Due to the nature of most people's lifestyles, most of the time, we find we must react to certain situations as we haven’t prepared or completed a certain task. This results in the task being even greater.
Let’s take running the London Marathon as an example. We know a marathon is 26.2 miles, which means, unless you are a professional athlete, you are going to have to be proactive in terms of your training. Training will consist of time, dedication, and commitment. There will be times when you get in from work, you’ve had a stressful day, and you just can’t be bothered. You may even convince yourself that ‘I will go tomorrow’ or ‘I’ll do extra next week’ when you know deep down you won’t.
Before you know it, it’s the 1st April and the Marathon is circa 4 weeks away. Thoughts start creeping into your head ‘How am I going to achieve my goal?’ or ‘Will I be able to actually complete the event?’ and then the frustration of ‘Why didn’t I start sooner? I knew when I had to be ready'.
The reason why I'm using the London Marathon as an example is that I’m due to run it in April 2024. I’m certainly no professional athlete, and therefore, I have to manage my time effectively so that I can continue to do the day job but also train to prepare for a 26.2 mile run.
Due to modern living, it can be a challenge to plan and prepare for anything outside of “the norm”, like training for a marathon.
I often liken Financial Planning to Marathons as both take time and dedication. It’s something you need to prepare for, and the sooner you start and the more disciplined you are, the greater the results tend to be.
Planning for your retirement, where you have the financial freedom to enjoy and thrive during retirement, takes time and preparation. It is certainly not something you can rush as it requires a proactive approach. No one is going to complete those training runs for your marathon, and no one is going to make you plan for your retirement. We must take charge of the situation with the goal of achieving financial freedom.
If we aren’t proactive, then we put ourselves under unnecessary stress from not being prepared. We are then relying on hoping that our workplace scheme (if you are employed) will be sufficient, or maybe we will inherit a lump sum. Ifs, buts, and maybes - why take the risk? Being consistent at completing those training sessions or paying into your pension means you are on the right path to achieving your goal.
