The Power Of Our Thoughts
When it comes to savings most of us start with that big question of ‘how much can I set aside?’ but really we need to switch our focus from what we have in our pockets to what we are saving for. A powerful change can come when we alter our thoughts to ‘what do I want to save for’ instead of ‘what can I spare’. Quite often when our clients take this action they realise they can save more than they thought.
No one person has the same savings plan and there is no universal goal for investment. However, a few common themes often crop up with my clients that might inspire you.
1. Early retirement is top of the list. Rather than expecting to work until 65 – 70, many people want to save enough so they can retire earlier and enjoy life with the pressures of work. It’s probably no surprise to you but the sooner you start retirement planning, the easier you’ll find it to achieve this goal.
2. Something a bit more tangible. Perhaps a larger property with a big enough garden for dogs and chickens. You might want to save for a safari holiday but as you get further down the line it turns in to a wedding and a honeymoon to a remote far-away island. Your lifestyle choices change, we all grow up (and age!) but you can direct your accumulated, carefully managed portfolio towards your heart’s desire as you near the goal, no matter if it changes.
3. Giving to others. If you’re feeling generous towards friends or family, a deposit for a child’s or grandchild’s house is a common and manageable objective. With student loan debts at significant levels and the housing market demanding a high deposit level, when it comes to property purchase, setting up savings to bequeath to your nearest and dearest is a popular plan.
4. Dreams of yachts. If none of these sensible options appeal, you might just want to save up enough to buy on a boat, set sail around the world and never look back! We have a few clients who we have helped achieve that and it has even inspired some of the people in our business to work towards that goal themselves.