How do you feel about working hard and going without your whole life only to miss the one thing you can’t buy? Time. My guess is your answer is: ‘not great.’

But lots of people work hard their whole lives, save their whole lives. They live an average life and they live an average retirement. Simply because they never bother to plan.

When it comes to retirement goals you want to focus on the lifestyle, not the number

It’s often said that the state your life is in is a reflection not of your achievements but of the quality of the goals you set for yourself. That’s the truth.

The real difference between you and the most successful person you can think of is that they did what they did and you did what you did.

Success is not inherited: Steve Jobs, Larry Ellison and Jeff Bezos were all adopted. And it’s not favor: Nelson Mandela changed the world from the inside of a prison cell. It’s a question of knowing what you want and focusing on that.

Granted, knowing what you want is a tough question for most of us, but my guess, again, is that you don’t really want to be a billionaire. You don’t like the odds of achieving that goal and you don’t really fancy the obsession and sacrifice it would require either.

I would also wager, however, that the lifestyle you want in your old age is attainable for much less than you think. You just need to plan for it properly and it can be yours.

Get 99% off on your retirement

In the financial planning circle there’s a famous story about a twenty-something at a personal finance seminar who stands up and claims he needs a billion to retire with the lifestyle he wants. It’s a constructive crowd so, after they stop laughing, they set about calculating how much it will really cost the guy to live his billionaire retirement.

Together they find some significant savings. Such as: it costs a fraction of the price to charter a private jet as it does to buy and maintain one, and you can stay on Richard Branson’s Necker Island Resort all expenses paid for $35k / week vs $50m + to buy something comparable.

It turns out that the guy’s real target, for the lifestyle he really wants, is less than ten million dollars. Now while that’s still a lot of money for most of us, it’s 1% of his original estimate and infinitely more achievable than a billion dollars. That’s a 99% saving. That’s kind of a lot.

What’s your real number?

When you look closer at something, at anything, you’re sure to understand it better. In the case of your finances this is encouraging because you’re probably much closer to where you want to be than you think you are.

Take a moment right now to think about what you really want to get out of retirement. Honestly, what would genuinely make you happy? For most of us, for me definitely, it’s the idea of financial freedom and a bright future for our children.

Sadly though, most people, even finance professionals, never do this exercise because they’re scared of being disappointed. Please don’t let that be you.

Whatever your situation, you need to take action. If you’re unsure where to turn then look for help from someone in the industry. I offer free, independent financial advice including an end-to-end assessment of your financial situation. I would love to help you find your own personal goals and come up with a solid plan for attaining them.

Please feel free to browse the other articles here in the blog or direct message me here with any questions you have.

Have a great day.

Golan Kendler

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