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Missed Fortune – Going From Being a Striver to a Thriver

Posted on | September 23, 2013

Adding Significance to the Lives of Those We Love

An abundant life is one that is filled with significance. This is particularly true when it comes to the things we do as family.

Take family vacations for instance. Even they can be made more significant when we take advantage of the time spent together to ask the kind of questions that really matter. This doesn’t mean that your family trip to Hawaii shouldn’t include all the sightseeing, snorkeling, and other fun activities that are available.

It means that there are also opportunities to focus the minds of family members on the things that will have lasting meaning.

Imagine the impact that could be had by simply coming together as a family for an hour in the morning or in the evening and talking about the real important life lessons.

Here’s an example of what that might look like. Dan Sullivan has been a longtime coach and consultant and he recommends asking the question, “What matters most?”

It’s the kind of question that can help anyone, young or old, can use to establish the kind of priorities that will provide direction all through our lives. Sometimes it’s helpful to start with writing down the kind of things that we may wish to keep track of on a daily basis. This would include noting whether we’re getting proper exercise and nutrition, or even how we’re doing with our money.

From there, we can ask questions like, “What’s worth measuring?” or “What’s worth investing our time and money into?”

Eventually we get around to questions such as, “What is worth remembering permanently?” Or we can ask the most probing questions of all like, “What is worth sacrificing and fighting for?” or, “What would we consider worth dying for?”

Such questions train our minds to focus on what really matters.

From a Striver to a Thriver Mentality

It’s curious how after nearly 60 years, a huge majority of Americans still find themselves feeling frustrated, almost captive, when they reach retirement.

This is a result of following traditional advice such as socking away their money in 401(k)s and IRAs and thinking that’s the best way to save for retirement. Where once these methods were considered good ways build up a retirement nest egg, today it’s clear that they’re far from the best ways.

Unfortunately, people tend to follow what everyone else is doing and they don’t stop to consider whether the end result is what they really desire. For instance, most retirees who have hung on to the traditional way of saving in an IRA or 401(k) run the very real risk of outliving their retirement savings.

They don’t realize until too late that by allowing their money to accumulate in a tax-deferred savings vehicle, there are far too many strings attached and a good portion of their money is spoken for in the form of taxes.

Not only are they subject to those taxes that they’ve put off until a future time, but also taxes are only going higher. In addition, they will find themselves dealing with rising inflation, which means they’ll need more dollars in the future to purchase the same amounts of goods, and services they require today.

Finally, as so many people have seen over the past 12 years or so, 401(k)s and IRAs put a person’s money directly at risk from market volatility and economic uncertainty. This is why after the market went down in 2001-2002 and again in 2008, many people with their money in these savings vehicles lost up to a third or more of their savings.

It takes time to make up that lost ground and too many people are back to simply breaking even with where they started 12 years ago.

Here’s the bottom line: there is a better way to save for retirement. It will have you enjoying liquid assets safely earning a predictable rate of return, and once your money is safely in one of these tax-free vehicles, it will remain tax-free from that day forward.

Learn how to put the best strategies to work for your brighter future. Visit with a wealth architect today.

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*Life insurance policies are not investments and, accordingly, should not be purchased as an investment

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