The Biggest Risk You're Neglecting
In this video, I discuss one of the biggest risks that most clients face: not actually living the lives that they want. While, for good reason, the focus of financial planning is on saving for the future, failing to live in the present is a risk too. What's the point of saving if you're not living the life you want?
Patrick King: There's one huge risk that chances are you're neglecting. Let's talk about what that is coming up.
Patrick: Hey everybody, I'm Patrick King with Transformative Financial. Here on this channel we help people make money, keep money, and feel more financially secure along the way. If that's something that you're interested in, please contact me. My email is firstname.lastname@example.org. My phone number is 404-500-9261. I'd love to talk with you and see if it's a good fit.
Today, what is the biggest risk that – chances are – you're neglecting? Here, what I'm thinking of is intentionally creating the experiences that you want from this life that we've all got here. Maybe not your typical financial planning topic, but hang with me for a little bit because it does play in. I think it's the driver of what this is all about. Frequently, we get into our routines in life. The day-to-day, get up, go to work on Monday, that kind of thing. Sadly, “busyness” has become a virtue these days.
If you're thinking about those things that you really want to do, those dreams that you really have and you really – or the experiences that you really want to have along the way. If you're not planning those things, if you're not planning your life, someone will be happy to plan it for you. My job as a financial advisor is to ensure that my clients have a plan in place to make sure that they're taken care of if they live into their 90s or beyond. We want to make sure that we're doing the things that are necessary to make sure that they'll be okay financially.
However, in my experience of working with clients for quite a while now, one of the most insidious risks that I think I've seen along the way is that clients, often, they defer those dreams that they always want to have. Whether it's something as simple as taking a vacation to Italy or starting a business or volunteering with a nonprofit. If people don't plan it out, it sometimes doesn't get done.
I want you to plan for a long life, but unfortunately, none of us is promised another day. Even if we live until we're a hundred, life is still short. Ideally, when we're talking about financial planning and doing the things in life that you want to do, there is a blend of saving for the future and creating the experiences that you want today.
Life is about choices, and so is financial planning in this regard. Again, it goes back to you can have anything in this life. Unfortunately, you can't have everything. So you need to make choices, you need to have priorities.
What keeps us stuck in this place where we're not trying to go out and intentionally do those things that we really want to do? I know I've personally experienced loss of friends and loved ones along the way and it make you wake up for a minute and say, "Holy ****. I need to do these things that I want to do because life is short." We all have those experiences. What keeps us stuck? What keeps us from doing these things that we really want to do?
I think the list that I came up with is there's fear of the unknown that comes from taking a different path or doing something differently. Fear of rejection. Fear of having someone ostracize you in some certain ways for doing something different or doing something that you want to do. Fear of failure. Fear of making a mistake. Fear of success in a lot of ways. A lot of times we tell ourselves that we should be at this one level. Should. That word is always in the top of mind. We won't allow ourselves to move beyond that in a lot of ways.
Fear of risking what you already have in pursuit of something greater. Fear of missing out keeps us scattered and distracted. Fear of loneliness. Fear of being judged. Then fear of being seen as a human being with all of our vulnerabilities. It's freaking hard. It's freaking hard to move into an edgy territory. Even if it's something small like taking a trip to Europe, even. It's hard to carve off that. Who am I to take a week long or two-week long trip to Italy? Something as simple as that can keep us stuck. It's freaking hard. It takes intention, planning, and the will to get it done.
What personally helps me get over some of these fears is, as fearful as all that stuff is, one of my biggest fears is looking back on my life and regretting not doing something. It's one thing to regret something that you did do, but if you're sitting there on your deathbed and saying, "Man, I wish I would have…" there's part of me that just-- that kind of, that's what gets me to move off of dead-center on living my life.
For me, some of those things that took a little bit of courage to get started on over the years was, starting a business, changing careers, traveling to Africa. [laughs]
This is a really funny one, but you remember that show BattleBots? I actually built a BattleBot and entered that contest. Ask me more about that. It's something stupid, but I'm actually proud of actually having done that. Taking up photography or losing weight. These are things that we all say, "All right. Yes, I wish I could do that. Someday I want to do that."
So often I hear, "Oh yes, I wish-- I've been thinking about getting my MBA." Those people never actually do it. Or, "I've been thinking about starting my own business." Those people never actually do it. It takes a little bit of courage to take that first step.
I know this is kind of funny to hear, [laughs] the financial planner talking about YOLO, you only live once, right? Usually, it's about save, save, save, but you have to have a reason to do that, all that saving, and it's about choices, right? It's about, "Hey, this is a priority for me. I'm going to give this up so I can pursue this thing in life." I'm not here to help you grow your wealth so you can sit around watching television. That's not something I'm interested in, right?
If you checked out tomorrow, if you learn that you've got a week left to live, what are those things that you would regret not having done?
Cut off the TV. Put down your smart-phone, and put it on your calendar for tomorrow.
Of course, be sure and like this video and subscribe to my channel first. [laughs] All right, that was bad. That was bad. Anyway, I hope you got something out of this.
I feel like the “liking” thing is-- it kind of took away from a little bit of that because life is really short and I want you to experience it. I want you to live. There are a lot of people who are alive for many days but don't have a lot of life in the days that they've lived.
I'm thinking, in making this video, I'm thinking of all my friends and family members who left us early and didn't have that chance. So, live your life.
All right, much love to you. I hope you live a beautiful life and make time for those things tomorrow or today. I'm Patrick King with Transformative Financial. Thank you so much for watching. Until next time, cheers
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