Envisioning Your Plenteous Life
From “ample” to “abundant”, plenteous has a different meaning for each of us. This is why it is a perfect word to use when discussing financial life planning and talking about us. Your plenteous life is your unique vision of a fulfilled life.
After all, your definition of a plenteous life is based on your individual goals and dreams. For example, it could mean owning a five bedroom home on a lake with a huge travel budget. Or, it might mean being able to cover the rent, save for college and pay outstanding medical bills every month. So, it’s unique.
However, at its core, plenteous means “enough”. So, when envisioning your plenteous life, begin with knowing what is “enough” for you. After all, whether you plan or not, you can’t escape the looming question:
Will I Have Enough?
Specifically, will you have enough to support your desired lifestyle? In addition to your working years, you must consider thirty years of retirement or more with no paycheck? For example, how much will inflation eat into your nest egg? Then, what about future taxes and potential increases? Furthermore, how will your investments fare against ups and downs in the market?
Vulnerable and Stressed
Many Americans are feeling financially insecure when faced with answering these questions. Consider this:
- Twenty percent of Americans have more credit-card debt than emergency savings. Therefore, getting through today can be a higher priority than planning for tomorrow.
- Living paycheck-to-check is a habit for 40% of Americans and sometimes a problem for 80%. In these cases, it does does not take much to quickly set a life on course into a downward spiral.
- These concerns are following us to work. After all, workplace productivity is impacted, with 49% of people spending time at the office working on personal finances.
- Financial insecurity impacts the entire earning spectrum. For instance, even 10% of six-figure earners are struggling to make ends meet.
Achieving Your Plenteous Life
However, this is not about statistics. It is about you, your family, friends and the greater community. It’s about people.
Financial life planning isn’t easy. On top of that, you have competing priorities and limited time. All of this can be the perfect recipe for procrastination. This can be especially dangerous in the case of women, who can be particularly at risk when it comes to having adequate savings.
In any case, financial life planning begins with considering your individual goals, net worth, expenses and income. Then, we find ways to make them all work together better in support of your plenteous life. Plenteous Financial Forum helps through financial professionals coming together to provide opportunities to learn, solid tips and recommended actions.