Thanksgiving is over and now we're heading into Christmas season! Today we touch on financial planning, likening it to solving a maze by starting at the end: envisioning life goals and working backward to build a plan. We talk about the concept of a "Misogi" or a major annual goal to focus on, aligning it with strategies like bucket lists and planning retirement activities early to maximize fulfillment. Financial freedom isn't just about amassing wealth but about enabling experiences and meaningful life choices and these choices are even important during Christmas! 

Today we discuss... 

• Time is the most valuable resource because it cannot be created or extended, unlike money.
• Social engagement and new activities are crucial for mental well-being, especially in retirement.
• Retirement follows five stages, from anticipation to reflection on health and family as priorities.
• Over-spending is common in the early retirement phase due to increased free time and enthusiasm.
• Financial planning should begin with identifying life goals and working backward to achieve them.
• A "bucket list" approach helps ensure meaningful experiences are prioritized early in life.
• Start financial planning by envisioning retirement goals and deconstructing them into actionable steps.
• Inflation, taxes, market volatility, longevity, liquidity, and spending are critical risks to consider in financial planning.
• Longevity compounds other risks like inflation, taxes, and volatility, making it crucial to plan for extended lifespans.
• Extending working years is another strategy, but it is subject to factors like health and employment opportunities.
• Spending adjustments are a common way people adapt to financial limitations, underscoring human resilience.
• Behavioral finance plays a significant role in managing wealth and mitigating emotional biases.
• Leveraging Bitcoin or other assets on a company’s balance sheet can offer growth opportunities but requires careful risk assessment.
• Many financial planners fail to address college and housing costs effectively, leading to unnecessary wealth loss.
• A long-term focus and proactive planning are essential for achieving financial and familial goals.

For more information, visit the show notes at https://moneytreepodcast.com/thanksgiving-is-over-667 

 

Today's Panelists:

Kirk Chisholm | Innovative Wealth
Douglas Heagren | ProCollege Planners

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