WHAT IS YOUR ‘RETURN ON LIFE’?
Have I saved enough to travel the world?
Will I be able help pay for my child’s wedding?
Can I take the trip to Australia that I’ve always longed for?
When people begin to consider financial planning, these are the types of questions they will usually ask. It makes sense. Money is there to make us feel safe and secure and to enable us to do the things we desire, so of course we want to know if we will have enough.
The problem is though, if you consider savings and investment planning simply as numbers on a page that you’re forever trying to increase, then there will probably never be any such thing as ‘enough’. There will always be opportunities to invest more, to earn more and spend less, but will this actually make you any happier?
Will forever trying to achieve ‘more’ deliver a better return on life, or will it just distract you from actually doing the things you desire?
THE IMPORTANCE OF A LIFESTYLE FINANCIAL PLAN
Without knowing where you want to go, how will you know when you get there?
In financial terms – how will you know when you have enough?
Rather than stay on a perpetual merry-go-round thinking you have to save more and more to be able to do the things you desire, would it not be better to slow down, consider what it actually is that you want from life and then work out how much you need?
While generating your bespoke, lifestyle financial plan, you might even find that you are closer to having ‘enough’ than you first thought.
In the best cases, clients have been known to already have what they needed to achieve what they desired from life, but let’s imagine that for whatever reason, you discover you are never going to have the money needed to do all the things you dream of.
Will striving for more and more, even though it still won’t be enough, make you happier?
Or would you be better to take a realistic look at what you do have and realistically plan the best return on life that you can with that sum?
ROI OR ROL? ‘RETURN-ON-INVESTMENT’? OR ‘RETURN-ON-LIFE?’
Are you having the best life possible with the money that you have?
Rather than concentrating exclusively on the traditional return-on-investment (ROI), there is a lot to be said for spending more time considering your return-on-life (ROL).
But how do you do this?
To start, you need to consider where you are presently against where you want to be. Think about your wellbeing, relationships, freedom to enjoy hobbies and interests and your level of contentment.
Are you enjoying yourself? Are you taking time out just for you? Are you spending time with those you care about?
Essentially, your return-on-life measures how satisfied you are and how well you are utilising your finances to live your best life possible.
You may know how much money you have saved for the future, or what you would like to do ‘one day’ but are you living your best life now?
If you don’t know your return-on-life, or if you know it could be better and want help getting there, please get in touch for a no-obligation chat. We all only get one life, and we’re always happy to help you make as much of it as you possibly can.
This article does not constitute financial advice and should not be construed as such.