Good morning!
I've written and talked with many of you about the idea of balance.
It applies to most, if not all, areas of your personal finances.
But it can also extend to the rest of your life as well.
For instance, look as this image:
This is from a financial life planning exercise called the "Wheel of Life."
If the "hub" of the wheel is a zero and the outer rim is a 10, how would you rate each of the 9 areas of life in the image above from 1 to 10?
For instance, based on your scores, your wheel of life might look something like:
Clearly, this person is doing well in work and finances, but some other areas... well, not so much.
And this isn't about judgement. There is no right or wrong here.
Instead, it's about balance.
Or being well rounded.
And self awareness.
For instance, what happens when this person retires? Work seems to be a big focus in their life... how will they fill that time when they're no longer working full-time? Or maybe they're not ready to retire?
Food for thought...
And the goal here isn't a perfect wheel with 10s across the board. Not sure that's realistic.
Of course, your personal wheel will change over time.
Some areas where you're happy and content today might need more attention in the future. And vice versa.
Life changes. And as a result, each part of our lives change too.
If you're interested in going through the Wheel of Life exercise, just reply to this email and let me know. I can send you a digital version you can complete online. And I'd be happy to discuss it with you too, if you're interested.
Links & Things
In the fifth and final episode of my "caregiver series" I'm joined by Paula Canaday-Daeke. Paula is a daily money manager which means she helps people - including many seniors - with their budgeting, bills, insurance claims, and more. "Watch" our conversation on YouTube.
And give my latest blog post a read... "Our tips for women to retire with less worry and more confidence"
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