Are you maximizing your Return on Life? If you could categorize your life satisfaction into 10 dimensions and then start making intentional decisions to become happier and more fulfilled in each area, would that be worth spending some time on?
Last episode we introduced the concept of Return on Life (ROL) and today we’re going to discuss the 10 dimensions of the Return on Life index. By understanding what these 10 components are, rating your satisfaction in each area, then making a decision on what you’ll do to “get happier” in that area, you’ll live a much more fulfilling life.
This is Part II of our conversation with author and retirement expert Mitch Anthony. See Part I here.
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Often times people get so busy just keeping up with the day-to-day stuff of life that they let life happen to them as opposed to living their life by design. Today’s conversation is an opportunity for you to consciously think about what’s working and what’s not working in your life so you can make a change for the better and maximize your Return on Life.
At Keen Wealth Advisors we take a “whole person” approach to working with our clients. We view money as a tool to help our clients live life on their terms. Let’s dive in and see how you can use the money tool to get a better Return on Life.
Five Return on Life Insights From Bill Keen and Mitch Anthony
1. Are you pleased with what you’ve been able to accomplish so far in life?
There are a lot of people who have dreams but they back load them in life. “One of the best ways you can utilize your money is to fund your dreams, fund the things you want to do,” said Mitch. You’re spending your money somewhere so take a moment and make sure your spending it on the things that bring you the most meaning and joy.
2. Do you feel you are effectively using your money toward education and are you involved in life-long learning through reading, training, and association with others?
What’s your philosophy on paying for your kid’s college education? Do you pay for all of it? Part of it? None? Are you investing in your lifelong learning? Take a moment and think about how you invest your money in the area of education. Is it being invested to get the best return on your life and your children’s life?
3. Are you taking the time to enjoy your hobbies and get a good return on leisure?
“I see lots of people who’ve lived their whole life living within their means and then end up feeling guilty about spending money on hobbies or other leisure activities,” said Bill. Mitch chimed in, “Every once in a while, and I know this goes against the tenets of financial advice, but every once in a while, we should say, ‘You know what? What better dividend could I get from my money than to go have this experience?’” Is there an experience or a hobby you’ve always wanted to pursue but keep putting off? Now may be the time to make it happen.
4. Are you being proactive and regularly confirming the status of your physical health and overall well-being with your doctor?
One of the best investments you can ever make is in your health. I was just at a conference last week and one of the speakers told a story about his best friend from childhood who recently died from a heart attack at age 50. The sad part was he didn’t like doctors and hadn’t seen one in 30 years. Are you due for a checkup?
5. Do the relationships that matter most to you get your time and attention?
“We all know people who are incredibly wealthy yet they’re incredibly impoverished in relationships,” said Mitch. What if you invested more time in nurturing those relationships? “I find some of the most wonderful people I’ve ever met in my life, they literally wake up and they say, ‘Who can I invest in today?’ I don’t think you’ll ever lack for meaning if you wake up with that as your goal,” said Mitch.
Bill Keen on the first few weeks of retirement…
If they haven’t planned ahead of time for what they’ll do in retirement, the first few weeks feels like a long vacation. But then somewhere between 30 and 60 days, folks say, “Wait a second, what is this about? What are we doing here?”
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Bill Keen is the founder and CEO of Keen Wealth Advisors, an independent Registered Investment Adviser serving affluent clients preparing for retirement and the host of the Keen On Retirement podcast. Bill brings more than 20 years of financial services experience and holds the CHARTERED RETIREMENT PLANNING COUNSELOR designation. Bill created Keen Wealth Advisors to build one of the country’s most personal and trusted wealth and retirement advisory firms.