As time-poor professionals generally earn high income ( relatively speaking ), they are typically able to achieve all of their personal and lifestyle aspirations. Buying ( and often renovating! ) the dream home, funding children’s education, enjoying well-earned holidays, etc etc, is usually always manageable for professionals simply on the basis of their earnings. This has been my experience in advising medical, dental, legal and consulting professionals over many years.

The dilemma for professionals is the recognition that their ability to both achieve and maintain a given standard of living depends on their capacity to continue earning adequate income. The overriding concern is that maintenance of this lifestyle may cease when income either reduces or ceases in the future. 

Achieving financial independence is the overriding financial objective acknowledged by professional clients. Understanding what is required to achieve financial independence is often unclear as well. The term ‘financial independence’ may be described as the state in which an individual has accumulated  both the personal assets and the investment assets required to generate a given level of after-tax income to maintain a desired standard of living without the need to rely on income from personal exertion.

Most professional clients will confess that they generally don’t want to continue to work at what is often a frenetic pace for the entirety of their career and that at a point in the future they may wish to wind down their work hours which might mean transitioning to part-time or moving to a different role/firm altogether. Often the desired change in working arrangements is at odds with the need to maintain a given standard of living into longer term retirement.  

Achieving financial independence provides the financial freedom for professionals to manage their career plans so that they can free up the time to get the work/life balance that they often aspire to.

If you would like to learn more about tailored strategies to achieve financial independence, please get in touch.