The key to experiencing financial abundance in midlife
The key to experiencing financial abundance in midlife is to avoid the one mistake most people in midlife make, which is financial tunnel vision. Financial tunnel vision, as the name suggests, is looking at your financial picture through a narrow and limited lens.
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The danger in financial tunnel vision is that you only see what's directly in front of you.
This is dangerous because
1. It stops you from seeing and preparing for what's coming down the pike - things like you or your partner getting sick or even dying.
2. It narrows the definition about wealth to mean money.
3. It robs you of the opportunity to actively create wealth.
If you're looking to create wealth you need a 360 degree vision of your finances.
360 vision is a plan that looks at wealth from 360 degrees using 3 strategies. It's a plan that addresses and provisions for all the aspects of a truly wealthy lifestyle in midlife and beyond. It's made up of the 3 P's
In the 360 Wealth Creation plan the first P is for preparation. It's the most obvious and it's about educating yourself and setting yourself up for success. You need to get clear about money. Where is it going to come from, how will you take care of it, how will you spend it? Today, tomorrow and in 20 years.
You are looking at your financial picture beyond what's directly ahead. You plan for possibilities - divorce, illness and even death. It's not a necessarily a jolly process but at least you'll feel more confident that your money is being managed today so that tomorrow is taken care of too. Wealth by definition, then also includes the concept of financial security.
Connect with a financial expert - a consultant or coach that specializes in finances and has similar values to you, to help guide you.
My personal tip:
Choose a reputable source of information and advice. There are way too many episodes of American Greed. You don't want to be on one of them.
The financial advisor will help you set the groundwork for the 2nd P in the plan, Practice
In the 360 Vision plan the approach is not so much about following rules as it is about practicing concepts. Rules can plant you in a mindset of all or nothing. For example, if the rule is you must save $100 a month you'll either save the $100 or not save it. There's not much room for in-between.
However, if you're practicing saving as an umbrella concept, you'll be looking for opportunities to save in all areas of your life not just the 100 bucks for the savings account.
You can apply "practice" to wealth creation too. If you believe wealth = money you'll be may get stuck in stale thinking, looking for jobs to pay you, but if you practice wealth creation you might look for opportunities to invest, start a collection of some kind that increases in value or even create barter and trade opportunities with other professionals who offer services you regularly need. (I trade services with my several professionals like the lady who does my nails.)
The final p of the 3 ps is
Perspective is the way you look at something, the lens through which you see. This is where the 360 of the name 360 Vision really comes in.
The only way to really experience wealth and not just have an accumulation of money is to see it as a broader more inclusive concept as if you're standing on the mountain and can see all 360 angles. When you're able to do this you're elevated into the exclusive club of the truly wealthy and not just rich.
Have you ever wondered why the rich aren't always happy. You might have even thought to yourself that if you had money like that you wouldn't have any stress. Unfortunately unless you have 360 perspective you too would be rich and unhappy.
Having 360 perspective isn't complicated. You ve already started working on your perspective by implementing the first two Ps
- you've broadened your vision to include the future
- you've opened up to alternate possibilities when you practice wealth creation and savings
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Posted in Law Post Date 07/01/2016