Steve recently sold his business, which happened sooner than he’d initially planned, he also got rather more than he ever expected. He’s now left with a large sum of money and, as he wasn’t really prepared, he’s struggling to work out his next move.
Steve is now faced with life after business and even though he has plenty of ideas he needs a framework to help him make good decisions, after all he knows that this could be a once in a lifetime transaction. A close friend refers Steve to Treysta, noting that they have developed a specific process that is designed to help people make good life decisions as well as good financial ones. This sounded perfect so he arranges a meeting with Treysta to understand how this works. He starts by highlighting the following:
- What does this money mean to me? Will I need to work in some capacity moving forward, in order to continue funding my current lifestyle?
- If I choose not to work, how can I effectively replace the regular income that the business provided me with?
- I might get bored, I’d like to do some volunteer work using my skills, how might that work?
- Maybe I should invest into another business, what might that look like for me?
- I could start another business, I’m somewhat entrepreneurial but what are the risks?
- How can I setup my work and lifestyle choices appropriately so that they are able to provide both now and in retirement further down the track?
The choice paralysis being experienced by Steve in this situation is common, and Treysta have a “Values Based” process that helps individuals and families understand and reveal their true priorities in life. Sure, many of Steve’s questions are founded in finance which can be readily addressed and will contribute to Steve’s decision making. However, many of the questions are life choice related, the values-based process will help Steve focus on what will be the best life choice for him, the financial strategy will then be designed to support that.
- Steve, decided to start up another business, but it was a lifestyle business. He’s always been a closet environmentalist, so he started an on-line store that specialises in ecologically friendly products. He’s passionate about sourcing new and innovative products and is amazed at the success he’s having.
- The low cost and risk of business start-up was part of the planning, Steve invested most of his capital which part funds his lifestyle and reduces the pressure on the business.
- Steve has also set aside funds for his future to ensure a comfortable retirement in his later years.
- His work life balance remains important to him, he has the time to follow other passions like golf but also fits in some volunteer work which he enjoys.
When Steve went through the values-based process, he was surprised at how quickly he was able to articulate what really mattered to him, which meant he was able to discount some of the options open to him. Sometimes simply focusing on the money will only give you part of the solution, bringing in a life choices discussion can be very powerful and create much better results.
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