Not long ago I was traveling through a snowstorm to visit family when I passed a young lady who had hit a patch of ice and slid off the road. She was scared, in the middle of nowhere and not sure what to do. The kids and I were about 8 hours into our 10 hour trip and this stop was only going to add time. It did! About 20 minutes.
As I think back on those 20 minutes, now gone forever, I know they couldn’t have been better spent. My son and daughter witnessed first hand the importance of being there for others, putting other’s need in front of their own and most importantly taking positive action in their lives. All great lessons for teenagers to experience first hand. But my thoughts for this post actually started with lessons we tend to teach a little younger audience, and sometimes conveniently forget ourselves.
Since it publication in 1930 the beloved American fairy tale “The Little Engine That Could” has taught children the value of optimism and hard work. However, hidden within the pages of the story are lessons we tend to overlook.
Lesson #1: What If?
A table setting phrase that helps to establish our priorities, beliefs and actions. These words are responsible for both motivation and paralysis. “What If”.
Take our little engine, the “what if” of the boys and girls on the other side of the mountain not getting toys and food helped motivate her. She quickly dismissed the paralyzing, “what if I can’t do it” and the “what if’s” of going to a place she had never been. We often use, “What if this happens? What if that happens?” to stop ourselves. We develop a “wait and see” mentality paralyzing us. We end up doing nothing. Letting life happen instead of: Making the life we want happen.
Consider an alternate ending for “The Little Engine That Could” story. Maybe, she ends up not having the power to get over the hill. So she slides back down the side of the mountain, she failed! Who cares, she tried and maybe she tries again or maybe she finds a friend and together they get over the mountain. Regardless she tried. She didn’t let “what if” fears stop her.
The “what ifs” involved in retirement planning are similar in that they can be strong motivators as well as paralyzing issues. A common conversation I have goes something like this.
Conversation
- Do you have a retirement plan?
- I have a 401(k) I’m going to shift to an IRA.
- What kind of IRA? How much are you going to be able to draw each month? How long will it last?
- I don’t know what kind, all I need to live on is an extra $2000 per month (over social security) and it should last.
It’s at this point my head starts shaking. Once again the “survivalist retirement” has reared its ugly head. What if I told you after sitting down and developing a true plan we can establish a guaranteed lifetime income of more than $2000 a month, know long term care is covered should you need it, lower your tax bracket, all while leaving a greater legacy for your loved ones?
What if you can enter retirement with the peace of mind knowing you can travel, buy a boat, horses for the grand kids, and live the lifestyle you dream about. It not based on a get rich quick scheme, it about proper planning and management of the hard work you’ve put in.
Lesson #2: Making the Decision
Once the negative voices are calmed, fears subside and the “what ifs” are evaluated the next lesson the little engine teaches us is; make a decision. Before taking any action the little engine makes her famous statement, “I think I can.” She made a decision, her mind is set, she is going to try.
Shocker statement: Frame of mind matters. You have to decide you want to take control of your retirement plan. Life will go on and retirement will come whether you make a plan or not. In the story other engines passed by refusing to help for one reason or another. These engine’s lives were not altered in any great way. That is not necessarily the case when it comes to planning for retirement. Your decision to do nothing or pass on planning can result in negative consequences. Making a decision to take positive action is the first step.
Lesson #3: Putting Your Train on the Right Track
The big one! Take action! Put your train on the right track and hook it up!
Knowing you should do something is different than doing something. How many times do we say to ourselves, “I know I should”; but end not doing what we know we should? It’s like the little engine saying, “I think I can” but never changing tracks and hooking up to the train.
In a recent conversation with my son I liken starting the relationship with a financial advisor to finding a new family dentist. It’s something we know we should do, but we don’t want to. Their expertise can catch problems early and make the difference in saving our teeth and smile. We all know we need to go to the dentist to make sure our teeth are good. We wind up walking away with either a plan to fix issues or gleaming smiles. But still… it’s the dentist.
Taking action to meet with a financial advisor is similar. The first visit is likely eye opening but as the relationship progresses, a plan is formed and as we move forward the checkups tend to leave us walking away with gleaming smiles. A peace of mind develops knowing we are ready for retirement.
Conclusion
You know, hidden within the pages of fables and fairy tales there are wonderful messages. But the lessons with the most impact tend to occur through action. In our busy lives we can find all kinds of reasons or what if’s not to do things. It wouldn’t have been difficult to just pass by the young lady on the side of the road. After all we didn’t know who she was. Someone else could help her out. But taking the 20 minutes, hooking up the tow strap and pulling her out of the ditch as the snow was coming down started a conversation between the kids and me. They learned how important it is when you have the abilities and tools for a situation to take care of others.
It was by setting aside the “what ifs” of being late, making a decision to help, and taking action my children’s future was impacted. Retirement planning is the same thing. It is about not only preparing you but your family for the future. By taking the time to make, and follow a plan removes doubts and fears. The future is always uncertain but that doesn’t mean we shouldn’t plan. It just means we need to lean on each other’s expertise and support to make the best possible plan and adjust it as needed.
Action
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