Staying on Course With a Financial Roadmap

financial-roadmapAs a financial consultancy that believes in personalised service, Northwood believes in guiding clients along the road to success – and there’s no better tool for doing this than a financial roadmap.

Mapping our journey to success

For many people, financial freedom and security are faraway destinations. Today’s high cost of living, an uncertain economy, and the rising levels of debt that many households are experiencing make it seem almost impossible to reach your financial goals sometimes – but there is a way.

As your partner on the journey to financial freedom, Northwood has created the concept of a financial roadmap. Working with you, we’ll establish financial goals based on your personal dreams and values – and then help you find ways to achieve these goals.

What does money mean to you – and what’s important about it?

Before we embark on our financial journey, it’s important to understand your own relationship with money – because this will determine your financial destination.

If you’re the kind of person who can’t sleep at night if you owe R100 on your credit card, financial security and risk management are probably important to you. On the other hand, if you’re willing to take a few risks to achieve big financial goals – like a luxurious lifestyle or early retirement – you may be willing to pursue a more adventurous financial path.

Knowing what money means to you – and what your money goals are – will allow you to set the right financial goals. Once we’ve done this, we can get moving on the road to success.

Milestones on the financial roadmap

Like any journey, the path to success is lined with milestones which let you know that you’re on the right track. There are several important factors that every successful wealth creation strategy should contain – make sure you’re passing these as you travel the road to financial freedom:

  • Money management – if your budget doesn’t balance at the end of each month, you’re not getting any richer. Understanding how to manage your money is the first step in creating wealth – we’ll show you how.
  • Assets and Liabilities – balancing your assets (things you own which gain in value) and liabilities (debts and things you own which cost you money) is a crucial step in attaining financial freedom. At the end of your financial journey, you should have plenty of income-producing assets and few or no liabilities.
  • Risk – this is something we all have to think about. Illness and disability can have a devastating effect on our earning power, and our assets will always need to be insured against theft and damage. Without risk cover, a small bump in the road to financial success could easily become a bottomless pit – we’ll help you to manage your risk at every stage of the journey.
  • Retirement planning – knowing when to retire, where to retire, and how much money you’ll need at retirement are the first steps toward financial freedom in your golden years. We’ll work with you to ensure that your retirement is secure and very enjoyable – you deserve it.

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