I recently read an article in an industry magazine that suggested the primary goal of retirement for most people is to have more time to do the things not possible during their child rearing and working years. I thought about this statement and it struck me that having more time to do things was not so much a “goal” as it was a “result” – perhaps a “result “ of having developed and carried out a plan that provided the option of actually having that time on your hands.
Merely having more time to do things you couldn’t do during your working years is not enough of a concrete goal by itself to motivate someone to make the necessary commitment to do what it takes to actually achieve that goal. Likewise, merely having a financial goal by itself, doesn’t give us the best chance for success either. We’ve all probably seen the commercial with the people carrying their “numbers” around under they’re arms and the question being asked is “do you know yournumber?” It’s a good question, but by itself it doesn’t go far enough either.
It does begin to get to the heart of the matter, however, which is that everyone’s number is different, and with good reason. Everyone is unique – and the things that are really important in life to each person are unique as well. Ultimately it is the “vision” that comes out of understanding this that will help you to determine what your number is and to do what it takes to achieve it.
As part of your retirement planning, have you really put much thought into what you will actually be doing – were you to have all that that time on your hands? Maybe it is better to ask yourself “have I really set out to visualize and define my own financial independence?”
What would you do today – I mean right now - if you had more time on your hands? You wake up and no one needs you to take them to school, no one needs you to pick them up from ballet or ball practice, there’s no one expecting you to arrive at the office...What would you do? Are there hobbies you’d pursue? Would you devote more time to your favorite charitable interests? Would you spend most of your time visiting your children and their children and helping them? What exactly do you see yourself doing? Do you have a “vision” of yourself as a financially independent person?
Having your own vision for financial independence makes your planning unique and personal to you – even emotional. Can you make planning this personal and create an emotional connection with your goal? If you can, it turns a “goal” into a “dream,” and your resolve to achieve it is going to be greatly fortified. It will also be much easier to embrace the “money” part of your planning if you have a full grasp of what that money means to you personally. In other words, what exactly does having enough money represent?
If you started out each vacation just driving your car, without knowing where you are going, you will never get there. If you are investing and saving with no personal vision of why, it will likewise be difficult to reach your “destination.”
I believe generally that people who occupy themselves doing things that are important and gratifying to them are happier and feel more fulfilled in their life. I know that people who develop their own personal vision for financial independence and develop a plan to achieve it, greatly improve their odds of doing exactly that. They have a much better chance of achieving their dreams. We really can’t separate these two ideas in our planning for financial independence.
Truly thoughtful consideration of what you’d actually do if you had more time on your hands is a great way to begin to develop a personal vision for your own financial independence. Establishing that vision and putting together a thoughtful plan to achieve it, and then, actually following that plan is the best way to make sure you will end up with more time on your hands.
Now, repeat after me... “What is my vision of financial independence?” Think about the question you just asked yourself for a few seconds.
Do you know the answer?
Merely having more time to do things you couldn’t do during your working years is not enough of a concrete goal by itself to motivate someone to make the necessary commitment to do what it takes to actually achieve that goal. Likewise, merely having a financial goal by itself, doesn’t give us the best chance for success either. We’ve all probably seen the commercial with the people carrying their “numbers” around under they’re arms and the question being asked is “do you know yournumber?” It’s a good question, but by itself it doesn’t go far enough either.
It does begin to get to the heart of the matter, however, which is that everyone’s number is different, and with good reason. Everyone is unique – and the things that are really important in life to each person are unique as well. Ultimately it is the “vision” that comes out of understanding this that will help you to determine what your number is and to do what it takes to achieve it.
As part of your retirement planning, have you really put much thought into what you will actually be doing – were you to have all that that time on your hands? Maybe it is better to ask yourself “have I really set out to visualize and define my own financial independence?”
What would you do today – I mean right now - if you had more time on your hands? You wake up and no one needs you to take them to school, no one needs you to pick them up from ballet or ball practice, there’s no one expecting you to arrive at the office...What would you do? Are there hobbies you’d pursue? Would you devote more time to your favorite charitable interests? Would you spend most of your time visiting your children and their children and helping them? What exactly do you see yourself doing? Do you have a “vision” of yourself as a financially independent person?
Having your own vision for financial independence makes your planning unique and personal to you – even emotional. Can you make planning this personal and create an emotional connection with your goal? If you can, it turns a “goal” into a “dream,” and your resolve to achieve it is going to be greatly fortified. It will also be much easier to embrace the “money” part of your planning if you have a full grasp of what that money means to you personally. In other words, what exactly does having enough money represent?
If you started out each vacation just driving your car, without knowing where you are going, you will never get there. If you are investing and saving with no personal vision of why, it will likewise be difficult to reach your “destination.”
I believe generally that people who occupy themselves doing things that are important and gratifying to them are happier and feel more fulfilled in their life. I know that people who develop their own personal vision for financial independence and develop a plan to achieve it, greatly improve their odds of doing exactly that. They have a much better chance of achieving their dreams. We really can’t separate these two ideas in our planning for financial independence.
Truly thoughtful consideration of what you’d actually do if you had more time on your hands is a great way to begin to develop a personal vision for your own financial independence. Establishing that vision and putting together a thoughtful plan to achieve it, and then, actually following that plan is the best way to make sure you will end up with more time on your hands.
Now, repeat after me... “What is my vision of financial independence?” Think about the question you just asked yourself for a few seconds.
Do you know the answer?
E-mail Kimber with any thoughts you may have regarding this post.