Living richly: finding balance in finances and life

One of the most frequently asked questions directed at financial advisors is, “How can I increase my retirement savings?”

Many individuals dedicate themselves to maximising their savings, often fearing they might outlive their financial resources. While this dedication to saving is commendable, it’s crucial not to become overly consumed by working additional hours or taking on extra jobs, neglecting to relish life’s pleasures in the present moment.

You might have come across a compelling book titled “Die With Zero – Getting all you can from your money and your life” by Bill Perkins. In his book, Perkins proposes the idea that our lives are shaped by our experiences, choices, and the lessons we learn along the way. His central message is straightforward: if you pass away without any remaining wealth, you’ve likely lived a profoundly fulfilling and enriching life.

As a financial planner, this notion resonates with me deeply as I contemplate ways to assist clients in embracing and enjoying their lives today. Financial well-being, much like life itself, is a journey rather than a destination. It’s about fostering a genuine balance between work and life. We aim to aid clients in crafting strategies that enable them to achieve financial objectives—whether saving for a house, children’s education, retirement, travel, or other aspirations—while also supporting a fulfilling lifestyle.

Why does this matter? The value of a well-lived life is undeniable. Life experiences contribute significantly to our emotional well-being by enhancing relationships, recognizing opportunities, improving our quality of life, and fostering personal growth and happiness.

I’m not suggesting we solely live in the present, disregarding the future. Striking a balance between investing for tomorrow and relishing today is crucial. It’s about maintaining equilibrium across life stages, be it early adulthood, middle age, or retirement. It’s about embracing what brings us joy, acknowledging our priorities, and adjusting our financial goals as they evolve throughout our lives.

Strategies to achieve a balance between financial security and lifestyle enhancement begin with:

  1. Identifying financial goals that resonate with personal values and aligning them with lifestyle choices.
  2. Developing a savings plan that not only cultivates good financial habits but also allocates resources toward meaningful experiences. For instance, automated savings plans encourage consistent savings, both within and outside of retirement accounts.
  3. Practicing mindful spending by assessing the long-term implications of expenses, weighing their necessity, and ensuring they align with the overall strategy.

Perkins’ insights serve as a reminder that the memories we gather become the fabric of our lives. While securing your retirement is crucial, investing in life experiences adds depth, joy, and fulfillment.

Just as with any financial decisions, seeking professional guidance is prudent. When discussing your goals, remember that although retirement may be several years away—whether it’s 5, 10, or 20 years—there’s an abundance of life yet to be experienced.

As your advisor, I’m here to assist you in create a strategy that not only secures your retirement with purpose and financial stability but also ensures a treasury of cherished memories.

Now, that’s what true wealth looks like!

The information contained in this article is general information only. It is not intended to be a recommendation, offer, advice or invitation to purchase, sell or otherwise deal in securities or other investments. Before making any decision in respect to a financial product, you should seek advice from an appropriately qualified professional.  We believe that the information contained in this document is accurate. However, we are not specifically licensed to provide tax or legal advice and any information that may relate to you should be confirmed with your tax or legal adviser.


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