I cycle every morning along the north bank of the River Thames into the City of London. I cycle to square off too many carbs, but it’s also become a habit.
It’s the single most important thing I do every day.
It doesn’t matter if what I do later in the day is more significant, life-changing, or impactful overall to the course of my life. The way I think about STARTING my day the way I want is what allows the rest of my day to reach its potential.
I can think of no better metaphor for financial planning. Turning that wheel for the first time and plotting your financial future is BY FAR the most important part.
It doesn’t matter if what comes after (the recommendations, investments, retirement accounts etc.) is more technically impactful… none of it happens without this: committing to the process.
There is a problem though. As a recently retired Managing Director of an insurance brokerage in the city told me:
“My home life and work-life were running at a hundred miles an hour. I felt chained to the city, but I had no time to plot my escape.“
Our recent retirement-ready study supports this. 75% of people are unable to confirm how much they need to “retire with confidence”. That’s an awful lot of people heading for one big fat retirement puncture.
So, how do you set yourself up for success?
Remember, although money is often the context it is rarely the content. Many of us have been conditioned to think its all about the £££, but the starting point is you, and your loved ones. So, take a blank piece of paper and sketch out your vision for your future. Perhaps you dream of a classic golf-course retirement? Or a new career, or vocation?
This vivid vision is the starting point for all financial life plans. With this in hand, you can set about understanding how much you need to retire with confidence. As our insurance broker and his wife discovered, this was five years earlier than they had realised.
When I first considered cycling the 20KM to work I managed to find countless reasons why I shouldn’t do it – but since I did that first journey the barriers (time, noise, fear) have disappeared and I now approach each ride with confidence and clarity. Getting yourself financially fit is one of the best things that you can do for yourself and your family. If you would like to find out how, please set up a time to connect HERE
