In a busy world, sometimes we put so much energy and focus on a particular area of our life, that we forget about the others. It’s not dissimilar to the old “work-life balance” subject that I’m referring to, but this topic extends much, much deeper than that. Some of us are knee deep raising children, others caring for elderly parents, some of us volunteering in community groups, others raising funds for charity, or building businesses, growing family legacies, and some are doing a number of these things simultaneously.
I want to share an example of an alternative way of life with you. I’m fortunate enough to have a wonderful client who is in her mid 60’s and I’ve known her for about 5 years now. She has spent the best part of the last decade residing in Mongolia, broken up with periods of time in the Bahamas, Australia (to see me for her financial world, and to take care of her health needs) and the UK where her family live. Prior to this she lived in Perth. But for this latest chapter in her life she has led an extraordinary life guiding visitors through remote areas of Mongolia, raising funds to get schools built for the local mongol children, and supporting good causes for underprivileged to help them get access to medical treatment etc. She also does this in the Bahamas, even if they are smaller fundraising efforts to help provide lunches for children who come to school with no food. She is selfless and leads a very simple life for herself with minimal personal possessions, living in harsh conditions, but leading a life of great purpose.
It is certainly not a glamorous life, even though there is a fair bit of jetsetting and I did mention the Bahamas, but what she is doing is making a significant difference to the lives of those children who are now getting an education in what is essentially a very poor country. 27% of Mongolia’s population are below the poverty line. I also found out today that her mother who is 93 still walks in pilgrimages, with a rucksack on her back, with her religious group to raise funds for charitable causes. What an inspirational way to live the later years of your life.
If you are fortunate enough to live in a prosperous country like Australia, as I do, we often lose sight of purpose, in our pursuit for “happiness” through increased earnings and material possessions, working more hours, pulling ourselves away from our families and communities, to achieve a common goal or retiring by 65 and then what? It doesn’t always go well though. Material Safety and Money are only one of the five pillars of identity. Money doesn’t feed the soul (unless perhaps you are a meglamaniac). A certain level of wealth and household income provides comfort, but once your income is above a certain amount, happiness or life satisfaction actually declines.
So what about retirement? Work and Performance is an important pillar of identity, and some of us should continue working in some capacity to maintain a sense of purpose – instead of the common goal of retirement for all, even if we don’t need to do it for the money. Some of us aren’t suited to retiring and losing that structure of holding a job and continuing the social connections in the workplace. In an era where we are living much longer, but wanting to retire earlier, I fear that we are following a trend that isn’t for everyone. I’m not saying you have to work full-time and drive yourself to exhaustion so that you don’t enjoy your later years. Entrepreneurial people like me especially would always have to find something to keep the cogs in my head happy, even into my 70’s. Don’t close your mind off to the opportunities that could come your way just because you are ageing. Age is a number, and if you look after your mind and body, you can still accomplish some pretty great things. When I hear someone say it is too late for them to change careers because they are over 40 I just want to shake my head. You are selling yourself short. A year is a long time, let alone 10 or 20 years to do something new and interesting.
Beyond work, our social networks and relationships are extremely important to keep us connected and this helps our emotional health. Body and health are crucial to ensure we are in peak condition physically and mentally so that we can be the best workers, partners, parents and participants in our communities. And then finally, like my selfless client Jilly (the legend in the picture), the fifth and final pillar of identity is that of Values and Sense of Purpose.
Financial Planning for me is not about achieving a figure so that we can stop working, travel around the countryside with every other grey nomad, then sell the caravan and spend the next 20 years of our life doing housework, walking the dog, gardening and a bit of babysitting. It can be so much greater than that! It is also about giving you freedom to be anywhere in the world, utilising your time and skills to give towards good causes, and live a life of purpose beyond your prime career and family rearing years. So get out there, dream a little bit differently now about what your future life could look like, and bring a little bit of that passion into your current life. Make a cup of tea or grab a glass of wine, sit in a relaxing spot where you feel inspired and set some big goals – then break them down into smaller bite sized goals and get to work on making them happen.
Shonel x
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Unless specifically indicated, the information contained in this blog is general in nature and does not take into account your personal situation. You should consider whether the information is appropriate to your needs, and where appropriate, seek personal advice from a financial adviser.
Shonel Vuletich is an authorised representative of Synchron, AFS Licence No. 243313.
The Business of Life 