Wit and Wisdom from a Wise Financial Planner

Aspirations Realized       By Colin S. Mackenzie, CFP ®

There are moments that stick with you for a lifetime. I’d like to share one such moment among many that I have been blessed with over the years. During the years I spent working in the Home Office of Financial Network, there were a wide variety of assignments that caused me to call offices around the country to research various issues. One of these projects put me in touch with several very good people who support advisors.

One lady, Sandy had been selected because she runs interference for one of the most successful financial advisors in the country. During our conversation she revealed that this advisor is a very smart man and rewards productive people who help him leverage his time. What really got me though was Sandy saying that by saving her bonuses it allowed her “to buy much more of a Harley than I ever thought I would be able to buy!”.

Good for You!

Though I was a little surprised, it was the deep sense of satisfaction that she could realize her dream…..and it was within her means….. that impressed me most. Her “Dream/Big Purchases Bucket” had been filled high enough that these funds could be poured out to acquire something that brings her the joy of the open road, something very meaningful to her.

Ever notice that the things that seem to provide the deepest and greatest satisfaction are things that require focus, determination, patience, sacrifice and follow through? Only the things that stir people deeply can inspire that type of prolonged effort. Each reader has done this to one extent or another for something important to them. As friends from New Zealand or Australia might say: “Good on ya mate!”

Honesty

In client meetings I will often see where conversation and thought takes us. In one meeting with a very dear client I was led to ask the question: “What is all the money for?”. After lightly complaining that I ask very difficult questions, she said that the money was there to share experiences with people she loves. It was an interesting moment of clarity for her and also of honesty with what is most important to her.

Once you have that jewel of what is most important (or what couple of things are most important), then you can proceed to develop specific dreams to honor what is important to you. Specific dreams are things of beauty and are most compelling when you visualize them coming true as vividly as possible.

While we are on honesty and dreams at the same time, we need to keep balance in mind too. At some dollar figure a specific dream may not be wise. The wisdom comes in when creativity takes over and modifies the specific so that it is attainable. If owning a Lear Jet was a dream, then perhaps renting one on occasion might be a way to satisfy the dream, in a way that is more attainable.

Get Inspired

Some of the most inspirational dreams I hear from people have very little to do with travel or possessions, rather they can involve making the world a better place and caring for others. A client of mine will become a grandmother this year and her current number one dream is a college education for her grandchildren.

At church, my wife and I heard an interesting story from Rick Warren the minister at Saddleback Church and the author of “The Purpose Drive Life”. Rick’s dream years ago was to lead off the capital campaign to build their Lake Forest campus with a quarter of a million dollar donation of his own. Only one problem, his salary wouldn’t come close and he hadn’t written the book yet. Interestingly enough, the book was finished just before the campaign began and the initial payments he received allowed him to realize the dream of that contribution. Faith can truly be a powerful thing.

It Doesn’t Take a Windfall

Most of us (even those who write newsletters) may not receive windfalls that allow us to realize our dreams quickly. The time frame is less important than identifying what your dream is and beginning a systematic way to save and invest for it. For instance, one of my dreams is to provide a good amount of funds for my daughter (age 28) to get married, if she meets the right man one day. The equivalent of the cost for about 2 guests is being invested in her name each month for the next 4 years to help realize that dream.

What specific dreams do you have? How much will need to go into your “Dream/Big Purchases Bucket” to have enough to realize that dream when the time comes? How much needs to be set aside each month for that dream to come true.

Bottom Line - In this and the two previous issues we covered three of “The Four Buckets”. (If you would like me to send you those issues again just let me know.) Where the other two dealt with life’s every day and emergency costs, this issue goes well beyond those mundane requirements to “pay the bills”. This “Bucket” truly is ours to use to express what we love and want most. To get the most from your “Dream/Large Purchase Bucket” you will want to:

• Be clear about what is most important to you

• Use that clarity to develop a mental picture of a specific dream you would like to realize

• Identify what resources are necessary to realize the dream

• Begin a systematic way to develop the necessary resources

Life doesn’t always allow us to realize all of our dreams, still your life will be a little more full as you aspire to the fulfillment of certain dreams.

Your Feedback

I would love feedback on this newsletter. Future issues may include a host of good ideas, insights, specific steps to take financially, life insights and of course "Wit and Wisdom". Most importantly, I’d like it to be of value to you and to encourage an exchange of great ideas and insights. Please send your feedback to:

Colin S. Mackenzie, CFP ®
Financial Network
301 E. Colorado Blvd, #400
Pasadena, CA 91101
mackenziec@financialnetwork.com
(626) 795-8896