Each week as I prepare to write these articles I realize more and more that of all the coaching and seminars I conduct, Retirement planning has the potential to touched and transformed more lives than all the others combined, because in one way or the other we are all touched by money and in order to have any success we MUST learn how to manage our money.
Money is the tool we use to achieve most of our dreams, and it either unlocks the future, or locks us into a future that we do not want resulting in frustration and unhappiness. Each of us is responsible for our financial future. Yet we fail to take control and manage our money. We FAIL to teach our children and ourselves how to manage money!
Itﾴs no wonder so many people struggle with their finances, investing and retirement!
In the words of W. Somerset Maugham, British writer and highest paid author in the world during the 1930’s, “Money is like a sixth sense without which you cannot make a complete use of the other five.”
That’s why I feel Retirement planning is so important as it will help us get a handle on our money, our debt, our plans and our future. More and more I realize that becoming financially independent is not difficult, and you can achieve it too. All that is required is a made up mind, some basic skills, a solid plan, and working each day to achieve it.
But it won’t happen unless you determine in your mind to do it. What a great way to start the New Year right; making up your mind to become Financially Free!
Getting started seem to be the most difficult challenge for us, we want the changes but because we have become so comfortable in our current states we usually lack the will to take action. We procrastinate and plan to do it tomorrow because of the unpleasantness of the work that may be involved but once you decide to take action and begin to act, you will realize that it is easier than you think. Yes, it does take some work but think of the rewards ﾓa stress free retirement!ﾔ but there are even immediate benefits, an organized, well-planned and disciplined life.
Like most thing in life, retirement planning starts with a made up mind and Iﾴm told that there is nothing as powerful as a made up mind, those of you who have teenagers know this oh so well. So start by psyching yourself up. Get mentally prepared because changing habits that you have developed over tens of years will not be easy but remember the options, a secure future or a future of lack, which would you rather have. Make up in your mind that you want Financial Freedom!
Once youﾴve prepared yourself mentally then it is time to begin planning, as the saying goes ﾓfailure to plan is planning to fail.ﾔ Begin by making a list of affirmations or positive thoughts, so you’ll remember where you are going. Here is a list you can use and remember to read them morning and evening everyday for the next thirty days:
I will set my retirement goals and know how I’m going to get there within 30 days (insert date of day 30).
I will gather the information I need before I begin.
I will use all the resources available to me to help me with my planning.
I will work every free evening until my retirement plan is done.
I know that completing my plan will make me feel better about myself and my retirement.
Now that youﾴre mentally prepared. Itﾴs time to get organized and I must caution you there is some work involved so don’t be overwhelmed by everything you need to do to create your plan.
The first thing you will need to help you get organized and prepared for a sound future is to get yourself a 3-inch three ring binder, it should have at least eight major section and sixteen subsections. In the binder you will save all the useful worksheets and articles we’re going to send you if you call us or those you have created and collected yourself. Your binder will also include space to store things like your important personal information, listing of investment and any statements you receive, planning worksheets and yes, your retirement goals!
Once youﾴve organized yourself and gotten a place to store all your stuff, it is time to collect all of your personal and important information and put them in one place so that you have everything you need at your fingertips.
What information do I need?
You need to know your current income from all sources and you need to know how youﾴre spending this money. You need the information on your retirement plan and any investment you have set aside for retirement. You need:
Checking account statements
Savings account statements
Credit card bills
Mortgage or Rental Information
Auto Loans
Insurance Information (auto, home, life & medical)
Utility Bills (telephone, light, water & cable)
School fee information
Living Expenses information (grocery, clothing and entertainment)
Information on all other expenses
You need to have every piece of information that will allow you to properly evaluate your current financial situation, why? Because, before you can go forward with your plans you must first determine where you are currently. Then and only then can you begin to properly plan for the future. So plan on spending a couple of nights gathering the information.
Once you’ve gathered all of your important financial information, take the time to organize it. You may need to get a file cabinet or box, some hanging folders, some manila folders and some labels. Once youﾴre organized make yourself file every new piece of information as you get it. You’ll have everything in one convenient place.
Nothing’s easy but neither is anything accomplished unless you make up your mind to get started and begin taking action. So letﾴs get on with starting the New Year right!
“Just as your car runs more smoothly and requires less energy to go faster and farther when the wheels are in perfect alignment, you perform better when your thoughts, feelings, emotions, goals,
and values are in balance.”- Brian Tracy
By Glenn S. Ferguson
Glenn Ferguson is a speaker, coach and trainer providing the “help you need to enjoy the life you want.” For information Call 327-2453 or e-mail: glen@coralwave.com
