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Ready for a quick German lesson?
Good day to you!
While I don’t speak German and assume most of you don’t either, I was intrigued by a word I stumbled across recently…
Of course, I immediately saved it to Evernote 😉
Here’s an image of what I saved:
Many women I speak with want to make sure they’re doing enough to prepare for retirement and their financial future.
But quite a few also seem worried they might screw something up along the way.
This can result in indecision.
Or worse, never even getting started on your retirement plan.
You may wonder, am I going to be OK?
Should I be doing more? Doing something different?
Am I taking too much risk? Not enough?
Saving too little? Saving too much?
Do I have the right portfolio?
How do I stack up compared to others my age?
Can I afford to help my parents? Or my adult children?
Will I ever be able to retire?
Will I have to live under a bridge and eat cat food? (I’ve actually had someone ask me this before, and not completely tongue-in-cheek)
While these are all important questions and worthy of your contemplation, it’s all-too-easy just to let inertia do it’s thing and carry on with whatever it is we’ve been doing.
Or not doing.
While where you’re at right this moment may not be perfect, it’s a known quantity. And there’s a certain feeling of comfort in that, isn’t there?
And while you may not speak German, I think many of you may be worried about “verschlimmbessern.”
You’re scared that by trying to do something to improve your financial future and take a positive step forward, you may somehow wind up taking two or more steps back.
You might make things worse in an attempt to make things better.
So you settle for the path you’re on. Whatever that path may be.
But sticking your head in the sand and hoping for the best does not make for a very sustainable or resilient retirement plan.
Before you get anxious about where you’re going and the state of your financial future, I encourage you to stop, look up, and see where you’re going.
That’s really all a financial or retirement plan is…
It’s a directional heading. Like a compass. 🧭
Even if you know you’re heading in the right direction, you can’t always see your destination. Especically when you’ll have to inevitably navigate around obstacles and over challenges along the way.
But that doesn’t mean your compass - or the direction you’re headed - is wrong.
That’s why, from time to time, you’ll need to take another compass reading and make sure you’re STILL heading the right way.
Your retirement plan is no different.
It’s an ongoing process of looking up, seeing where you are right now, and determining if the direction you’re going is right for you.
If it is, keep on keeping on.
If not, make some small adjustments and then proceed.
And after you’ve traveled a little through life and some time has passed, you stop, look up, see where you are right now, and determine if the direction you’re going is still right for you.
Note: The more often you look up and check your direction, the smaller (and typically less costly) any necessary adjustments will need to be along the way.
This simple approach is the best way to head toward a more secure, more comfortable financial future.
And it’s the best way to battle any worries over verschlimmbessern.
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Until next Wednesday,