In Episode 6 of our ‘Practical Financial Planning’ season, Simon explains how cash flow planning can help to create a useful 'budget for life'.
Some key points of interest covered in this episode include the following:
- Bex and Simon set the scene by quoting the following biblical references: Luke 14.28-30 & 12.31-41; Proverbs 31.16-21 & 21.5. These verses flag up a number of topics relevant to financial planning, including anticipating future needs, providing for family, inheritance and generosity, but also greed, laziness, haste and lack of planning. [01:05]
- Simon starts talking about the concept of cash flow planning by explaining the long-term perspective that it provides when he uses it in a business capacity with clients. [04:13]
- Software can be a great help when undertaking cash flow planning, so Simon draws attention to 'Truth About Money', a free version of a cash flow modelling tool that he uses professionally. [08:32]
- Simon goes on to describe how a long-term cash flow model works and in what ways it can be helpful. [16:00]
- Simon suggests that financial planning decisions should not be determined purely by monetary considerations. The faith perspective is vital for Christians and, in his final comments, Simon mentions the importance of seriously considering matters such as working out “how much is enough?”, being generous and serving God. [21:06]
- As ever, please contact us via whereyourtreasureis@freerangepodcasting.co.uk, or on Instagram via @whereyourtreasureispodcast. The next ‘Practical Financial Planning’ episode will be ‘Decumulation Strategy’, which will be released after a break for Christmas. [24:42]
This show has been brought to you by Free Range Podcasting.
