𝘁 𝘀𝘂𝗿𝗳𝗮𝗰𝗲-𝗹𝗲𝘃𝗲𝗹 𝗽𝗼𝗹𝗶𝘁𝗲 𝘁𝗮𝗹𝗸, but we are addressing practical real-world concerns that my clients have.
So using the modeling and simulation tools that I have at my disposal, I was excited to show him how his finances will be impacted if he does not have income for 2 years. He was able to see exactly how his cashflow will look like and then discuss options to deal with the situation.
We talked about how the various plans we have put in place will kick-in to cover various aspects of costs and withdrawal options. At the end of this conversation, even if things would be tight for him, 𝗯𝘂𝘁 𝘁𝗵𝗲 𝗿𝗲𝗹𝗶𝗲𝗳 𝗼𝗻 𝗵𝗶𝘀 𝗳𝗮𝗰𝗲 𝘄𝗮𝘀 𝘀𝗼 𝗼𝗯𝘃𝗶𝗼𝘂𝘀. Not relief from the fact that he has more than enough to handle such a scenario, but relief from knowing.
𝗜𝘁’𝘀 𝗮 𝗿𝗲𝗹𝗶𝗲𝗳 𝗳𝗿𝗼𝗺 𝗵𝗮𝘃𝗶𝗻𝗴 𝗰𝗹𝗲𝗮𝗿 𝘃𝗶𝘀𝗶𝗯𝗶𝗹𝗶𝘁𝘆 𝗼𝗳 𝘁𝗵𝗲 𝗽𝗼𝘁𝗲𝗻𝘁𝗶𝗮𝗹 𝗰𝗵𝗮𝗹𝗹𝗲𝗻𝗴𝗲𝘀 𝘁𝗵𝗮𝘁 𝗹𝗶𝗲 𝗮𝗵𝗲𝗮𝗱. He knows that there will be no unwanted surprises waiting for him down the road.
It’s simple small conversations like this that really refreshes me and reminds me that what I do is important and meaningful.
Thank you for trusting me enough to ask this question.
Thank you being vulnerable enough to ask me for help.
Thank you for motivating me to want to be better.
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