This is a membership Morsel from “Too Young to Retire”. Today we are continuing to talk about Money.
I always thought that if you took a flight from coast to coast, the plane would fly the shortest route, which would be a straight line. I then read that a veteran pilot once said that the reality was the plane would be off course at least three time during the trip, and constant course corrections were always necessary.
Life is a lot like that, especially investing. You have to decide on a path that fits you at the current time. That means that you need to take into account how much money you have, how many years you have to retirement, what is your risk tolerance, and what is your end goals. Then once a year, or twice a year, sit down with your advisor and decide if you need to reevaluate how your invests are doing and if any changes need to be made.
The ultimate goal of money is the greater return on life, and money is simply a tool to help you achieve it. Your financial advisor needs to understand your backstory and history with money. Your present situation and where the risks and opportunities lie. What your future transitions are, what your hope and dreams are, and what you want to do.
It has nothing to do with what your friends are doing when it comes to investing. You are not in a race with them to see if you can make a greater return on your investments then they can. It is irrelevant whether they are going to take a trip around the world or stay home and sit in their back yard. You are planning for yourself and that takes thought and knowing where you are and where you want to go.
Your financial advisor should be asking you whether you grew up poor, middle class, rich or somewhere in between. How did your family handle money, and what type of lessons did you learn along the way? What lessons did they teach you and why were those lessons good or bad? Did they suffer from some posttraumatic syndrome during the ups and down of their lives that they passed on to you?
As you prepare for your future you should decide, where am I going and what in the past is affecting my decisions? It sounds like a lot but with a little reflection you will better understand why you are investing the way you do. There are many ways to choose and lots of time you do not pick perfectly. That’s OK, because you can correct it the next time you review your finances. If you want to talk to other people and get their perspective come and join us at 2 Young 2 Retire.
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