BLOG: How can you plan when things are always changing?
- Date: 19/05/2016
How can you plan when things are always changing?
As Financial Planners we constantly badger our clients to try and answer the question "what are you future plans and objectives?"
For some, this comes easily, but for many this question brings with it frustration, which can sometimes lead to apathy and procrastination.
We are often asked questions like; "How can I plan when the world is always changing? I'm told that we all need to work longer, but will there be a job for me? Technology is moving at such a rate, how do I keep up with the teenagers? As a young adult, how can I get on the property market without going cap in hand to the bank of mum and dad, save for a pension, go on holiday, and pay my travel fares? How do I afford to protect my family, when my golf membership is due? The list goes on.
So, planning for the next 30 days is hard enough, let alone the next 30 years. So unless you have a wealthy, generous family, or are very lucky, where do you start?
The key is to have a plan and to do it now. Write down your goals and read them at least once a day.
Ok, this will need future tweaking and it won't be perfect at the start, but unless you have a broad understanding of what you want then you'll be relying on luck for your future, rather than taking control of your own journey through life. You'll let life get in the way of your plans and time will take control.
Curve balls are there to keep us on our toes, but with a plan this will help you to roll with the punches and keep things in perspective.
So, when is the best time to start planning? The simple answer is NOW.
If you're a student thinking about your choices, a newly wed thinking about a family, a middle aged worker who thinks that retirement is close but "you're just not ready", if you're retired and thinking about your bucket list and what's "doable" before it's too late, NOW is the time to get hold of the reigns and take control of what you can control, without making excuses and putting your life back on track.
Most people's plans will involve money to be accumulated to realise their goals, so the final key is to make sure these plans are realistic.
There are plenty of people who will make these decisions by themselves or with friends and family. Some will want a second, impartial opinion. This is where our profession comes in.