Financial planning for a life well-lived

Probably the most common question asked of a financial adviser is, “How can I save more for my retirement?”

Many clients believe they will outlive their super and work flat-out to save as much as they can. Whilst this endeavour may seem positive, you need to ensure you’re not so focused on working extra hours or taking second jobs, that you forget to enjoy yourself today.

You may have heard about a book with the tantalising title, Die With Zero – Getting all you can from your money and your life by Bill Perkins. In his book, Perkins suggests that we are products of our journey through life, where experiences, choices and life lessons shape who we are. His message is simple: if you die with zero dollars left, you’ve lived the richest, most fulfilled life you possibly can.

As a financial planner, this resonated with me, thinking about how we can help our clients enjoy their lives today – because financial wellbeing, like life, is a journey – not simply a destination. It’s about a genuine work/life balance, where we can help clients establish a strategy to achieve their financial goals, whether they’re saving for a home, kids’ education, retirement, travel, etc. while supporting an enriching lifestyle.

Why is this important? Well, no one can deny the benefits of a life well-lived. Life experiences contribute to our emotional wellbeing through:

  • enhanced relationships,
  • recognising opportunities and making the most of them,
  • improving quality of life, leading to better health, personal growth, and happiness.

I’m not suggesting we live entirely in the moment, letting the future take care of itself. It’s important to balance investing for the future and enjoying today.  It’s about remembering to balance all stages of our life, early adulthood, middle age, as well as retirement. It’s about what brings us joy, our priorities, and our financial goals as they evolve during our lifetime.

Strategies that can assist in balancing financial security with lifestyle start with:

  1. Identifying financial goals and aligning them with lifestyle and personal values.
  2. Developing a savings plan that fosters good financial habits while allocating funds towards fulfilling experiences. For example, automated savings plans encourage consistent super and non-super savings.
  3. Spending mindfully, evaluating the long-term impact of purchases, and deciding whether the expense is necessary and aligns with the overall strategy.

Bill Perkins’ wisdom reminds us that the memories we accumulate become the fabric of our lives. Providing for your retirement is vital, but investing in life experiences adds depth, joy and enrichment.

As with all financial decisions, it’s wise to seek professional advice, and when discussing your goals, though retirement may be 5, 10, or 20 years away, remember that there’s a lot of life to be lived.

As your adviser, I can help you create a strategy that enables you to retire with a sense of purpose, financial security, and a hoard of cherished memories.

Now, that’s what I call being truly rich!

The information contained in this article is general information only. It is not intended to be a recommendation, offer, advice or invitation to purchase, sell or otherwise deal in securities or other investments. Before making any decision in respect to a financial product, you should seek advice from an appropriately qualified professional.  We believe that the information contained in this document is accurate. However, we are not specifically licensed to provide tax or legal advice and any information that may relate to you should be confirmed with your tax or legal adviser. 

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