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From cradle to grave, financial planning is the compass that guides us through life's journey. Is your compass operational?
"There's more to see than can ever be seenMore to do than can ever be doneThere's far too much to take in hereMore to find than can ever be found...
It's the circle of life; And it moves us allThrough despair and hope; Through faith and love'Til we find our place; On the path unwindingIn the circle; The circle of life"
(The Circle of Life, Lion King Soundtrack)
As of this date - August 18, 2023 - the average life expectancy (for a newborn) is 74.5 for men and 80.2 for women. We pass through many stages in that time. We spend the first few years with very little control of anything. Then we somehow immediately transition to being absolutely convinced that we're never wrong and we have mastered life (just listen to a 4-year old yell at her/his older siblings - or parents - that they are right... about everything). We grow and learn. Around the age of 18-22 (ish?) we venture off to start our own lives independent of our parents, be that at college or in the working world. Then, most Americans work 40ish years and hope to retire between 65-70. Some retire earlier, some later, but the hope is to have a good 20+ years in retirement... where we can finally be free to vacation at will, spoil the grandkids, start the hobby we never had time for, and do all the things we've wanted to do for decades!
Right?
Why? Says who? Life runs full circle, whether we like it or not. We retire and are even more convinced we're never wrong (and certainly don't want to listen to other people telling us what to do), and then eventually spend our last moments like we did the first - dependent on others for most of what we need. We certainly should have some fantastic and energetic post-retirement years to reward ourselves for the decades of work leading up to it. And, let's be real, it takes some time to build up an asset base that allows us to spend the rest of our lives doing whatever we want without having to go earn a paycheck. BUT, don't sell short what you can do with the 40ish years between leaving the nest and enjoying an empty nest.
Those decades in between represent at least half of our lives (for most of us), when we typically have the best combination of health, energy, experience and resources. There is too much to see, too much to do, too much to find to save it all for the final chapters of our lives.
We live most of our lives before retirement, so why should financial planning focus solely on retirement? We should LIVE our lives throughout the entire circle of life - not just exist for 30+ years clinging to the promise of a better future. Therefore our financial plans should be built for that entire circle of life. They should be built around what truly brings us joy in life - now AND in the future. Yes, you need to prepare to be free in the future, but not ENTIRELY at the expense of living with joy now.
At Full Circle Financial Planning & Wealth Management (Alexandria, VA) our vision is for you to live your best life - for your entire life. Full circle planning is designed to balance financial, emotional, mental and physical health; and it's meant to align your resources and your plan with what's most important in your life, whether that's now or later.
Then, in retirement, with the circle nearly complete, your plan should celebrate a life well lived. As Hunter S. Thompson quipped: "Life should not be a journey to the grave with the intention of arriving safely in a pretty and well preserved body, but rather to skid in broadside in a cloud of smoke, thoroughly used up, totally worn out, and loudly proclaiming 'Wow! What a Ride!'"
Life is precious and time is fleeting, so it's important to take a step back and evaluate what truly matters to you. By focusing on what's most important, you can create a plan that aligns with your values and helps you live a more fulfilling life. Reach out if you'd like to build that plan!
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