A Life Well Planned Blog

Why Goal Setting Doesn't Always Work!

Wed, 26 Feb 2025 09:41:10 GMT

We set out with the best intentions, but.........

Most of us have set New Year Resolutions and there are all kinds of available statistics on the rates of successful outcomes, including the dates when the resolution expires! I am posting this on 26th February and guessing many resolutions are no more.

There is lots of good information available to us on how to identify goals and create plans to achieve them, so why do so few goals ever get so vigorously followed through that the original intention becomes part of our every day life?

A Life Coach may take the view that you didn't want it enough, a Guide may assume that the goal didn't have enough meaning to you and a Financial Adviser may just find it hard to accept that you didn't buy the recommended suite of technically correct tax efficient, regulated products that he made having analysed your financial situation and identified the gaps with regard to current needs and future plans!

I suggest that in life, you will need to have full coherence between goals, meaning and financial resources in order to achieve and maintain your desired lifestyle and so I see why in each of the above elements of life planning; your coach, guide and/or financial adviser may shrug believing your failure to achieve the goal had nothing to do with them!

On a recent flight I bought the book "That Little Voice in Your Head" by Mo Gawdat. Mo has an MBA and has worked in various roles for Microsoft and became Chief Business Officer at Google X. The book resonated with me because its all about the fact that whatever our best intentions, there is a little voice in our head that just does not want us to change, to take risk, to explore possibility. The voice is all about keeping us safe, fitting in with our tribe and not being an embarrassment or disappointment to our family, friends, community.

The theme aligns with Steve Peters "The Chimp Paradox" as well as John Assaraf's 800lb Gorilla running our ancient brain's limbic system and Dr Kerry Spackman insisting that to achieve our goals we need to become a "Limbic Master"

This recurring theme of a voice, chimp, gorilla in our heads suggests to me that unless we can quieten that voice, placate the gorilla, nurture the chimp any goal we set will be challenged from within us!

We need to befriend, convince and hopefully establish a contract with our resistance by showing them that you have reviewed and analysed your goals along with all available resources and you are taking full personal responsibility and absolving them of any blame if it all goes wrong!

You need to produce and then show them a fully integrated life plan. We can help!

Spring-Cleaning Financial Clutter

Tue, 04 May 2021 10:58:27 GMT

Is a financial check-up on your Spring-Cleaning list? Once you've tidied your lawn and emptied that out-of-control closet, let some fresh air into your home office and use these six tips to freshen up how you spend, save, and plan for the future.

In our experience ensuring that clients remain confident in their financial situation now and going forward is important and setting aside some time, maybe a morning, is well worth it for peace of mind.

By drawing a financial line in the sand, we can model the impact of your “what if scenarios” on current and future finances.

We would advise doing this once a year in “normal” times anyway, but the events of the last year have almost certainly impacted upon your finances and may indeed have completely changed the way that you think about your future.

1. Pay yourself first.

Making automatic contributions into your insurance, savings, investment, and pensions is a small budget adjustment that can go a long way towards building wealth over time.

Is there extra money in your monthly cash flow that you could use to increase those investments?

Do you want to save/invest more now - or enjoy a treat, break, holiday?

How much extra could you contribute per year if you went from five coffee shop visits per week down to two, or started packing your lunch every day?

Your life - your choice.

2. Review your monthly statements.

Automating your investments and bill payments doesn't mean that you never have to check on them.

Get back in the habit of reviewing your monthly bank and credit card statements.

Make a list of all your recurring charges and subscriptions and consider cancelling anything you're not using enough to justify the expense.

Also review the terms and conditions of your accounts and be sure you understand what fees, if any, your financial institutions might be charging you and what benefits you might be overlooking

3. Shop around.

And if you don't like those fees?

Of if the cost of your Satellite/Internet/Streaming TV bundles have shot up unexpectedly?

Or if you never get near the data cap on your mobile phone/tablet service?

There might be better deals elsewhere.

Do a little comparison shopping, and don't be afraid to play some hardball if you can find ways to save a few pounds every month.

4. Check your credit report and score.

You can also use a free credit score service to see where you stand with potential lenders and check for any major fluctuations in your score, which could be another indicator of fraud. Together, these reports will help limit any surprises if you're preparing for a big purchase in the coming year, such as a car or new home.

Many such services also offer key services and options for loans, credit card rates etc

5. Scan and shred.

Digitising your financial records can save space and simplify tax season.

There are many apps and online services that can help you replace your filing cabinet with a cloud-backed folder, but snapping pictures of important documents with your cell phone is an easy way to get started.

Once you've backed up your statements and receipts you can shred anything that's over three years old.

Also review your hard copy filing system and make sure that your birth and marriage certificates, National Insurance cards, insurance policies, and Will are stored safely.

6. Talk to your financial planner.

How have your short-term and long-term financial goals changed in the last year?

Are you thinking about making a career change?

Are your teenagers scouting colleges and universities?

Is there a new baby on the way?

Do you want to start making a bigger impact in your community through sustained giving?

Is this the year you’re finally going to start your own company?

Do you or your spouse have any new health care concerns?

We use your answers to these kinds of questions to guide our Life-Centered Planning process. Annually, it’s a good idea to check if dust is settling on some out-of-date plans or if the path to any of your financial goals is feeling a little cluttered. Give us a call and we’ll schedule a meeting to shake off some cobwebs and put a fresh shine on the year ahead.

Plan Your Life First

Tue, 09 Feb 2021 13:49:00 GMT

Plan Your Life First (...and then get a plan for your money)

A Vision of your Future

Two great books for guiding you to get a compelling vision of your future are George Kinder “Life Planning for You” and Brian Mayne “Goal Mapping”. I love the life planning framework of George Kinder’s “EVOKE” process which takes people from initially exploring what a life of vitality purpose and meaning would look like - and then building a financial plan to achieve this.

George suggests that each of us is born with a special gift and that a Life Planning process that includes the financial architecture of a robust, flexible and fluid Financial Plan can release whatever is holding us back.

Goals are very personal and I have worked with many people who, for a number of very good reasons, do not necessarily want to “share” these intimate thoughts with others including their financial adviser. Goal Mapping online, or through a workbook will help you create a vision of your future in your own space and time. If you want to develop this, I am here to help.

Remember when?

Do you remember when there were no obstacles to what we thought we were going to do in life?

In childhood, when our left-side sensible brain and right-side creative brain were roughly equal in their influence over us, we were free to think about being a racing driver, a singer, an actress, a train driver or absolutely anything we wanted to be.

Then we went to school, college, university, work and our left-side brain driven by “reality and accepting our lot” took over.

Can you get yourself back to that childlike free-thinking state and if you can, what do you see? What do you want from your life and what is stopping you from having it? Time, money, responsibilities, confidence?

The Time Machine

Think about this. You have use of a time machine and you are brave enough to travel to a time in your later life and you are viewing your whole life in retrospect.

Are you looking over a life well lived, doing the things you wanted? Great. What did you do, where did you go, who are you with? That seems to me to be a decent blueprint for your Life Plan.

If there is regret at paths not taken, well at least you can come back to the present day and sort it.

The key is to discover what you would choose for your life now, to ensure you have no regrets in later life and then create a plan to achieve your best life possible.

What about the Money?

Our Financial Services Industry provides a very comprehensive and effective range of regulated financial products and services. Our financial advisers are highly competent, qualified and compliant. They will make a great job of helping you purchase the appropriate, regulated financial products once you know what you want.

Our western society establishment system has a default “study, work then retire” plan for your life. Are you happy with that? If ever there was a good time to take a deep breath and rethink our existence it is always now and lockdown presents an opportunity for many of us to do so.

What if you want more than to just exist for the benefit of the establishment in return for finally getting to do what you want if you reach 65 with sufficient health, funds, enthusiasm and desire?

If your plan for your life is to work hard to earn and save, making financial plans to have as much money as possible for your retirement, then the establishment life model might work for you, but I suggest that you bear the previous paragraph in mind. It is a gamble. A risk.

Think on Purpose

A lot of us are feeling disconnected just now and as a consequence we are thinking more, so it makes sense to think on purpose. To think about what we want and maybe to do this from a childlike mind. Resist your left-side brain telling you that “you haven’t got time for this! You should be (fill in the blank)”

We are currently restricted and unable to physically meet but Millennials, Gen Zs, and those of us who are comfortable and accepting of digital offerings may enjoy and embrace online options rather than a good old-fashioned conversation fueled by open “what if” questions.

A brilliant, proven and globally endorsed process for creating your vision is Goal Mapping. I personally started to use Goal Mapping in my own life around 8 years ago and more recently felt that many of my contacts and clients might find it helpful. I accepted an invitation to train and became a certified coach for Goal Mapping to broaden my knowledge and to enhance my life planning service to my clients.

If you can discover a vision of a desirable future, then you are on your way. If you are having trouble with this, we can help directly or indirectly through good conversations and if appropriate Goal Mapping.

What to do once you have your Vision

Once you have your “what you want and why you want it” vision of your future we can help with the very important “how”. Showing you how you can remove all obstacles.

We will show you that once you have established a desirable vision of your future, you are ready to embark on an ongoing journey of discovery through progressive life planning supported by a robust yet flexible and fluid financial plan.

Your Life Plan, supported by your Financial Plan, will show you that by making the best possible use of all of your resources, you can get your best possible return on your life.

But, before you can embark on your financial planning journey, it will be helpful and beneficial to know where you want to go......

Rethinking Your Career

Wed, 07 Oct 2020 13:03:55 GMT

Has working from home given you a new perspective on the work you do?

You might have to navigate a few extra obstacles if you want to change jobs during the pandemic. But the shifting business landscape has also created new opportunities if you’re clear on your personal, professional, and financial goals.

Answering these four questions will help you determine how a career change could impact your Return on Life.

1. Why? Why? And … Why?

Easy answers rarely address core problems. One way to dig a little deeper and arrive at a more proactive solution is to keep asking yourself, “Why?”

For example, why are you rethinking your career?

Because I don’t like my job.

Why don’t you like your job?

Because I can’t do what I’m best at.

Why can’t you do what you’re best at?

Because I should be working in a different department.

Ah ha!

Without that self-reflection, you might have started applying for similar jobs at different companies that would have left you similarly unfulfilled. Now that you realize you want to use your top skills more, you have more options. Maybe you aim big and apply for a dream job at a new firm. Maybe you talk to your supervisor about a different position at your current employer. Or maybe you take the dream job at a new company you create yourself.

2. What do I need to improve?

You’ve probably picked up some valuable new skills during lockdown. Zoom is now maybe your second language. You’re more comfortable managing projects and collaborating with co-workers remotely. And now that your kitchen table is also your office as well as your kids’ classroom, you’ve improved your time management.

Take a moment to assess other professional skills that could help you achieve a career change. Have you enjoyed being backup tech support during your company’s digital pivot? Take web design or IT security classes. Would you like to focus on marketing now that so many companies are trying to reintroduce themselves to customers online? Get SEO certification or start a blog or newsletter that will sharpen your writing skills. Is your company trying to expand its European operations? Brushing up your French could put you in line for a leadership position.

3. What will the short and long-term effects be?

Weighing the financial plusses and negatives of a career change can get tricky once you move beyond salaries and start comparing benefits packages. But the pandemic environment has created a whole other group of factors for you and your spouse to consider. Will you be able to work from home or will you have to clock in at a socially distanced office? Will your hours be flexible? Can you accomplish key tasks with your current home office setup? Would you need to invest in new technology, or even a larger home with a dedicated office?

Your “Whys” should be part of this conversation as well. For example, if Covid-19 and social justice movements are inspiring your career change, you might be willing to make a horizontal job move to an organization where you’ll be making a bigger impact in your community.

4. Who can help me get where I want to go?

Lockdowns and social distancing might have interrupted your professional networking. Re-establish those key connections with a video chat, an invitation to your company’s next virtual event, or a good old-fashioned phone call or email. Getting some new perspectives on what’s going on in your industry can provide vital intel that will help you plot your next move. You’ll also be front of mind if your contacts hear about any interesting job openings.

Many job hunters also form social media groups where they share leads, vent frustrations, and provide mutual encouragement.

If you’re married, your spouse might be your most critical resource as you contemplate this change. No one knows you better, and no one can provide better feedback as you work through the questions on this list.

Finally, we offer many services that can help you navigate this important transition. Arrange a (Zoom?) meeting and we’ll crunch some numbers, re-examine your financial plan, and discuss how making a career change could help you get an even better life with the money you’ll have.

We are here to help.

How Much is “Enough”?

Wed, 07 Oct 2020 13:00:43 GMT

Do you have enough? Can you have enough? Have you got “too much”? How can you have “too much” money?

Think about this.

You have lived a good and long life. You are doing well, but you might have lost a bit of enthusiasm for travel. Not just going abroad, but even driving to relatives (can’t they come to us this weekend?)

As a consequence, you are not spending much. No need for new clothes as you’re not going anywhere, you’re not going on “big holidays” (airport security is a pain), you’re not even putting much petrol in the car. It could even be that taxis/Uber is now a more viable proposition. No driving, no maintenance, no washing the car.

Your bank balance is growing, your investments, including your home, continue to increase in value over time and, now your financial adviser is telling you that you have “an inheritance tax problem”!

Actually, you don’t, but your heirs and beneficiaries might do! Your attitude might be “Let them pay the tax!” and that’s your call.

However. “What if”?

What if these growing, potentially surplus funds actually represent unrequited dreams? What if you haven’t done those things you always “intended to do one day”.

You know “we’ll do that/go there when we retire”.

One question I often ask my clients is to imagine that the world is ending tomorrow. Not great! Nothing we can do, it was an intergalactic decision to move things on (A nod to the hitchhikers guide to the galaxy)

It’s all going to end! Do you have any regrets? What did you always want/intend to do and didn’t get around to?

The real stinger here is that maybe you always “had the financial means” but you always deferred saying “we will do it when.................. ” or “what if we need to pay for care in later life?”

A vital component of life planning is to model your what if scenarios as early as possible so that we can plan to do the things we want to do while we can with the reassurance that we can “aﬀord to do so” without running out of money.

We will model all the what if scenarios to eliminate any and every obstacle that might be preventing you from enjoying your best possible life.

It comes back to “you will know what you want, how to get it, live it, enjoy it - and pay for it!”

You will have a robust financial plan to support and achieve your vision of your future. How great is that?

Financial Planning Is About Making Your Life Plan a Reality

Wed, 07 Oct 2020 12:56:02 GMT

Many clients who work with us are surprised by how our planning process starts. We don’t begin by talking about ISAs, Pension Plans or how much you’re saving. Instead, we begin by talking about you, not your money.

What is going on in your life and how would you like life to look like for you.

We are looking to establish what you want and why you want it.

As Life-Centred Planners, our process begins with understanding you and what you have planned for your life. We are interested to know about you, about your family, your work, your home, your goals, and the things that you value the most.

Do you have a vision of an achievable future?

Do you know what you want and is your why strong enough to get you to take action?

A key part of our job is to build a financial plan that will help you see the “how and when” that makes your life plan a reality.

Of course, building wealth that will provide for your family and keep you comfortable today and in future is a part of that plan. So is monitoring your income, outgoings, assets and liabilities.

But we believe maximising your Return on Life is just as important, if not more so, than the return on your money. People who view money as an end in and of itself never feel like they have enough money. People who learn to view money as a tool start to see a whole new world of possibilities open in front of them.

Feeling free. One of the most important things your money can do for you is provide a sense of freedom. If you don’t feel locked into chasing after the next pound, you’ll start exploring what more you can get out of life than just more money. Chances are that when you enjoy what you’re doing, more money usually follows.

Feeling free to use your money in ways that fulfil you is going to become extremely important if you plan to fully retire. After all, you’re going to have to do something with the 40 hours every week you used to spend working! But you’re also going to have to allow yourself to stop focusing on saving and start enjoying the life that your assets can provide.

Again, having money and building wealth is a part of the plan. But it’s not THE plan in and of itself.

The earlier you start thinking about how you can use your money to balance your whole life, your sense of personal and professional progress with recreation and pleasure, and the demands of supporting your family with achieving your individual goals, the better you’re going to feel.

And achieving that kind of freedom with your money isn’t just going to help you sleep soundly at night – it’s going to make you feel excited to get out of bed the next morning.

What’s coming next? So, when does the planning process end? If you’re like most of the people we work with, never.

What if?

We monitor progress and make adjustments throughout the life of your plan in response to events and any major transitions in your life. ‘“What if......”

Some transitions we’ll be able to anticipate, like a child going to college, a big family holiday you’ve been planning for, and, for many of you, the actual date of your retirement. Other transitions, like a sudden illness or a big geographic move for work, we’ll help you adjust for as necessary.

In some cases, your life plan might change simply because you want something different out of life. You might start contemplating a career change. You might decide home doesn’t feel like home anymore and start looking for a new house. You might lose yourself in a new hobby and decide to invest some time and money in perfecting it. You might decide it’s time to be your own boss and start a brand new company.

How we can help

Planning for and reacting to these moments where your life and your money intersect is what we do best.

Come in and talk to us about how Life-Centred Planning can help you get the best life possible with the money you have.

We can model the financial impact of all of your “what if scenarios” will be on your short term and lifetime cash flow and consequently plan to remove any obstacles.

We want to keep you inspired and focussed on achieving and living your desired lifestyle by demonstrating that this can be maintained through a robust financial plan.

Your Financial Plan provides the how and when to support your what and why goals.

Build Your Bucket List

Wed, 07 Oct 2020 12:23:25 GMT

Covid-19 has delayed many dream holidays, family reunions, and road trips this year. But as we all navigate the space between things we can do, things we can’t do, and things we still want to do in the future, there’s an opportunity to reflect on the bucket list goals that are truly important to us.

G et your family together and ask yourselves these three questions. Your answers will help you build a better bucket list full of things you’ll enjoy doing today and look forward to doing safely someday soon.

1. How disappointed are we?

Before Covid-19, you probably felt free to fill up your bucket list with anything you could responsibly budget for. But it’s possible that not all of those items were of equal importance to you. A trip to New York that you and your spouse had been planning for years is probably dear to your heart. A spur-of-the-moment booking for a package week trip, maybe not so much.

If you’re sifting through a bunch of returns, refunds, and cancellations right now, think about how you really feel about those disrupted plans. Are you disappointed? Indifferent? Relieved to be getting that money back? Is this a trip that should stay on the family bucket list? Or would you rather use those funds to add something even more special to a trip everyone really wants to take? Sure, a package week away could be fun. But an extra night at a five-star resort might be unforgettable.

2. Why did we want to do this?

If you’re trying to sell your children on a substitute for Disney World … well, good luck. Keep that trip on the bucket list for next year.

B ut the motivations behind some of your other bucket list items might not be as clear-cut as riding roller coasters or visiting a favourite beach. Was this bucket list item a true dream destination, or was it just a pit stop on your way to somewhere else? Were you just looking for a reason to cash in some saved vacation days? Is this really an activity your children will enjoy? Are you forcing a trip – any trip – just because you want your whole family to do something together?

3. What can we do instead?

Some of your answers might lead you to alternative fun closer to home. If the real purpose of a trip was golf, the money you’re saving on travel could buy you quite a few rounds at a nice course within driving distance. Buy a couple lessons while you’re at it and you might enjoy that dream round even more when you finally tee up.

You might not feel comfortable packing up the camper and heading to the stunning Scottish Highlands right now. But the National Trust system is more extensive than many people realise. There’s probably a scenic spot closer to home that you’ve never explored before.

Many families are also adapting to Covid-19 by focusing on new, short-term bucket list items. If you’re not going to travel this summer, you could take online classes and learn an instrument.

Rescheduling your trip to the Canary Islands? Take family Spanish lessons so you’ll have an easier time getting around when you do go. Get serious about your exercise goals and develop a running or cycling regiment you can stick to. Set a family reading challenge. Could you learn to cook a new French meal every week? Basketball camp might be cancelled, but the hoop above your garage is still there. How high can your daughter increase her free throw percentage before the end of summer?

There are no perfect substitutes for all your bucket list items during Covid-19. But with a little flexibility and some creativity, your family can still have a fun and fulfilling summer.

And if you need one more activity to round out your week, schedule a family brainstorming session for trips that are staying on the bucket list. Let everyone share their ideas on how to make the trip you couldn’t take this year into an even better trip next year. Planning ahead will give everyone something to look forward to.

I s there anything we can do to help you make progress on your bucket list? Don’t hesitate to call us up if you want revisit your £Lifeline or start budgeting for all the summers still ahead of you and your family.

What Is Your Return on Life™?

Thu, 01 Oct 2020 09:29:59 GMT

“Do I have enough money to ______ (fill in the blank)?”

“Will I have enough money to retire?”

These are two questions that people often ask themselves when they start thinking about financial planning. And that’s only natural. We expect our money to help us feel safe, especially as we grow older and start thinking about retirement.

Unfortunately, if you view your savings and investments only as numbers on a page that you’re trying to nudge upwards, then there’s no such thing as “enough.” You could always be saving more. You could always be investing more. You could always be spending less. But does doing so make you feel any happier?

Your financial plan should be a vehicle that takes you where you want to go. If you’re fixated on “having enough money,” then your plan, and the life it provides you, will be stuck in a cul-de-sac. You’ll find yourself trying to justify every minor and major financial decision as you circle around and around wondering if you “have enough.”

That’s not a trip that’s going to make you feel secure. It’s definitely not going to make you feel happy either.

Ask New Questions

Today, people are starting to ask a new question about their financial plan: “Am I getting the best life possible with the money I have?”

Instead of focusing exclusively on their traditional return on investment (ROI), these folks are starting to focus on their Return on Life ™ (ROL).

But how do you know if you are getting a good ROL?

We concluded that people need to measure where they are presently against the ideals they are striving for in the context of ROL. This is how the ROL Index was born.

The ROL Index helps you answer the question: “Am I getting the best life possible with the money I have?” It consists of 20 questions that are grouped into three categories: Well-Being, Progress, and Freedom.

You can think of the ROL Index as a measure of life satisfaction and how well you are using your money to live your best life possible.

Let’s take a look at the three categories and some of the resulting conversation points.

Well-Being: Consists of your return on leisure, health, and relationships. Here are a few questions to consider related to well-being.

- What is your Return on Leisure? Are you enjoying your life? Are you able to fund your hobbies and interests? Do you take time to do the things you want to do, see the places you want to see, and spend time with the people you care about? Are there trips you would like to take sooner rather than later?

- What is your Return on Health? Are you able to take care of yourself without financial stress? Do you check your health regularly with your doctors? Is your health insurance adequate to your needs? Do you eat well and exercise regularly?

- What is your Return on Relationships? Are your relationships with friends and family affected by money matters? Can you afford to take care of the people you want to help? Have you educated your children about the importance of money management? Are you and your spouse in sync about household spending?

Progress: Consists of your return on work, residence, achievement, and learning. Here are a few questions to consider related to making progress in life.

- What is your Return on Work? Do you feel good about the contributions you make? Are you well-compensated for the work you do? Does your work give you satisfaction? Do you feel energised by your work? Appreciated? If you do volunteer work, does it bring you a sense of satisfaction?

- What is your Return on Residence? Do you feel like your home is the right place for you? Are the costs of your residence easily managed?

- What is your Return on Achievement? Are you able to fund your needs and pursue your aspirations? Are you happy with your accomplishments? Are there things you would try to do if you had the financial resources?

- What is your Return on Learning? Are you effectively using your finances for you or your children/grandchildren’s education? Are you involved in lifelong learning through reading and training with others? Do you enjoy learning new things?

Freedom: Consists of your return on purpose, autonomy, and security. Here are a few questions to consider related to personal and financial freedom.

- What is your Return on Giving? Are you free to give your time and talents generously? Are you comfortable with your charitable contributions? Are there causes to which you’d like to devote more of your time, energy, or money?

- What is your Return on Autonomy? Are you using your money to free up your time and allow you to do things you want to do? Do you have time to attend to the things that mean the most to you?

- What is your Return on Security? Do you feel secure financially? Are you confident about your financial future? Are you comfortable with how your financial resources are invested?

Take the ROL Index

You may know how much money you have in the bank or the size of your portfolio, but do you know your Return on Life?

We invite you to click on the link below and take 5 – 10 minutes to complete the ROL Index and receive your personalised report.

https://uk.roladvisor.com/ExternalROLIndex/ClientLink?ClientID=6RLAPS1Q0GGM44EF

By completing the index, you’ll have a good sense for how satisfied you are with your life and your finances. Please feel free to reach out to us to discuss your results and how we might assist you in getting a higher Return on Life.

What Makes A Good Life?

Thu, 01 Oct 2020 09:19:10 GMT

You have a steady job that pays the bills and puts your abilities to good use. You have loving relationships with your spouse, your children, extended family, and close friends. Your house provides enough space and security. Your golf league gives you a chance to unwind. Your volunteer work improves your community.

The specific details might vary, but most people would consider this scenario the basis for a pretty good life. Yet many of us who do check these boxes often feel like there's something missing.

A fascinating new study published by Affective Science asked nearly 4,000 people from 9 countries (including the U.S.) what kind of life they wanted. The results suggest that there's an important dimension to improving Return on Life that many of us may be overlooking.

1. A Happy Life

Researchers began by asking participants to write down a simple statement that described their vision of an ideal life. Then, participants were instructed to rank 15 terms according to how closely they applied to that ideal vision.

The first five terms characterized happiness:

• Stable

• Comfortable

• Simple

• Happy

• Pleasant

If these words describe your life, it sounds like your basic emotional and physical needs are met. You feel good about where you are, and you most likely have the tools and long-term perspective necessary to make plans for where you want to go.

And, perhaps most importantly, with this groundwork in place, you can start building out other aspects of your life that will be more rewarding.

2. A Meaningful Life

The next group of words were meant to correlate with the sense of meaning people wanted in their lives:

· Meaningful

· Fulfilling

· Virtuous

· Sense of purpose

· Involves devotion

It's here that people who are truly intentional about their lives move past their own needs and start thinking about the bigger picture. Countless studies have drawn strong connections between doing good, happiness, and even longevity. People with the highest levels of job satisfaction are often less focused on their income level than they are on how their work makes life better for other people.

Meaning can become increasingly important to us as we age out of the workforce as well. Folks who kept their noses to the grindstone, doing work they didn't necessarily love to support their families, often struggle filling their days in retirement. On the other hand, retirees who did make meaning an important part of their working lives often turn to volunteer work, part-times jobs, or mentorship as a means to perpetuate that important sense of purpose.

3. A Psychologically Rich Life

Not surprisingly, words under the "happy" and "meaningful" categories rated the highest among respondents.

But there was a third group of words that completed the picture of a good life for most people:

· Eventful

· Dramatic

· Interesting

· Full of surprise

· Psychologically rich

Why does the initial jolt of happiness after a big-ticket purchase wear off so quickly? Why do so many people change careers, move across the country, or enroll in continuing education classes?

Because if our lives are so "perfect" that we aren't challenged or surprised, we get bored. We need our curiosity to be stimulated. We need problems that we can only solve by rewiring how we think. We need obstacles to overcome. We need to try new things and make mistakes. We need opportunities to learn and grow.

Finding the right mix of happiness, meaning, and psychological richness is an ongoing process. You might find that the emphasis you place on each shifts as you progress through various transitions, and particularly as you near retirement. Let’s discuss how our suite of Life-Centred Planning tools can help you align and realign your assets to these important goals every step of the way.

Your Life Plan Is Your Path

Sun, 17 May 2020 08:45:37 GMT

None of us planned for this.

But your Life-Centered Plan does have mechanisms in place that will help you get through this tough patch with the coronavirus and the financial market volatility. The key is not letting heightened emotions and bad headlines steer you towards decisions that could have a negative impact on your finances long after this crisis has passed.

Easier said than done, right?

These three steps will help you remember why you have a plan in the first place, what it’s designed to help you accomplish, and how we can help.

1. Acknowledge Your Emotions

Worry. Anger. Uncertainty. Nervousness. Maybe even a disbelieving chuckle or two at the craziness of it all.

Whatever you’re feeling right now is OK. We understand that your financial concerns are just one part of a very complicated and very personal situation involving your family, your work, your health care, and your basic needs. Add in the anxiety we’re all feeling about the situation in the wider world and you wouldn’t be human if your emotions weren’t a bit jumbled right now.

So please understand that when we advise you to take emotions out of your financial decision making during a crisis, we’re not advising you to ignore what you’re feeling. On the contrary, we encourage you to talk through your feelings with your spouse, children, co-workers, and other close friends or family. Burying your emotions only makes stressful situations more stressful. Our human capacity for empathy, understanding, connection, and mutual concern is going to help us all weather this storm. It’s also going to lead you towards healthier and more productive outlets for your feelings, such as charitable giving and finding creative ways to support local businesses.

2. Tell Yourself Your Story

Once your feelings are out in the open, it will be easier for you to think about the financial part of your situation with a clear head.

Try, for a moment, to set aside the market swings that may have been dominating your news feeds for the past few weeks. Instead, think about the reason that you started working with us in the first place.

In those first few meetings, we didn’t talk about how to time your investments to world news or market fluctuations. Instead, we talked about you. About the life you desire for you and your loved ones.

And finally, we discussed how our Life-Centered Planning process can help you get that best possible life with the money you have.

3. Prioritize Now, Adjust for Soon, Stay on Track For Later

Because we plan for clients’ lives, not just their money, we always take in a wide view of financial progress. Today’s big market dip will look like a blip with a thirty or forty-year panoramic perspective. But “stick to your plan” doesn’t mean we don’t do anything during a major market correction, especially if you’re at or nearing retirement age. It means that the moves we contemplate are based more on your upcoming Lifeline Cash Flow transitions than they are on unpredictable market movements.

To keep yourself focused on things you can plan for, grab a sheet of paper and sit down with your spouse. Divide that sheet into three sections:

-Now: Financial concerns that need to be addressed as soon as possible, such as paying next month’s bills, a necessary home repair, or a health care issue.

-Soon: Important items 6-12 months out that you still have time to prepare for.

-Later: Everything else.

Most of these items will already be things we’ve discussed and planned for over the course of our work together. But it’s possible that recent events have filled up your Nows and bumped some Soons into Laters. We deliberately designed your Life-Centered Plan so that it can be responsive to these changing priorities and transitions while still being sensitive to larger economic realities.

To remind yourself of what you’re truly planning for, it might be a good idea to revisit your most recent Lifeline Cash Flow Forecast. We’d be happy to email you a copy you can review. Or call us up and we can work through this exercise together and see what adjustments we should think about. The current crisis might alter your path a little bit. But your destination may still be the same.

We Plan for a Reason

Thu, 12 Mar 2020 16:48:38 GMT

A proven way of making a financial plan that is relevant and coherent to what we are seeking through life planning is lifetime cash-flow forecasting. If we look at a Lifetime Cash-flow Forecast, we can see events that we have been anticipating for quite some time: children heading off to college, home upgrades, family holidays and trips, later life care for your parents, and, of course, your own retirement.

Here’s why guiding you and your family through these life transitions is still the central focus of our planning, whatever is going on in Financial Markets and even during a significant bout of market volatility.

1. The Big Picture Is Always Brighter

Nobody could have predicted that a virus outbreak would disrupt global business right in the middle of Brexit and a contentious US presidential election cycle. But market history did tell us that the record-breaking bull market of 2009-2019 wasn’t going to last forever. What goes up eventually comes down (and vice versa!)

T he further you pull back when you’re looking at market returns, the smaller today’s volatility looks, especially in comparison to big life transitions plotted on a 30 or 40-year Life Plan/Lifetime Cashflow Forecast. Continuing to work towards those events we can see coming is a much more effective strategy than trying to predict the next natural disaster, the next market downturn, or the next president.

2. You Have Options

While major market volatility is never about just one thing, the coronavirus is making it hard for companies around the world to buy raw materials from China and sell to Chinese customers. Stocks in the energy, travel, technology, and consumer goods sectors have been hit especially hard.

A well balanced portfolio is not overly invested in any one company or any one sector. Spreading out your assets across a wide variety of investments – including more stable government and corporate bonds and cash savings – provides some options during volatility. Diversification gives the means to scout for rebalancing opportunities when prices are low. It also provides reserves that you can tap if you need a little extra help weathering market fluctuations.

W hat’s going to guide the decisions we make during this market correction, and the next one? How are we going to decide which levers, if any, to pull, and which to leave alone?

3. Following Your Life Plan

We can’t plan for the next significant market shakeup. What we can do is use the tools at our disposal to keep you and your family on track to navigate your planned and unplanned Lifetime transitions and achieve your financial goals, no matter what’s going on outside of your home.

That’s why there’s no “one-size-fits-all” answer when folks wonder what they should do during a moment like this. The millennial who just started working and investing is at a very different point on his financial journey than the CEO eying retirement in the next five years. The couple planning to start their own business has different financial needs than the couple with three smart children all angling for “the best” schools. And the retiree planning to golf her way across the country probably doesn’t have the same concerns as the retiree whose husband is experiencing ongoing health problems.

These “what if” scenarios all require their own unique, personalised plans. Some folk will make the most progress towards their goals by sticking to their current saving and investing strategies, even as the markets are unsettled. Others might need to increase allocations to their cash reserves. And still others might look for “buy low” opportunities that will pay off in the long run. In each case, the client’s Life Planning Goals are our guide, not today’s headlines.

We can (and do) apply any “what if scenario” into our clients Lifetime Cashflow Forecast to explore the impact these may have on their overall Life Plan and make any adjustments necessary.

W e understand that volatility can be worrying, especially if you’re nearing retirement or newly retired. If you’d like to review your most recent Lifetime Forecast (or indeed build one) please let us know. Whether news is good, bad, or somewhere in between, you can rely on our Life-Centred Planning process to keep your best interests first and your life goals in perspective.

Are You Living Your Life on Purpose?

Tue, 12 Mar 2019 16:47:17 GMT

Why, day in and day out, do you do the things that you do?

Because you have to? Because you want to? Because you’ve had the same routine for years and you’re used to it?

If you feel like your life is something that just happens to you, it’s time to reassess how you’re spending your time. Financial security, stability, and creature comforts are all important. But feeling that your life has purpose will become more and more critical to your emotional and physical well-being as you age -- especially when you finally retire.

A Healthy Sense of Purpose

Research into the area of human well-being draws a distinction between happiness (experiencing pleasure and avoiding pain) and the feelings of meaning and self-worth that we derive from our lives (1).

Too often, we focus on the former and neglect the latter. This is why the sheen wears off so quickly from a big-ticket purchase. Buying a new car or big-screen TV gives us a quick hit of pleasure. But sooner rather than later, new things become just more things that we’ve accumulated. Once that initial happiness evaporates, we find there’s no additional layer – no purpose – to improve our well-being.

Researchers have also found that people who feel like their lives have purpose live longer and show decreased risk of cardiovascular problems (2). And as you age and prepare for retirement, living with purpose helps to limit your risk of cognitive problems, such as Alzheimer’s (3).

The Purpose of Work and Family

Most of us tie purpose to the things that we spend the majority of our time doing: working and raising our families. Again, it’s important to draw a distinction between simple happiness and purpose.

A doctor who has to deal with ill people and mortality might not consider her job “happy” all the time. But helping people gives her that critical sense of purpose that rounds out her feelings of well-being.

Taking care of children will, at times, make even the most patient parents want to pull their own hair out. But feelings of love, connection, and responsibility make both happy family vacations and frustrating afternoons in timeout purposeful.

If you feel like your life is lacking purpose, start by looking for misalignment in these two areas. Is your job “just a job” that pays the bills? How could you pivot to a career that uses your unique gifts and skills to create purpose? Or are you working so hard that you’re missing key family events, which are also critical to your sense of purpose? Are there ways to improve your work-life balance?

It’s Never Too Late

Many people believe that living and giving generously with their time, talents, and/or finances is a luxury they can’t afford, especially once children, mortgage payments, and college tuition enter the picture. However, research indicates that senior citizens frequently cite “dying with their music still in them” as one of the biggest areas of regret when they look back on their lives, meaning, chances they didn’t take, ideas they never pursued, or opportunities they watched pass by. It’s not money they’re regretting, it’s the sense of purpose they missed out on that would have improved their Return on Life.

Of course, not everybody can have that “perfect” job. But even in those situations, think of it not so much about the work you do, but “who you bring” to the work you do. Find ways to bring purpose to even the most mundane jobs and how that work is helping others.

And it’s never too late to find that purpose. Even seniors can discover new passions that will give their golden years purpose if they approach retirement with an active, enthusiastic mindset.

If you’re having trouble getting started, try asking yourself, “Why do I get out of bed in the morning?”

Is it to take care of your family? If so, then consider planning a family vacation for the summer. Coaching your child’s youth sports team. Turning dinner time into a group cooking activity. Or setting a regular monthly date night with your spouse.

If you find purpose in helping those in need, consider finding a volunteer position for a few hours a week.

Do you like to express yourself? Then perhaps start a blog or a digital photography website that you can work on in your free time. Turn that spare bedroom into a craft room.

And if you think your purpose is simply to make more money? Well, then maybe you need to start asking yourself better questions. Remember, money is a means, not an end.

We encourage you to come in and talk to us so that we can start a new dialogue about how your financial plan can help you get the best, most purposeful life possible with the money you have.

Sources

1. https://www.ncbi.nlm.nih.gov/pubmed/11148302

2. https://www.ncbi.nlm.nih.gov/pubmed/26630073

3. https://jamanetwork.com/journals/jamapsychiatry/fullarticle/210648

Did You Inherit Your Beliefs About Money From Your Parents?

Tue, 12 Mar 2019 16:42:45 GMT

Parents know that children hear, see, and pick up on everything that is going on with the adults in their lives. And when you were a child, you were no different.

Many of the attitudes we have about money were formed at a very early age as we absorbed how our own parents dealt with their finances. Some of these beliefs, such as a commitment to disciplined saving, are positive. Others, like scepticism about the stock market, can be more harmful than helpful as we try to build wealth in our own lives.

Answering these four key questions can help you look at your financial upbringing with a fresh perspective. When you’re done, think about which money beliefs you want to pass on to your own kids, and which might be preventing you from living the best life possible with the money you have.

1. What Was Money Like Growing Up?

Your childhood experiences of money are a composite of details both big and small.

You probably compared the comforts of your home to what you saw next door and drew some conclusions about how comfortable your family was.

Did your parents get a new car every couple of years or drive around the same station wagon until it died? Did you take frequent vacations? What were holidays and birthdays like?

Watching mom and dad carefully balance their check books or set next week’s grocery budget also might have made a strong impression. And at the more serious end of the spectrum, an unexpected job loss, debilitating medical condition, or death could have had a profound impact on your family’s finances.

2. What Was Money Like for Your Parents Growing Up?

Many Baby Boomers were raised by parents who had to tighten their belts during the Great Depression and World War II. The Greatest Generation probably impressed upon your parents the value of the hard work, the importance of saving, and perhaps some real apprehension when it comes to money. Your parents may have passed on these same values to you or swung in the opposite direction and tried to make money as stress-free as possible.

How much do you know about your parents’ childhoods? If they’re still living, ask some questions that will fill in your family’s history a little more clearly. You might learn something surprising. And you might gain some insight into how their experiences of money are still affecting you.

3. What Specific Lessons Were You Taught That You Have Continued?

People who grow up in working-class households often learn negative lessons about wealth. Their parents may view affluent people with suspicion or even resentment. Sometimes there are valid reasons for these views. In other cases, hard-working adults see greener grass on the other side of the fence and underestimate how much hard work and discipline really go into wealth-building. Their kids learn to do the same.

On a more positive note, your parents also made decisions that taught you what was more important to them than money. Perhaps they sacrificed their own leisure and comforts so that you could attend a good private school. A parent might have earned a modest living as a teacher or working for a non-profit that made your community better.

4. What Was the Best Thing You Were Taught About Money?

As a child you probably rolled your eyes whenever your parents doled out maxims about money or started reminiscing about what money was like when they were growing up.

Now that you’re the one doing the earning, some of those lessons probably ring true. “Live on less than what you make” is hard to hear when it’s used to explain why you can’t have a new bike or take a big vacation. No child wants to sacrifice their weekends or summers working part time because their parents insist on it. But the lessons that were hard to swallow when we were young often create attitudes and habits that benefit us as adults.

The sum of all these memories, the positive and the negative, is a blueprint to your financial thinking. It’s also the schematic that we use to build your life-centered financial plan. Come in and share your blueprint with us so that together, we can lay a strong foundation for your family’s future.