What’s it all for … what are you working towards? Pretty deep question and one that many put off asking themselves out of fear.
Most people I have met, both professionally and personally, don’t take the time to sit down and ponder such a grandiose topic. The majority of people, don’t often stop and think 10, 20 or even 30 years down the track and if they do, often only for a fleeting moment before it gets put in the too hard basket and filed as tomorrow’s problem. They are quickly re-consumed with day-to-day life and thinking about much shorter-term needs like how am I going to afford an overseas holiday? How do I pay off my mortgage faster? How will I be able to give my child the best education?
These are all totally valid thoughts and it is so easy to get caught up in the immediate daily stress and lose focus on what we are really wanting out of life. It is hard enough to deal with all this let alone consider the much bigger picture and ask yourself the crucial questions: How much money will I need in order to be in the position to do what I want and when I want with my life? Achieving this to me is the Holy Grail and there is a clear distinction in life between ‘existing’ and ‘living’.
You might be thinking “there is a whole lot of stuff I have to figure out before I can even start to contemplate something that big or long-term”. A lot of people come to me with more immediate problems. Many are faced with more than one option and are paralysed by indecision as to which is the better choice while others are confused as to what the options even are.
What if I told you that the answer to the crucial questions was to actually take the time to sit down and reflect on the bigger picture and then work backwards? I mean really give this some serious thought and ask yourself what are you doing now, what will it cost you in the future to do the things you want to do and therefore, how long will it take until you can get into the position where you can achieve that.
At Talem Wealth, we call this ‘Knowing Your Number’, that is, what amount of money (investable assets) you need to generate the required income in order to be able to do all the things you want to do without having to worry about going to work Monday to Friday 9-5 (or 7-8 more like it!) to continue earning an income to fund it all. Basically, what do you need to plan for today, to retire when you want and afford the lifestyle that you deserve?
There are 3 really powerful and awesome benefits of knowing your number:
1. It is hugely motivating to actually know what it is you are working towards. For all those tough days at work or stressful situations with the family, know why it is you are doing what you’re doing and for how long you need to keep doing it. For me personally, when I can clearly see the potential benefit of a task or a chosen path I am following, I find it far easier to keep going and any setbacks that may pop up along the way seem much smaller than they otherwise would.
2. The sooner you know your number, the sooner you can determine what amount of money you need to save or invest in order to achieve the Holy Grail. What most people do not understand, is the sooner you start planning for the future, the less you will need to sacrifice along the way.
3. Lastly, and perhaps most importantly (in the context of the issues above) is that when you have figured out what it is that you want in the long-term and have a plan for how to get there, when the shorter term decisions come up, you will be able to use this bigger picture as a framework in that decision-making process. A solid financial plan will provide you with the clarity and confidence you need to make the best financial decisions, without all the stress.
So that all sounds pretty daunting and not to mention really hard, right? Well, I have some great news for you, it doesn’t have to be!
We have a proven system to help you uncover and articulate what you want to achieve and then as equally as important, a system to easily track your progress keep you on the right path. This is the best part of my job and I would love to share with you.
I can’t stress enough though, that the sooner you start, the easier it will be. Let us help you build a plan to achieve all the things you want and to live an amazing life.
I have heaps of examples how I have helped lots of people, of all different ages and backgrounds so if you’d like to hear more about them, drop me an email and we can chat. If you really want to stop existing and start living, get in touch today.
I look forward to hearing from you!