In our house, today was Grade 8 “grad.” Really, it’s a thing these days (as you leave elementary or middle school). I love traditions like this that recognize where you’ve been, and the opportunities that lie ahead in your next chapter.
As we continue into adulthood, there are many transitions that deserve a glance backward, and a little dreaming forward. Maybe getting a new job, moving to a new city, or starting/growing your family. Or maybe your challenges are bigger, like losing a job, the death of a loved one, or a divorce. Whether you are experiencing a transition in your life, or just taking a cold hard look at life, the reality is your finances are part of your next chapter.
Many adults often look for excuses, and attempt to justify why we are NOT pursuing what we want: I’m too old, I’m too young, I’m a single parent, I don’t understand financial experts, …. All these excuses keep us stuck. And worrying about your future doesn’t help either.
Instead let’s put some thought and planning into your next chapter. Peter Kinch is a well-known financial advisor in Vancouver and he advocates doing a “gap analysis.” http://www.peterkinch.com/ Hugely over-simplified, the process involves an honest look at where your finances are today. Then you look forward at your goals/dreams/plans for your future and try to monetize them. How much will you need: to fund a college education, travel the world, look after aging parents, retire at age 60? The difference between where you are today, and where you want to be in 5, 10, 20 years is your GAP. And today begins your opportunity to start filling that gap. Obviously, we use real estate investments, but there are many choices out there.
The key is simply to make choices, do your homework, and take action. Ok, like advanced calculus—it’s not so simple, but your financial freedom is worth it. We encourage all of our friends and family to seize today’s unique opportunity to grow wealthier in all the things that matter to you and your family.
