In life, there are times where it feels like a current is pushing you through life. You lack purpose or motivation. You’re not sure where you’re going, and it’s easier to just let others push you along. This can happen in your financial life, too. Many times you stay with the status quo or with what you’ve been doing because it’s convenient. However, that’s usually not the best way to go about life, let alone your financial plans.
In life, it’s important to have a vision of where you want to be in the future, including your financial vision. And sometimes that vision doesn’t always mean the shortest or easiest route. Among my clients was a gentleman who had a strong desire to fund a scholarship. He could have retired sooner had he chosen to invest the $50,000 per year that he was putting toward funding this scholarship, but as he told me, “I would prefer to take my time and to take a little longer to get to retirement because I know I could make a difference along the way.” People want to be able to make prudent financial decisions, to achieve certain things or options in their life and also to live the way they want to along the way.
This man had a purpose that he was working toward, and therefore was able to commit to his financial plan to achieve it. Most people want to save time, though, as I said earlier. But this man wanted to save for a specific reason. However, we utilized the same principles we would have used to help someone save faster and more efficiently to help him reach his scholarship goal.
By finding additional investable cash, you’re saving years of life—years in which you would otherwise have had to work. By using this philosophy, you’re able get to your options sooner rather than later. Because they don’t have a clear way in which to make a better choice, however, many people make choices that means getting to their goals will take longer or that they’ll fail to amass the wealth or the cash flow that they need. We were able to hear his goal and come up with a financial plan that suited his end result and his vision for the future.
Remember, every financial choice, no matter how small, can have a big impact on your ability to get where you want to go sooner. No financial choice exists in a vacuum. To paraphrase Sir Isaac Newton, every financial decision has an equal and opposite reaction. Let us help you find the best course of action for your financial goals. Visit tswealth.com for more information.