by Ron A. Rhoades, JD, CFP
One key to happiness in life is identifying, then mapping out a plan for achieving, your lifetime goals. Part of this process may involve the formulation of a “bucket list” – which can then be modified over time.
Within the ARGI Financial Group, we believe that the accumulation of personal wealth is not an end, but rather a means to achieve other ends. Income and accumulated wealth provide many benefits. For example, higher amounts of wealth generally result in better health and greater longevity.
When utilized properly, available personal funds can also create and expand opportunities for the enjoyment of your personal and professional lives. Yet, far too many individuals – even those with large amounts of accumulated wealth – proceed through life without realizing the benefits offered by higher incomes and/or available monies.
Establishing goals for the utilization of wealth is a first step. There are many possible goals, such as achieving “financial freedom” – i.e., attaining the ability to live the life desired, without the necessity of work, and receiving the peace of mind such financial freedom creates.
Other goals include providing for family members – for their support, education, and facilitating their ongoing growth and development in both their careers as well as in their personal lives.
Yet, another dimension of money’s utility can be found in the establishment of “bucket list” items for yourself. Some of these bucket list items might be pursued within a few years’ time; others which might be achievable later in life.
To discern one’s bucket list, you might seek to answer this question: “If your doctor told you that you had five to six years to live, and during that time you would be relatively healthy, what would you like to do, or accomplish, so at the end of that time you had no regrets?” When answering this question, assume that any children, grandchildren, or other close family members have achieved their own financial security. In other words, let the question focus on your own wants and desires.
Years ago, I had this discussion with one of my clients, whose husband’s life had just ended a few months before. She was in her mid-70’s and residing in Florida. Her three children (all in their 40’s), and eight grandchildren (from college age down to small children) lived in three different locations up and down the eastern seaboard. After I posed the “five-year question” to her, she sadly replied, “I would like to spend more time with my children and grandchildren, but they lead such busy lives.”
As this client had accumulated more than enough wealth to be financially secure in her own right, I provided her with a suggestion. “It is November now. Why don’t we assist you in renting a 10-bedroom home, on a beach in the Carolinas and during July of next year. You can invite all of your children and grandchildren, and see who shows up?”
After some discussion, my client agreed. We located a home for her to rent for a week the following summer, near the beach on Kiawah Island, South Carolina – within an easy day’s drive of all of her children’s and grandchildren’s residences. And, shortly thereafter, invitations were sent for a “family get-together” for all who could attend.
Sure enough, every single one of her loved ones made the journey. Our client paid for all of the lodging expenses, and most of the food. The entire family enjoyed a variety of activities, from beach walks, to bike riding, to boating, to trips to tour Charleston (25 miles away), as well as a few plantations in area.
The adventures continued, each year, for the following five summers, with similar residences rented at other locations – waterfront homes, mountain retreats, and even a home near Williamsburg, Virginia. Not every child and grandchild attended each year, but most did. My client treasured not only the increased time spent with her family members, but also the time she devoted to planning new adventures for all of them.
After my client passed, at her funeral her children, as well as several of her older grandchildren, reflected on the treasured memories they had formed over the past six years during these family gatherings. Not only had their mother and grandmother brought great happiness to herself, but also had positively impacted her entire family, and further deepened the family ties among them.
Bucket list items can, of course, involve many different activities. Traveling to new destinations, and discovering new cultures, is often at the top of a list. When answering the “five-year question” with travel in mind, be certain to get very, very specific about travel plans. Where, specifically, would you go? What would you see or do? What type of accommodations would you prefer? Who would you like to travel with?
Other common bucket list items involve pursuing activities with one or more family members, devoting time to a hobby, volunteering and serving others within a community, and seeking illumination through educational activities.
So, take an hour out of your day, and answer the “Five-Year Question” yourself. Write down your answers. If you have a spouse or life partner, compare your formulated lists of ideas. Then, meet with your financial advisor to review the list, and plan to accomplish bucket list items.
Life’s journey can be greatly enhanced by developing, and then updating, your own bucket list. For when you live your life by design, and not be default, greater happiness – for yourself and for others – can be achieved.
Dr. Ron A. Rhoades serves as Director of the Personal Financial Planning Program at Western Kentucky University, where he is an Associate Professor of Finance within its Gordon Ford College of Business.
Called “Dr. Bear” by his students, Dr. Rhoades is also a financial and investment adviser with Scholar Financial, LLC. To request further information about Scholar Financial, LLC’s fees and services, please email AdvisorINFO@ScholarFinancial.com. Thank you.