In our last post, we addressed the need to establish a starting point for our journey. We recognize that in planning our future it is necessary to establish where we are in our lives today. Our first step asks us to examine certain aspects of our lives. We look at how old we live which has been discussed in a prior post. We will also evaluate our financial situation, health (physical and mental), values and goals.
This post will discuss why we think it imperative to acknowledge where we stand financially. Let us begin by stating that this is not judgmental. How successful one has been is not our concern. Lost opportunities are not to be bemoaned here. Our concern is where you stand financially today. Our part is to help you understand why it is important to make this evaluation.
A quick example might help. For years and years I had it in the back of my mind that I would like to retire living six months of each year in Ireland. I had this idyllic picture of my hanging around a small Irish village composing wonderful things on my laptop. Sounded great to me. I am going to set aside other considerations such as four wonderful children, three grandchildren, a number of close friends that would be absent during my stays in Ireland.
I needed to ask if I could afford to maintain two residences, one in Ireland and the other in Iowa. I looked at where I stood fiscally and came to the conclusion that I could not afford to pursue the dream at this time. The necessary asset base and income flow was not available. Understanding this, I didn't expend my energy and time pursuing an idea that was not to come to fruition. I was able, though, to plan other pursuits including vacations to Ireland and many other destinations that are of interest to me.
My disappointment at not establishing a second residence in Ireland in effect opened up many other, and perhaps better, options for my future. If I hadn't taken a serious look at my financial condition prior to taking further steps, I would have not only wasted my time and energy but also would have increased my disappointment when I realized my plans could not be realized.
Barney Connolly
[email protected]
This post will discuss why we think it imperative to acknowledge where we stand financially. Let us begin by stating that this is not judgmental. How successful one has been is not our concern. Lost opportunities are not to be bemoaned here. Our concern is where you stand financially today. Our part is to help you understand why it is important to make this evaluation.
A quick example might help. For years and years I had it in the back of my mind that I would like to retire living six months of each year in Ireland. I had this idyllic picture of my hanging around a small Irish village composing wonderful things on my laptop. Sounded great to me. I am going to set aside other considerations such as four wonderful children, three grandchildren, a number of close friends that would be absent during my stays in Ireland.
I needed to ask if I could afford to maintain two residences, one in Ireland and the other in Iowa. I looked at where I stood fiscally and came to the conclusion that I could not afford to pursue the dream at this time. The necessary asset base and income flow was not available. Understanding this, I didn't expend my energy and time pursuing an idea that was not to come to fruition. I was able, though, to plan other pursuits including vacations to Ireland and many other destinations that are of interest to me.
My disappointment at not establishing a second residence in Ireland in effect opened up many other, and perhaps better, options for my future. If I hadn't taken a serious look at my financial condition prior to taking further steps, I would have not only wasted my time and energy but also would have increased my disappointment when I realized my plans could not be realized.
Barney Connolly
[email protected]
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