I have a guest blogger today. On the way to lunch, my husband David shared with me that he was writing a piece on his favorite subject, money. When he admitted that he didn’t have any real plans for it once he was finished, I offered him a guest spot here. So here are some of his (and Garfield’s) thoughts on finances.
Having arrived in my mid sixties and no longer in the work force, I have the tendency of taking a look back at what I did wrong and what I did right during my working years. I see the mistakes I made by far outweigh the correct choices I made during my earning years.
As a young boy my goal was to retire by age 52. I thought by that time I would have saved a million dollars and that should be enough to keep me going until I died.
- Mistake 1: I had no plan by which I was going to reach that millionaire status. Sure, I knew I would have to save a certain amount each month to reach that goal, but I never sat down and calculated the amount I would actually need to save.
- Mistake 2: I began buying “stuff” I thought I needed or would need at some point in my life. Having the luxury of looking back, I now see that 99% of the stuff I thought I would need turned out to be impulsive buying. Thank you Madison Ave.
- Mistake 3: Going through two divorces. This will kill all but the best laid plans. Finding the right wife is another story in itself.
- Mistake 4: Starting too late in life. This has a direct bearing on mistake 3 above. Going through a divorce will, for all intents and purposes, place you back at the starting line or very near it.
- Mistake 5: Never seeing where you stand financially with where you want to be financially. In other words, update your plan at least every five years.
There are many more mistakes a person can make as they travel down the road of life as far as finances go. What I have listed are just a few of the glaring mistakes I made. Out of the five I have listed, more than 50% of people will find they fall into several of the same mistakes. The only reason I write this is that in some way, someone will read and think; maybe I can avoid most of his mistakes and make it to financial freedom. I’m not saying life is about getting all you can, I’m simply stating that each person needs to decide what they will need for retirement and set a plan in order to reach that goal.
As a wise philosopher, money guru, and common sense cat said in a “Garfield” strip showing Jon with a new cowboy hat, “It’s amazing what some people would rather have than money.”