Holistic Planning for Later In Life

We often equate preparing for old age with achieving the financial security needed to sustain us throughout life. However, a truly successful and fulfilling aging experience requires planning and preparation in all areas of life.

Financial planning is indeed important, but money alone cannot “buy” happiness, good health, meaningful relationships, and purposeful activities. In The Late-Start Investor, John Wasik wrote:

“Instead of absorbing an obsolete view of retirement, you should consider what I call your New Prosperity. This includes a flexible life plan that provides for your financial, vocational, physical, emotional, and spiritual needs. Unless you look at your future holistically, merely saving up a pile of money will be a meaningless act.” (more…)

Financial Confidence

Self-confidence is your own evaluation of your abilities to accomplish a given task. “Stepping outside of my comfort zone” is a phrase many of us use to describe how we feel in situations where we don’t know how well we will perform or how others will respond to us.

It is the level of your self-confidence that is likely to determine what goals you will set and what actions you will take.  Many individuals can be self-assured in other areas of their lives, but not feel confident when it comes to matters of money management and financial planning. (more…)

Money Myths and Messages

It is important to keep in mind that cultural messages have a profound influence on our money beliefs.  Intellectually we can disagree, but subconsciously these messages can affect how we feel about money.  Therefore, true financial freedom is more than having a lot of money; it is being free of money myths and notions that influence our money attitudes and behaviors.

For example, there is a lot of truth to the old adage, “Money can’t buy happiness.” However, what money can “buy” is options—more alternatives to choose from as you design the life you want to live—now and in the future. (more…)

Money and Life Satisfaction

The word satisfaction describes a feeling of fulfillment or contentment. Its meaning is relative and often dependent on personal definitions of success as applied to specific areas of life.

The first step to evaluating your own life satisfaction is to think about what is most important to you. Be as candid as you can with yourself and try to disregard “messages” – from society, parents, partners, peers, or colleagues – that tell you what your priorities should be. This is a time to listen to your own heart. What do YOU value most and what do YOU want to achieve in each facet of life? Whatever you identify should then become the basis for establishing your life goals. (more…)

Tools for Building Your Financial Resilience

In your financial life, as in all other areas of life, it is important to nurture your resilience—your ability to recover from loss, disappointment, and difficult circumstances.

From a practical perspective, financial resilience involves laying a foundation of economic protection.  From an emotional perspective, financial resilience involves increasing your confidence in your ability to prepare for and deal with life transitions and financial setbacks. (more…)

Your Financial Destiny

Do you feel “in charge” of your financial life?  Or, do you feel like you are being swept along by a set of personal and financial circumstances that are beyond your control? Do you take responsibility for making your own financial decisions, or do you acquiesce to the plans and opinions of others?  Does fear, denial, or complacency keep you from taking a proactive approach in your money matters?

The person who should be in charge of your financial life is YOU!  The degree of power you feel you have in shaping your financial life is both objective and subjective in nature, and is determined, in part, by your sense of locus of control. (more…)