Before you got employed or started a business, getting the job or capital was the problem. But after you cross that huddle, you then realize it's not just how to get money for providing you basic nessecities (such as food, transport, water, shelter, electricity etc) for today alone you require; a new problem begin to make it's way into your consciousness. The problem of how you would get resources to continuously provide those same basic nessecities for yourself in the future -when your working years are over; especially when you are too old to provide for yourself. At present, Your friends who are not as wise or visionary as yourself try to tell you to forget worrying about such matters; saying when you guys get to that bridge you would figure out how to cross it. Within You, you know too well that their idea is very foolish. You ask yourself such questions as: what if you got to the river and there was no bridge there? And if there is the possibility that there might not be a bridge on the river when you get to it, won't it be much better for you to start devising a strategy for Crossing the bridge, Just incase you don't find the bridge?. And if you found the bridge at least you know within yourself that you are very proactive, you didn't leave your life to fate. You decide you can't accept to leave this very important area of your life to chance or to any entity to manage for you because you understand without being told that "the best proven method for predicting your future is to create it"
Your reasoning is further validated by your own personal observation today about most retirees; people who secured employment or got capital to start a business and after doing the work or business for years and are retired, (either due to old age or completion of 35 years of service), returned to struggling and poverty -looking for new means of livelihood, just as they did in their youthful age. At a time when they are supposed to be resting and leaving the stage for the younger generation to secure the available employment opportunities or business capital for starting their businesses. These our grandparents will always tell you that man must hustle or work. And yes young people should work and Hustle during their working age or years. Afterall a wise proverb says "It is good for a man that he bear the yoke in his youth". But hustling in old age with no reasonable difference between they who are in the night time of their lives and a person who is just starting life is A BIG CURSE and should never be celebrated or advocated for.
You then decide that without doubt you must figure out a way to ensure you don't suffer in your old age. You hear it being said in numerous occasions that planning is central to accomplishment of noteworthy achievements or results. And "he who fails to plan, plans to fail". and yet that "a plan is the bridge between you and your goals". You then decide you need a plan to help you accomplish the type of future you desire.
You then reason that your plan would at the start focus on your finances and would have the following goals: 1. the effective utilization and maximization of all your earnings be it salary or profits from business. And 2. devoting a large percentage of all your earnings into creating income generating investments and assets for providing you financial resources both during and after your working years.
As you begin to think further you realize that it's not only financial resources you require -no man exists in isolation of others. You need people. You need quality relationships to have a sense of belonging and for companionship or company both now and especially in the future when you won't be able do most things for yourself -like running errands and all the likes. Therefore it becomes very obvious that you need to improve your relationship life. You then decide that you have to be cautious in what you say, how you behave and what you do in the present because of the future.
You also realize that it's important that you help others who are in need today. Not only because it gives you joy and a sense of fulfilment in the present, but also because by doing so, you are sowing seeds into your future which will bring you unimaginable levels of returns from those you once helped or invested in. This would also help you to leave a lasting impact or legacy long after you are gone from the world.
The areas we ought to plan for are as follows:
1. Finance
2. Building Quality Relationships and investing in the lives and welfare of others
3. Health, diet/nutrition and excercise
4. Mental and Spiritual Life. Building a very productive and robust Life-Outside work.
The name of the process that helps you cater for this needs or concerns is called retirement planning.
In the next post (that is part 2.), I will be discussing retirement planning proper. My focus will be on the aspect of financial planning. I will show you what you ought to know and do in order to have adequate supply of financial resources during your retirement years.
Proceed to next page (Part2)
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