Why a bucket list is essential if you are to make the most of your life
As I mentioned in a previous blog, financial planning is ultimately about ensuring you don’t reach the end of your life with regrets.
Because by then, it’s too late to do anything about it, and missed opportunities can’t be reclaimed.
A bucket list is a brilliant (and hopefully fun!) way to make sure you live life to the fullest. After all, as far as we know, we only get one shot at this!
Why You Need a Bucket List
Start by writing down everything you’d love to do or experience in your lifetime. Then, estimate the cost and set yourself a timescale – otherwise, you might never get around to it.
By factoring these goals into your financial planning and cashflow projections, you can structure your wealth to fund your dreams as and when you’re ready to tick them off.
Your bucket list doesn’t have to be about luxury or extravagance. While things like seeing the Northern Lights or travelling in a campervan tend to be popular, your list might include helping your children with a house deposit or covering wedding costs.
Experiences Over Things
Research shows that spending money on experiences is generally more fulfilling than spending it on material things. Creating incredible memories will enrich your later years far more than simply accumulating ‘stuff’.
Why You Need a Bucket List Before You Retire
Here’s an example of why planning ahead is so important:
Imagine your dream retirement includes a once in a lifetime world cruise. Your cashflow projections might reveal that if you retire a year early, you won’t be able to afford it, but by working just one more year, that dream trip becomes possible.
If you retire first and then decide on your bucket list, you might realise too late that some of your ambitions are financially out of reach. Worse still, you might regret retiring when you did, but by then, returning to work may not be an option.
Knowing how your bucket list fits into your financial plan gives you informed choices. What’s more important to you, retiring early or making that dream cruise happen?
If you choose to work an extra year, you’ll know exactly why you’re doing it and having a clear purpose can make that final stretch far more rewarding (and much less stressful).
No Regrets – Start Planning Today
A bucket list isn’t just a wish list, it’s an essential part of financial planning. Don’t wait until it’s too late, plan now to make your dreams a reality.
Do you have a bucket list? Can you afford to live your dreams?
Find out how well-prepared you are with our quick two-minute Financial Planning Scorecard and take the first step towards living life without regrets!
