One thing is often overlooked in the field of financial planning. Retirement isn’t just about numbers and investments, but also about enjoying the joys of life and embracing your purpose along the way.
James uses the real-life example of Bill and Susan who were distracted by societal expectations, causing them to stop enjoying their true happiness. The narrative of Bill and Susan reveals that there is a piece missing in our understanding of wealth – the absence of moments and experiences which bring happiness and fulfillment.
Bill and Susan, despite successful careers in the past, found themselves stuck working long hours and doing jobs that they did not enjoy. Their decision to retire by 67 was largely influenced by social expectations and previous family experiences. They were financially well-off and expected to retire with substantial savings. They were afraid of retiring too early or spending more money because of a guilt-driven sense of obligation. They discovered through a financial plan with Root that by adjusting their work schedule, enjoying the money they earned, and contributing to their communities, they could live a happier life. They were able to prioritize their family and their personal happiness, while still maintaining their financial stability.
Bill and Susan’s struggles highlight the dichotomy that exists between work done out of passion and from duty. Many people who are working towards a retirement that is far away feel dissatisfied with their jobs. They do so out of obligation rather than passion.
A proposal that is unconventional can change your perspective: What if the pleasures of life weren’t reserved only for retirement? The suggestion is simple yet transformative–rework your approach to work, retire earlier, and savor life’s experiences now.
This proposal suggests a different path, one that emphasizes meaningful work today and not waiting for’someday’. It is an invitation to redefine money as an instrument for living a fulfilled life.
What can we learn from Bill and Susan?
The Role of Money
Money is much more than currency. Money is a tool with many uses that opens up countless opportunities for us. This is a way to experience comfort and opportunities, as well as freedom, beyond the financial aspect.
Freedom is not just about accumulating wealth, but about living our lives on your terms. Money is a way to show our values, by contributing to causes or making positive contributions in the community. The goal is not to hoard wealth, but rather enjoy the moments and experiences that can be enabled by a properly managed financial environment.
Intentful living
Intentional living means aligning your actions with values and paying attention to what really matters. Self-reflection is key to identifying your true desires, beyond what society dictates. The approach examines resource usage to reduce waste and bring happiness while prioritizing present choices that are in line with aspirations. To embrace a purposeful and directional life amid the complexities of life, mindfulness and an appreciation for journey is key.
Holistic approach
The holistic view of life is not segmented but rather interconnected. In this view, work, relationships and health are all interconnected elements that influence each other. This approach rejects the notion of clearly defined life stages and emphasizes how current actions can influence the future.
This holistic financial approach balances wealth-accumulation with current experiences. This holistic approach recognizes work as a vital part of living a fulfilled life. It encourages multidimensional living by recognizing diverse needs, including emotional, mental, and physical.
Authenticity
Living authentically is about embracing who you are, your values, beliefs and passions, beyond what society expects. Aligning yourself with your true self is a journey that involves introspection and courage, as well as reflection.
Authenticity is important in financial planning because it ensures that your decisions are aligned with your values. What matters most to you is defining your true wealth, which can include experiences, meaningful relationships or impact.
In the same way, choosing a career path that reflects your strengths and interests is a sign of authenticity. Honesty and respect are the foundations of authentic relationships, which foster openness and stronger connections.
The story of Bill and Susan provokes reflection and an evaluation of how we view wealth and the richness in our lives. This story encourages us all to reflect on our decisions, and think about the fact that true wealth may not be just numbers.
