When we decide to take a vacation our first thought is “Where should we go – our destination"? Once that is decided we start the planning process. How are we going to get there, where are we going to stay and what sites are, we going to see, etc.
But when it comes to planning for retirement many of us don’t start thinking about it until we get close to retirement and by then it is difficult to make any meaningful changes to achieve our retirement income goals.
Just like planning a vacation, I advise people to use the same approach with retirement, but in this case, focus on your End Goal – financial destination. Most of us will work 30 to 40 years, yet we spend more time planning a 1-week vacation than planning for retirement.
The earlier you determine your End Goal the easier it will be to reach or exceed your financial destination.
To assist with this process I provide an End Goal worksheet with my 1DriverAtATime Wealth Program which you can find at www.1DriverAtATime.com
By establishing your End Goal and developing a wealth-building program can be the difference in having to save and invest $300 per month to accumulate $500k+ to having to save and invest $1,800+ per month to accumulate $500k+
The advantage of establishing a wealth program is that it will be a program that you will not have to think about month in and month out.
Lastly, by establishing your End Goal and setting up a wealth-building program you will change your mindset to that of an investor from that of a spender because as you see your wealth increase month to month and year over year you will have a sense of accomplishment and pride which will motivate you to increase your saving and investing. It also changes the way you think about money and possessions.
We are a nation of consumers always looking at the latest gadgets and feeling the pressure to keep up with everyone else. I often find myself looking at what my friends and neighbors drive and think to myself, why don’t I have a car like that… Then I snap out of it and remember I choose to build my wealth instead of keeping up with others.
After years of using the 1DriverAtATime Wealth Program, I notice more and more how much “stuff” people accumulate and realize we buy a lot of stuff we don’t use and the next thing you know we need to rent a storage facility to store it all or we fill our garages to the point we can’t even park 1 car in it.
Take a few minutes to think about your End Goal and the goals you have for yourself, are you constantly looking to purchase the latest gadget and designer clothing and if so is it really making a positive impact on your life? Because I know once you begin to build wealth your perspective on ‘wants’ will change and you will find yourself looking for ways to add to your wealth.
The 1DriverAtATime programs were created to help drive you to financial freedom.