How and why to find your next chapter
Life is short. But humans are living longer than ever before. According to the Social Security website, a woman's life expectancy in 1930 was only 62 vs 58 for men. https://www.ssa.gov/history/lifeexpect.html
A 40-year old woman today can expect to live to 85 years old vs 82 for men. https://www.ssa.gov/OACT/population/longevity.html
When I do financial plans for individuals, I normally stress an even longer lifespan to 90 or 95 years old, for example. I do this so my clients can see the value of a conservative projection. How long should your money in retirement that you don't outlive your assets?
If you are a 40 year old woman with a life expectancy of another 50+ years, what is your life plan? What is your 5-year plan, ten times? If the pandemic has taught us anything, it's that life is unpredictable and plans can go out the window with a moment's notice. I like to live by the saying, "plans are worthless, but planning is everything". In a lifetime, we may have many chapters of our life, like a good novel. Think about your childhood chapter, your young adult chapter, your career chapter, your retirement chapter. Think about how many different experiences and events will take place in each chapter. Depending on where you are right now, you may have multiple next chapters ahead of you. You may be one of those people who never truly retire because you have various business ventures and projects planned.
Many women I speak with agree with me. I know women who are planning to retire in five years and already know which nonprofit boards they will work on, which countries they will visit, and who will take care of their garden when they're unavailable. I also know many women who can't see past this coming weekend. We all have the ability to reach for our goals, if we only know what they are.
If you're one of these women without a vision, don't despair! Here are three questions to ask yourself and begin to listen to your answer.
Who will you be with in your next chapter? Do you have a partner? Will you be involved with your grandkids? Do you have a best friend that you can't live without? Imagine the people you want to surround yourself with.
What will you be doing in your next chapter? Do you and your partner have similar interests, or will you be pursuing your own interests? Do you have a bucket list of travel destinations or to-do items? Will you finally have time to take classes or perfect your hobby? Will you be starting a new business?
Where will you be in your next chapter? Will you be staying in your current home? Will you move somewhere warmer? Will you be close to your kids?
Once you have a vision for your next chapter, we can begin to build your financial plan. That's the fun part for me! I love modeling out scenarios for my clients - the "what-ifs" of life - to see what is possible and how.
Contact me at cgamache@audaxwealth.com to get started on a financial plan today. Let's take a closer look at your next chapter together.
Until next time, be well.
