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Missed Fortune – Why the Right Skills and Strategies Are Better Than Tools

Posted on | June 17, 2013

Making the Most of Life’s Seasons

We pass through a number of different periods in our lives.

There are the learning years when we are in school, followed by the earning years when we are actively fulfilling our careers. Eventually we reach our golden years, which for many can be described as their yearning years. That’s when they find themselves yearning for more time, more money, better health, etc.

Not everything turns out exactly as we’d planned. By the time most people start thinking seriously about retirement planning, a good many of them are realizing that they wish they’d started sooner.

Their attitudes evolve as they get approach retirement age. Some of them feel optimistic while others feel isolated or scared. A growing number of people worry that they might outlive their nest egg.

There are some solutions they need to consider.

One of the most important things they can do is recognize that there is a world of difference between at-retirement planning and for-retirement planning. It’s often necessary to reinvent yourself, figuratively speaking, once you’ve crossed that retirement threshold.

But money is only one part of the reason we plan ahead. Connectivity is another essential part of our lives that affects our relationships with family, friends, and community. It can also include the mentors or guides we trust to help us navigate life’s waters.

In this latter group, some of our connections serve as a kind of OnStar button for us in that they can see exactly where we are at and can advise us on how to get where we’d like to go. Again, this is about more than just our finances.

It’s not uncommon for Missed Fortune wealth architects to help people learn how to strengthen their marriages and teach responsibility and accountability to their children or grandchildren, all while helping them build their wealth. They help to transform family businesses into business families that will last for many generations.

This typically does not happen when following the crowd.

Freedoms and Values That Empower Generations

There are four entrepreneurial freedoms that allow us to successfully chart a course of our choosing throughout life.

They include learning how to manage our:

  • Time
  • Money
  • Relationships
  • Purpose

These freedoms allow us to succeed no matter what we choose to do. For instance, if we love fishing, we can use these four freedoms to make money helping others to be successful at fishing or any other pursuit.

Traditional values are another key element that enables us to reach the future we’ve envisioned. We want to have new experiences while helping family and friends and communities by being philanthropic.

When you’ve planned in such a way that you are in no danger of ever outliving your money, it’s easy to find ways to engage in philanthropy. Whether it’s building hospitals or doing dental work for the needy, there are innumerable ways to use our wealth and our time to change the world around us.

These kinds of traditional values go well beyond money in teaching our children and grandchildren how to live full and productive lives.

If this sounds like a future that you’d like to be a part of, it’s not too late to begin.

The key is being able to use the right tools to get you safely there. Imagine that you were going to play in a golf tournament. Would you rather have a pro golfer like Phil Mickelson’s swing or his clubs to help you out?

Some would prefer to simply divvy up the golf clubs but the best answer is to have Phil’s swing which includes his skills and his strategies. Likewise, many financial advisors will happily hand out the equivalent of the tools to save for retirement, but what really carries the day is having the correct strategies and skills.

This is important to you as you prepare for your brighter future, and it also is important to your kids and grandkids. This is because they too will fare better when they understand the right skills and strategies than if you simply dumped wealth on them and expected them to use it wisely.

If you’d like to get started on that path, start by visiting with a wealth architect today.

Bonus Missed Fortune E-Book: Baby Boomer Blunders The average Baby Boomer has less than $50,000 accumulated for retirement (which means many have less than that), primarily due to bad habits and having money invested in the wrong places where economic downturns can diminish their nest egg. Download this e-book

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

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