Personal Finance

“I know it isn’t working. But we have already put so much into it.” A client said this to me recently while we were discussing a decision that had gone wrong. A substantial amount of money had already been committed, but the larger investment was the time, energy and attention spent trying to make it work.

A few years ago, I was speaking to the head of a large business family. We were discussing wealth, the next generation and what they wanted their money to do for them. At one point, he said something that sounded almost contradictory: “I know we have enough money. But I also feel we should spend more.”

“What is the one thing you’re looking forward to after retirement?” We often ask this question during retirement planning meetings. The answers are usually predictable. “Travel.” “Spend more time with family.” “Play golf.” “Finally pursue my hobbies.” Very rarely does someone say “I want to own my time again. And yet, I have come to believe that this is what every retirement plan is really trying to achieve.Not retirement. Not holidays. Not even financial freedom.

Refusing to when the facts have changed is. “Why are you asking one client to stay invested while asking another to churn his portfolio?” That question came from a wealth manager interning with us during one of our portfolio review meetings. Earlier that morning, we had advised one client to do absolutely nothing. His portfolio was progressing as expected. The funds continued to justify our original thesis, so our advice was simple. Stay invested. Time is still your bigges

Because the financial advice that protected one generation can quietly limit the next. A client recently asked us, “What are the financial rules you live by?” He answered without pausing. Never take a loan unless you have to. Always buy property when you can. Never sell equity in a falling market. Keep two years’ expenses in cash. A younger client shared something quite different. “I follow my dad’s advice, but half of it doesn’t seem to apply to me anymore. I just don’t

Recently, I met two young couples within a few weeks of each other. The first couple had been married for over seven years. They had a young son, another child on the way, successful careers and a sizeable investment portfolio. Their finances were well organised and spread across multiple assets. Yet they appeared stressed and exhausted. The second couple had been married for three years. Both were earning well and had begun building their financial lives together. They had