A Holistic Approach to Financial Planning: Wealth, Wellbeing, and Family Choice

By Jaye Mankelow

Financial planning today extends far beyond investments and tax strategies. Families now seek ways to balance security with lifestyle goals, allowing them to support future generations, maintain health, and stay engaged in meaningful activities. This narrative highlights a modern approach to financial planning, emphasising flexibility, choice, and lasting family values.

Imagine a couple, Ben and Sarah, who have built a comfortable life through years of hard work and wise investments. As they approach retirement, they shift their focus from simply growing wealth to supporting family goals and enjoying a fulfilling lifestyle. Their vision includes supporting the next generation, staying active, and leaving a meaningful legacy.

Supporting the Next Generation

For Ben and Sarah, part of this vision involves helping their children and grandchildren. Their advisor introduces them to protected gifting through loan agreements. Rather than giving outright gifts, they use structured loan agreements, which allow them to support their children while maintaining some control over how funds are used. This approach offers asset protection and serves as a tool for teaching financial responsibility.

Ben and Sarah discuss budgeting and planning with them as they provide loans for their daughter’s small business and their son’s home deposit. This process instills valuable financial skills, turning each loan into a lesson in accountability rather than just a monetary gift.

Transitioning to Part-Time Work and Staying Engaged

Ben still loves his work as an engineer and has chosen to make a gradual transition into retirement. Moving to part-time work helps him stay professionally active and engaged while maintaining income. This phased approach isn’t just about finances; it supports his wellbeing by keeping him mentally and socially active while allowing him to focus more on family and personal interests. Meanwhile, Sarah balances volunteer work with consulting, creating her blend of engagement and flexibility.

Prioritising Health and Lifestyle

Financial planning for Ben and Sarah goes beyond wealth. To ensure they enjoy a vibrant retirement, they set up a wellness fund with their advisor, dedicated to healthcare, fitness, and hobbies. This fund helps them stay physically active and socially engaged, supporting health and fulfilment. Their wellness plan also includes travel and community involvement provisions, encouraging an active lifestyle as part of their financial strategy.

Creating Freedom and Flexibility

With guidance from their advisor, Ben and Sarah’s financial plan gives them the freedom to live on their terms. This flexibility allows them to help family members, pursue new interests, and respond to life’s surprises without worry. Rather than a rigid plan, their strategy is a flexible framework that balances support for the next generation with their own needs, creating an enduring legacy that includes both wealth and wisdom.

A New Way to Think About Financial Planning

Financial planning for families like Ben and Sarah involves much more than returns and tax deductions. It’s about building a life that balances wealth, wellbeing, and family connection.

At Aspira, we work closely with families to craft financial strategies that create security and support their values, helping each generation achieve their vision of a meaningful life.

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