Good morning!
"Financial freedom"
"Retirement"
"Having choices"
"Travel more"
The above are words and phrases that come up a lot in relation to retirement planning. And there are certainly more...
But what does "financial freedom" mean?
Or "retirement"?
I'm not trying to nail down an agreed upon definition that we can all use.
No, I'm asking what do these - or whatever words you personally use - mean to you?
And your life?
So many times we talk about and plan around such broad concepts that it can be difficult to know if you're on the right path for where you want to go.
As a result, when it comes to financial and retirement planning, I believe we'd all benefit from using more specificity.
Let's throw away these catch-all words and overused concepts and get down to the much more interesting details.
For example, instead of including a "travel" goal in your financial plan, include specifically what "travel" would mean for you.
Where would you travel?
When would travel?
How long will you be away from home?
What will you do on your trip?
Where will you stay?
How will you get there?
Will you drive?
Will you fly first class?
Will you cook your meals or eat out?
Will you join up with tour groups or explore on your own?
These is just one example of the opportunity to infuse your financial plan with color and detail through specifics.
And even outside the scope of your overall financial plan, consider using specificity and detail around your daily or monthly spending.
Think about what you truly enjoy spending your money on...
It could be as simple as going to the movies or going out to a nice dinner.
Or it could be a little more involved like covering the bill for your extended family to go on a trip every other year.
So often we just fall into the habit of spending money almost unconsciously without thinking about or acknowledging how we can use our money to do things that are truly rewarding for each and every one of you.
Of course, this isn't a license to spend money you don't have.
But what if you found ways to be a little more thoughtful about how you spend money on things that aren't that meaningful to you in order to be able to spend more on the things, people, and experiences that really light you up.
Again, specifics can help here.
This isn't meant to be prescriptive, but hopefully it will help you really think about how you're using your money, both today and down the road.
There are many benefits to being more specific across our lives, and money and financial planning is but one example.
Get in touch if you'd like to talk about it...
Links & Things
Next up in my ongoing "caregiver" podcast series is a recent conversation with Corey Rieck about how long-term care insurance can potentially play a role if you or someone you know finds themselves as a caregiver.
Impact is often unseen. I'd encourage you to click that link and read this article, written just a couple of weeks ago on Christmas day. It's short and it's worth your time. (and thanks to P.C. for initially sharing it with me)
Thank you, as always, for reading.
And if you have any questions or an idea for a future newsletter, podcast, or blog post topic, I'd love your input.
Just hit reply - I read (and appreciate) every email you send.
Until next Wednesday,
Russ