One of my natural abilities is thinking about the future, planning and developing a vision for my cherished clients, my professional practice, and my family. Yes, I’ve done the Gallup Organization Strength Finder tests multiple times, and you should, too. Being “futuristic” is easy for me, but I realize it’s not easy for everyone.
Thinking about the future, making a discovery about yourself and the way you think, then being able to make valuable decisions as a result of those discoveries is an important part of a wealth adviser’s work.
For years, I have offered “The Family Timeline” as a way for individuals to consider their future life and that of their family members.
It’s valuable for me to consider my age and my place in life relative to the age and lifestyle of my children, my grands, my parents, and even my closest friends.
For example, at my age, 61, my “kids” are 37 and 34. My oldest grand is three (I have two more, and probably more to come).
By the time I turn 70, they will be 46, 43, and 12. Though I don’t have many soccer games to attend these days, I bet they will enter back into my lifestyle sometime before I am 70! Getting to those games will probably change my daily activities, travel, and how I organize my calendar.
At age 75, the “kiddos” will be 51 and 48, and my oldest grand will be 17… almost to college. Thinking about this now makes it easier for me to consider the education funding plan I want to put in place to help out with college expenses.
By 85 (Lord willing), I might be fully retired, and my kids will be 61 and 58, likely thinking of their own retirement. The oldest grand will be 27, and it’s entirely possible I could be a great-grandfather!
Considering the evolution of my family helps me consider my future, my working career, my gift for planning, and how I could shape a family philanthropy plan.
The Family Timeline is a tool you should print out right now and complete. It’s all part of life and financial planning, and it can be found in my book The Eight Points of Financial Confidence.