Monday, August 10, 2015

When I Become Wealthy

Retirement planning experts tell us that you need much more money than I have to live comfortably in retirement. It's a scary prospect. To make things worse the Australian government has raised the age at which people become eligible for an Aged Pension. They want us to keep working longer and longer.  To know when is the right time to retire and how much is enough to sustain you must be a problem faced by most people I guess.  Not just me.

Years ago, John and I saw a financial advisor who asked us to look at where we wanted to be and what we wanted to achieve in 5 years and then 10 years so that he could help us plan our financial situation accordingly. He told us that being comfortable financially is more about your expectations and what you consider "enough" rather than any dollar amount.
He said it's more about what you feel you need rather than how much money you actually have.
I like to think he was right.

When asked how they would know when they are actually wealthy, many people say "when I can afford to do what I have always wanted to do".
So, combining these two  - How do I want to be living my life in 5 years time – What do I want to be doing?
I made a list of how I'd spend my time when I can afford to do what I want.

Try it.
You may discover that you're already wealthy, or at least closer to it than you thought.
It's clear from this list - My favourite things don't actually cost much money - like walking along the beach, playing in the garden, painting, spending time with John and Missy. Then there's the myriad of things that have been put on the back burner for years (because I work long hours) or that I've never done but think I might like to. Most don't need a lot of money. Most simply need for me to find more time.  There's a couple of things hidden in that list that would cost quite a bit. I'll call them optional extras for now.

I do, of course, need money for food and bills and I will need to have enough to keep paying the bills when I no longer have a wage - so for now I  will keep working - cos even if they aren't on my list, having electricity and food is kinda important to me as well.

“That man is the richest whose pleasures are the cheapest. ”
Henry David Thoreau


  1. The best things in life are free as they say, or almost free. But having lots of money certainly has its perks! Trying to strike a balance between both worlds is the trick :)

  2. As I approach retirement age as well I begin to worry too. I love your list, and already do a lot of those things, and it is the free things that give me the most pleasure. I think a lot of times we dont even realize how blessed we are!

  3. Well I guess I must be rich already since I have been able to do quite a few things on your list.
    It's so nice to have the time to do exactly what you want to do....I thought when I retired from the corporate world that I would get a bit more rest, but heck I find most of my days are now 8 hour days of "work" filled with the happiness of living my daily life on my own terms.

    1. That's my goal Virginia. Not there yet, but soon I hope

  4. What a great post. I love your list too :)


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