Despite what they’re saying about the low TV ratings for these Olympics, almost everyone I know is talking about them. Michael Phelps, Simone Biles, Simone Manuel, Usain Bolt … the great stories are flying at us so fast that it’s almost hard to keep track. I’m so grateful for the streaming options this year so we don’t have to miss any of them! (Actually, that’s probably a big reason for the lower TV ratings, as I consider it.)
As viewers, we only get this tiny little window into the lives and motivations of these Olympians. It’s sometimes hard to remember how much hard work, determination and practice went into these athletic feats (well, except for when the Procter & Gamble commercials remind us about it).
And of course, we remember that however incredible these moments are, the most important story of our lives is what will be played out in the hidden, quiet moments that are only seen by those who love us most. However many gold medals Michael Phelps has in his trophy case, I imagine that none of them are as precious to him as his son, Boomer.
And we “get” that around here — life is much more than the big, loud moments, and all of it is worth protecting. It’s the story of a long road, and every twist is unique.
But that aside, there are some useful guidelines that you can use to evaluate how you’re proceeding, and whether the financial road you’re traveling on is taking you where you want to go.
Every one of my clients will find themselves in one of the following categories, and I have ideas for what you should be accomplishing in each. If you want to figure out how you can do a better job of any of this, this is also what we are here for. So don’t hesitate to email me or shoot us a phone call at: (909) 627-5927.
We’re here for you.
Michael Lin’s Financial Goals By Age Bracket
“The young man knows the rules, but the old man knows the exceptions.” -Oliver Wendell Holmes, Sr.
Making your money last long enough is a lifetime’s work. And there are some basic “rules” that we can all follow, depending on what stage of life in which we find ourselves.
However, it’s also useful to remember what Mr. Wendell Holmes, Sr. said up there beneath my article title: sometimes rules are best ignored.
Which is why we are here — to help you determine if you are breaking these rules WISELY … or if, perhaps, a refocusing of priorities should be in order.
Regardless, I offer you these financial goals everyone should consider:
Learn to invest, and start putting some money into a retirement account.
Keep planning for retirement. If possible, buy a house. Start saving for your kids’ college.
While still saving money, spend some of it to enjoy life. Talk to your parents about their finances to avoid unpleasant surprises as they grow older.
Analyze your retirement plans to make sure you’ll have enough money to retire. Adjust your saving strategy if necessary.
Start collecting Social Security. Take advantage of senior discounts. Put aside some of your savings for long-term medical needs.
Analyze your spending. Talk to your adult children about your financial situation.
80 and up:
Make sure your will is (continually) up to date. Start earmarking possessions for your children, or handing off family heirlooms outright. Spend your money on items that help you enjoy your life and keep you healthy and safe.
Again, every life has its exceptions … but I do hope that you’ve thought yours through. To your family’s financial health!
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