YOUR PROSPERITY:
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Self help for Establishing Dreams and Goals by Jim Rohn
One of the amazing things we have been given as humans is the unquenchable desire to have dreams of a better life, and the ability to establish goals to live out those dreams.
Think of it: We can look deep within our hearts and dream of a better situation for ourselves and our families; dream of better financial lives and better emotional or physical lives; certainly dream of better spiritual lives.
But what makes this even more powerful is that we have also been given the ability to not only dream but to pursue those dreams and not only to pursue them, but the cognitive ability to actually lay out a plan and strategies (setting goals) to achieve those dreams. Powerful!
And that is what we will discuss in detail this week: How to dream dreams and establish goals to get those dreams.
What are your dreams and goals? This isn't what you already have or what you have done, but what you want.
Have you ever really sat down and thought through your life values and decided what you really want?
Have you ever taken the time to truly reflect, to listen quietly to your heart, to see what dreams live within you? Your dreams are there. Everyone has them.
They may live right on the surface, or they may be buried deep from years of others telling you they were foolish, but they are there.
So how do we know what our dreams are? This is an interesting process and it relates primarily to the art of listening. This is not listening to others; it is listening to yourself.
If we listen to others, we hear their plans and dreams (and many will try to put their plans and dreams on us). If we listen to others, we can never be fulfilled.
We will only chase elusive dreams that are not rooted deep within us. No, we must listen to our own hearts.
Let's take a look at some practical steps/thoughts on hearing from our hearts on what our dreams are:
Take time to be quiet. This is something that we don't do enough in this busy world of ours. We rush, rush, rush, and we are constantly listening to noise all around us.
The human heart was meant for times of quiet, to peer deep within. It is when we do this that our hearts are set free to soar and take flight on the wings of our own dreams!
Schedule some quiet "dream time" this week. No other people. No cell phone. No computer. Just you, a pad, a pen, and your thoughts (you get to do this in the workbook exercises this week).
Think about what really thrills you. When you are quiet, think about those things that really get your blood moving.
What would you LOVE to do, either for fun or for a living? What would you love to accomplish? What would you try if you were guaranteed to succeed?
What big thoughts move your heart into a state of excitement and joy?
When you answer these questions you will feel Great and you will be in the "dream zone."
It is only when we get to this point that we experience what Our dreams are!
Write down all of your dreams as you have them.
Don't think of any as too outlandish or foolish - remember, you're dreaming!
Let the thoughts fly and take careful record.
Now, prioritize those dreams. Which are most important? Which are most feasible?
Which would you love to do the most? Put them in the order in which you will actually try to attain them.
Remember, we are always moving toward action, not just dreaming.
Here is the big picture: Life is too short to not pursue your dreams. Someday your life will near its end and all you will be able to do is look backwards.
You can reflect with joy or regret. Those who dream, who set goals and act on them to live out their dreams are those who live lives of joy and have a sense of peace when they near the end of their lives.
They have finished well, for themselves and for their families.
Remember: These are the dreams and goals that are born out of your heart and mind.
These are the goals that are unique to you and come from who you were created to be and gifted to become.
Your specific goals are what you want to attain because they are what will make your life joyful and bring your family's life into congruence with what you want it to be.
Until next week, let's do something remarkable!
Jim Rohn
(Excerpted from Week Six of the Jim Rohn One-Year Success Plan) Jim Rohn One Year Success Plan or coaching program
Calculating your retirement
self help article by Laura BruceIf you retire at age 65, your retirement could last 30 years or more. And many of you would like to say adieu to the work-a-day world when you're in your 50s.
Will you have the financial wherewithal to do that?
Of course, that answer is determined by how much money is available in your retirement plan, Social Security benefits and any additional personal savings or investments. Will it be enough? The odds are, you don't know.
But experts say having a realistic estimate of how much income you'll need during retirement is key to a successful retirement plan.
Think about the future.
Only about a third of us take the time to calculate our retirement needs. The American Savings Education Council says people who calculate their needs are far more likely to hit the target than those who just plunk an arbitrary amount into a 401(k). (USA reference)
article continued P88 Calculating our retirement by Laura Bruce
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P113 Retirement and the $406 Soda self help article by K Bateman
Resolve to Improve Your Finances this Year with Goal setting
“Early Retirement: What You Should Know”
“The Benefits of Continuing Care Retirement Community”
“Financial Planning for Retirement: For Worry-Free Retirement”
“Plan your Retirement in as easy as 1 – 2 – 3 Using Financial Planning Software”
“How to build retirement security”
“The style, Why, when, where, how to retire”
“Individual Retirement Arrangement”
“Military Retirement: When Services Really Pay”
“Tips on planning your retirement”
“Preparing for Your Golden years”
“What is Public Employees' Retirement System?”
“Planning for Retirement Activities”
“To will or not to will, Do’s and Don’ts in making a will”
“Celebrating Your Golden Years with Family”
“The Advantages of Retirement Calculators”
“The Right Retirement Community”
“Helpful Tips in Finding the Right Retirement Home for You”
“Guidelines in Choosing Retirement Housing”
“7 Ways to Boost Your Retirement Income”
“Why People Never Grow Old with Retirement Jobs”
“Know the Right Retirement Location for You”
“Ideas for a Retirement Party”
“Retirement Planner: Planning at its Best”
“Retirement Planning Consultant Services”
“Retirement Planning Services”
“The Ups and Downs of Retirement”
“Save for Your Retirement Today”
“Hot tips on your retirement savings”
“A Guide to Secure your Retirement”
“Factors Affecting Retirement Benefits from Social Security”
“What You Need to Know About Teacher Retirement”
“Looking for Retirement Paradise”
“Not Willing to Leave Just Yet”
“The Four Classifications of a Public Retirement System”
P91 Eleven ways to save after retirement by Dana Dratch
P90 A simple retirement Plan by Gary Foreman
P99 Elderly and Deeply in Debt by Steve Bucci
P101 Pre-Planning and dealing with Finances and Funeral costs
P129 Making Money, Creating Wealth, guide to financial independence
P63 Boost your Business with a NY Resolution by Rob Warlow
"DIY Retirement Planning", excellent guide for your superannuation planning, e-book (Right click on the link & select "save target as" to download this book)
"How to Budget Successfully" ebook to get your finances in shape (Right click on the link & select "save target as" to download this book)
"My Goal Manager" workbook for goal setting e-book (Right click on the link & select "save target as" to download this book)
"Goals Magic" e-book for focusing your goal setting process (Right click on the link & select "save target as" to download this book)
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A Simple Retirement Plan
self help article by Gary Foreman
Prosperity and financial wellbeing in retirement self help article:
"How much money will I need to save to retire? With inflation and earnings and taxes it's almost impossible to figure it out!"
Have you ever said that? Well, you're not alone. In fact, many people haven't begun to think about retirement planning because it just seems 'too complicated'.
Suppose you could put a simple plan together that required nothing more than a couple of phone calls, a calculator and a little basic math? Would you do it?
Here's your opportunity. We'll break it down into seven simple steps.
Step One. "How much income will I need?"
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Good question. Experts used to suggest that you'd need about 50% of your pre- retirement income to maintain the same standard of living.
Recently, they've begun to increase that percentage, with some going as high as 85% of your current income. I'm cautious, so I'm going to use a figure of 80%. You choose your own.
Remember, throughout this exercise, it's better to have too much money available when you retire rather than too little!
Suppose my family income is $75,000. Multiply that by 80% and I'll need about $60,000 to live the way I do today. ($75,000 X .8 = $60,000)
Step Two. "How much of that will Social Security provide?"
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Another good question. We've all read the predictions that Social Security will be spending more than comes in beginning in 2013 and will be broke by 2029.
Should you include SS income in your plan? That's up to you. For our exercise here I'm going to include it so you know how.
You can contact SS to find out how much your expected benefits will be (1-800-772-1213). They'll send you a form to request the information.
For today, I'm going to use the 1996 maximum benefit of $1,248 per month. That's just a shade under $15,000 annually.
Step Three. "What about my company pension?"
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That's where the other phone calls come in. You'll need to contact your employers to find out what the annual income of your pension will be.
Some plans are guaranteed, others will provide an estimate. You'll use the number they give you. For our illustration I'm going to use a $20,000 figure.
Step Four. "Now what?"
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Next we're going to calculate how much income you'll need to provide from your own savings and IRA's. We'll do that by subtracting the Social Security and pension income from our income requirements in step one.
So in our sample case, I'll need $25,000 in annual income. ($60,000 - $15,000 - $20,000 = $25,000)
Step Five. "How much money will I need to save to have $25,000 in income?"
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That depends on how much your investments earn. Lately it's been easy to get a good return after inflation and taxes. But over the long term if you earn 4% or 5% you're doing pretty well.
Remember, these are after-tax, after- inflation earnings. Let's use the 5% estimate for our worksheet. Divide the income you want by the rate of earnings you expect. I'll need a nest egg of $500,000 to provide $25,000 in yearly income. ($25,000 / .05 = $500,000)
Step Six. "What about the money I've already saved in IRA's, etc?"
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We'll not only want to include that money, we'll need to estimate how much it will be worth when you retire.
First, take a look at your IRA's and other retirement savings and see what they're worth today. Suppose you've saved $40,000 so far.
What's it going to be worth when you retire?
We going to use a little trick called the "Rule of 72".
It says that if you divide 72 by the rate of return the answer will tell you how long it would take your money to double.
So if we expect to earn 5% then our money would double in 14.4 years. (72 / 5 = 14.4) For simplicity's sake let's say it will double every 15 years.
So how long will it have to grow? Depends on your age and when you plan on retiring. I'm going to illustrate a 30-year-old who wants to retire at 65. Our friend would expect his current savings to be worth about $200,000 at retirement.
Remember that our money will double every 15 years. So it'll be worth $80,000 at age 45 ($40,000 X 2). At age 60 (15 years later) it will double again to $160,000.
The extra five years between age 60 and 65 will add about another 25% of the principle ($160,000 + $40,000 = $200,000).
Step Seven. "How much do I need to save starting now?"
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We'll need to save about $300,000 ($500,000 - $200,000 = $300,000). You could just divide the amount you need by the number of years before retirement to figure your annual savings goal.
And if you're over 50 that's probably a good idea. But if you're younger you should consider the earnings on your savings.
Say you're about 40 years old. The money you save by age 50 will double by the time you reach retirement.
So if you could save one-third of the $300,000 between now and age 50 you'd do fine.
The first $100,000 would grow to $200,000. You'd save another $100,000 between ages 50 and 65 to reach your goal of $300,000.
What about our 30-year-old example? He's about 35 years from retirement. If you're that far from retirement here's an easy rule of thumb.
Divide 100 by your expected rate of return. If you said you'd earn 5% after inflation and taxes you'd end up with 20%.
That's the percentage of your total next egg you need to save by age 40. So you'd plan to save $60,000 ($300,000 X .2 = $60,000) in the next 10 years.
Or about $6,000 each year.
By now you should have some idea of how much you'll need to save for retirement. You probably hear a rumbling in the background.
It's the sound of accountants and financial planners pointing to flaws in this simple model.
And, truth be told, they're right. It is overly simple. It's designed to get you started.
There are plenty of more exact tools available to help you be more precise. And it's a good idea to use them.
But some of you are reluctant to take the first step. We just eliminated that excuse!
You'll want to revisit your program about once a year to see how you're doing. As you get closer to retirement you can 'fine tune' the program.
But the important thing isn't to pinpoint the savings needed each week beginning today. You can always adjust your savings up or down.
What's important is to get a feel for your direction and to get going.
There you have it. A very simple approach to getting your retirement program started.
So what are you waiting for?
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Gary writes about all aspects of saving time and money. If you have an idea for a future column please send it to him at mailto:gary@stretcher.com. self help resources listed for your convenient self help search in the self help subjects of Prosperity, financial management
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