Have you heard of Motivation Monday? It’s usually attached to some health and fitness post on Instagram, but Motivation Monday can be motivation for any area of our lives: finances, health and fitness, parenting, working outside of the home, working from home, stay at home moms, cleaning, etc. We all need a little bit of encouragement, right? We all need to see a light at the end of the tunnel. We need to set attainable, real goals…not just fluffy dreams, but true goals and an action plan to reach them.
Today I’m going to tell you a story about two fifty something women who are looking to retire within the next year. Their stories are very different, and you’ll see why it is so important to have an action plan.
Two Different Women: Same Goal
Susan has worked for a company for most of her adult life. She has a hefty retirement account that she will be drawing from until she can draw social security. She knows that she’s got over a million dollars, but it will have to last her the rest of her life. So she starts buying all of the crafting supplies (knitting needles, thread, yarn, cricut supplies) that she will need so that she doesn’t have to purchase them with her fixed income from retirement.
Becky has worked for a company off and on for several years. The job has worn her down, and she isn’t healthy enough to carry on her duties for much longer. She’s going to retire, and she’s only able to because her husband will be drawing retirement and going back to work part time. In real terms, she’s not retiring. She’s quitting to be a homemaker. And that is a great thing! Don’t get me wrong! She definitely needs and deserves to step away from that job that is just too much for her at this point in her life. She has health problems and has decided to live life to the fullest. She wants to travel some. But Becky is a frivolous spender. She shares the free-spirited nerd syndrome I’ve spoken about before, and she LOVES spending money! Her plan is to retire in the next 2 months, but she continues to make plans to spend money. Just the other day, she told me she had an appointment with someone to look at doing some renovating and home repairs.
What’s the difference between these two women?
Susan has an action plan and is being very disciplined with her money. She knows that to get to the end goal, she has to be smarter about her spending from now on. Becky is an emotional spender, and while she has a goal, I believe she’s worrying that once she’s retired, she won’t be able to do all of the things she wants to (from the lack of income). That’s a totally normal, justified feeling to have! It’s a good thing when you can recognize that’s what is happening and reign it in.
Here’s your Motivation Monday
Aaron and I are still in debt. We made a series of stupid mistakes (10 car trade ins in 5 years), and we are paying for it! But we have an attainable action plan. We’ve paid off half of our debt and still have a bit to go. We’ve put it all on paper, and even though we’re 33 years old and not saving for retirement yet (due to the debt), once we pay off the debt (by this time next year), we can start putting away a large percentage to retirement. We are projected to be millionaires (yes, you read that right)……MILLIONAIRES by age 53. That’s 20 years from now! How on earth are we going to do that? Stick around and subscribe, and we’ll share how we plan to do it. 🙂 Join us on our journey!