We’re all getting into summer mode and like most of you out there, I’m ready to spend time with my friends and family and maybe do a little traveling.
My family and I love to travel and, like many of you, I’m always keeping an eye out for the best way to plan a trip: resources on the internet, using a travel agent, and asking other people about their vacation successes all factor into my vacation planning.
As I’ve planned trips throughout the years, I’ve drawn some parallels between vacation planning and financial planning. Here’s how they’re similar:
- It’s helpful to have someone guide you and provide you with resources you might not have otherwise considered.
- It’s planning for something in the future.
- It’s a lot of fun.
Okay, maybe that last one was a stretch, but you see where I’m going with this.
However, it seems like most people spend more time planning for a vacation than they do planning for their financial future. I get it: travel planning feels more tangible than planning for a day in what seems like the far-off future. And, let’s face it – researching resorts is a heck of a lot more fun than looking at tax strategies.
Let’s Change That
I don’t think I could ever break out my magic wand and make retirement planning as fun as sitting on the beach tomorrow. However, there are ways to make this feel less like drudgery and more like planning for what could be a 30-year vacation.
Who wouldn’t want that??
Here are a few things that might help motivate you when it comes to retirement planning:
- Visualize Your Retirement: Create a vision board or a detailed description of your ideal retirement. This can make the future feel more real and motivating. (And use some of those travel pictures!)
- Set Milestones: Break down your retirement goals into smaller, achievable milestones. Celebrate when you reach each one. And tell your advisor! We’re here to help keep you accountable and celebrate with you.
- Educate Yourself: Take the time to learn about different retirement strategies and financial products. Knowledge can reduce anxiety and increase confidence. Don’t want to do that research yourself? That’s what an advisor is for. Like a travel agent who won’t let you check into a roach motel, we’re here to help you make good decisions.
Getting Started is Easier Than You Think
I know what you’re thinking: “All I have to do is do a quick search on the internet for ‘best hot dogs in Paris’ to plan my dream vacation, but I’ll have to do a LOT of work if I start dealing with my retirement planning!”
That’s not always the case.
When C. Beach Brown schedules an appointment with a new client, we’re not asking them to bring in their tax returns for the last 20 years. Our initial conversations are all about your goals, values, and any life transitions you’re experiencing (or expect to happen). Yes, we’re going to get to the numbers at some point, but it’s important for you to outline what you want right from the beginning so that when we get to the numbers, your plan makes sense to you (and might even get you a little excited).
And think of it this way: meeting with us can help you plan for those trips, now and in the future. That planning might lead to guilt-free travel (who wouldn’t want that??) because you know you can afford it.
So, the next time you're mapping out your dream vacation, take a moment to think about your dream retirement too. Your future self will thank you.