Are you engaged in planning your financial future?
There are hundreds, and most likely thousands, of articles about how people are not saving enough for retirement. And this is not just in the United States, but other countries as well.
So, what is the point of all these articles?
We get it. People are not saving enough for their retirement. And by the time they realize they are not saving enough… they are probably already in trouble.
I just read an article about Canadians and the fact most people are not saving enough for retirement. So, that part is nothing new. But I did like how they explained how we should interpret the statistics.
Here is what the article said:
Doug Dahmer, founder of Burlington-based Retirement Navigator and BetterMoneyChoices.com, puts the $756,000 figure into perspective.
“Assessing if this is enough money is the equivalent of answering the question ‘Am I going to be OK?’ without defining what OK looks like. The real message buried in these statistics is that people need to get more engaged in planning what they want their future to look like.”
So, let’s talk about this for a second…
There are a lot of statistics to support the fact that most people are not saving enough for retirement. But if you are searching out personal financial advice… you probably know this already.
All the statistics show is you are not alone.
Personal finance is “personal”. So, you really do need to figure things out for yourself. And that may be the reason why so many people don’t engage with planning their financial future.
When I was graduating high school and entering college, I had the feeling I was on a conveyor belt. It seemed like everything up to that point just happened to me. Basically, I was always told what to do.
- Go to school…
- Get good grades…
- Go to college…
And now the question was, “What do you want to do for the rest of your life?”
You need to answer this question at the young age of 18 so you can continue on the conveyor belt.
- Get a degree in your desired field…
- Get a job…
- Get married…
- Have kids…
- Get a dog…
So, since everything seemed to be pre-planned in a way, I think a lot of people don’t really sit down and think about EXACTLY how they want their future to look like. I know this happened to me.
Opportunities come up. We take advantage of these opportunities because it seems like the right thing to do at the time, or what you are supposed to do. And before you know it, the course of you life is set.
It just seems like life happens to you, instead of you planning for what you want. Because, it seems to be hard to figure out what that really means.
I know I seem to have gone off on a tangent… but the point I am trying to make is you need to start asking the hard questions.
You need to stop life from happening to you… and start planning for YOUR desired outcome.
For me, when I started really thinking about what I want my future life to look like, I was shocked to find that I really don’t need as much as I thought previously to make me happy.
- I don’t want to have a boss (which I haven’t for 25 years if you don’t count my wife)
- I want to run my trading accounts like businesses and create an income for life
- I want enough money invested in my trading businesses to support my lifestyle, save for inevitable emergencies and be able to travel 4 times a year
- I want to teach my wife and god-children what I do so they can be financially secure independently (even if I am not around)
I don’t want a bigger house or fancier car. I’m not interested in flashy wealth trying to show the world how much money I have. I’ve figured out what makes ME happy, and am concentrating on that.
Taking the time to figure out my own path has been really revealing for me. It has allowed me to “get off the conveyor belt” and plan my own future.
In conclusion, you probably don’t have enough money saved for retirement. You already knew that already. Now is the time to think about what you really want for your future… and then plan how you are going to achieve it.
My plan is simple…
- Make extra money: Start and online business to make money
- Put that extra money to work to make more money: How to get started investing
If that sounds like a good plan to you, you can copy what I am doing.
If not, give your financial future some thought and come up with a plan. But whatever you do, don’t just think you are going to fall into a secure financial future by accident. Probably not going to happen.