Forget tomorrow. Make wonderful decisions today!
Steve Jobs once said, “Being the richest man in the cemetery doesn’t matter to me. Going to bed at night saying we’ve done something wonderful… that’s what matters to me.”
I happen to share this philosophy, so I will put on my turtleneck and make a case that we start living it up a bit more – because most of us are genuinely dying filthy rich.
You see, most of my favourite clients are a mixed bunch of Baby Boomers from all walks of life. Quite early in our adviser-client journey, we record together what seems to be a variation of the same dream goals – a comfortable lifestyle, living in the ideal home and location, choosing how and when to retire, and a bit left over for the kids too.
Eventually comes the inevitable question; “So Tys, have we got enough to this or not?”
I am pretty aware of how much weight my response carries. After all, an answer of “No, your hard work and sacrifices along the way have not been enough” is quite the soul crusher. Luckily, in more instances than not, I can provide (and even show) the great news, “Not only have you got enough, you’ve got too much!”
While the relief is palpable, and the results no doubt exciting, Baby Boomers should not be surprised.
My experience suggests that for many, there is simply a needless worry of running out of money, a mindset that has understandably been groomed and instilled by generations past.
But unlike their parents, the Baby Boomer has seen the value of their home increase to eye-watering levels, have worked most of their lives earning compulsory super, statistically experienced long periods without unemployment (particularly in their highest earning years), and most have also received (or are expected to receive) quite a handsome inheritance.
To back this statement up, in 2020, the government’s Retirement Income Review found that most people die with the bulk of their retirement wealth intact. While knowing that we are unlikely to outlive our wealth is comforting, is there not the catch that there have been decades of missed opportunity?
My message is not that we should go and spend with reckless abandon; we still need to make responsible decisions. But the facts suggest that we can consider a more balanced scenario, evening out our quality of life across our lifespan.
Regardless of if you are a Baby Boomer or a Gen Xer, the first step to living without yesterday’s regrets is to get a personalised assessment of your ability to afford your goals over your lifespan. After all, if we know that tomorrow looks great, perhaps we will worry a little less today. Maybe we should work a day less. Perhaps we should consider buying a nicer home. Maybe we should have more experiences and lifelong memories with our family.
Discover if there are more opportunities to say, “We’ve done something wonderful”.
Money is a resource, not the reason for living!
If you’re interested in learning how to plan your wealth before you retire, check out our Retirement Planning page for more information.
Any advice on this site is general nature only and has not been tailored to your personal objectives, financial situation and needs. Please seek personal advice prior to acting on this information. Any advice on this website has been prepared without taking account of your objectives, financial situation or needs. Because of that, before acting on the advice, you should consider its appropriateness to you, having regard to your objectives, financial situation or needs.
