The importance of a bucket list

Published on May 6, 2020 by Dan Haylett Category: Financial planning & Personal development & Retirement & Your life
The bucket list oath

“I solemnly swear to create memories that last a lifetime. I vow to make an impression on the world, not on the sofa. I promise to dream about unrealistic goals and make them a reality.”

How about we write this down?

How about we share it with our loved ones?

How about we take this oath on January 1st every year?

What is a bucket list?

Everybody has a bucket list.

Most people have it in their head and dream of one day being able to do some of the things they have thought about.

However, there is a problem with that. If it’s in our head, we probably won’t get around to doing anything. Our head is constantly full of rubbish that will distract us from what’s important.

A bucket list that will truly impact you, your loved ones, and allow you to make your dreams reality needs to be written down. You need to be held accountable, otherwise stuff may not get done and time will run out (that’s the one guarantee that I can give you!)

We have conversations with clients all the time about sitting down as a family, with no distractions, to discuss what they value the most, what’s truly important, and what dreams they want to turn into reality. This conversation, coupled with a pen and piece of paper, will form the foundation of a bucket list.

Bucket lists are bespoke, personal and unique. They don’t have to exclusively be about travel (but that does form a large part of them). They can include things like gifting, charity work, new learning, personal growth, taking up a new (or restarting an old) hobby, or more family time.

This bucket list can be transposed onto a financial plan which means that it can become reality. In this format we can assign budgets and time and, by giving them a name, they become real and more tangible. It also means that you can be held accountable, and really push yourself to achieve the extraordinary.

A great combined financial plan and bucket list could (and should) look something like this:

Time and dreams

Unfortunately, time and dreams do not go hand in hand. The correlation between our dreams and our time is negative, in that we have loads of dreams and not a lot of time.

We see people waiting too long to make their dreams a reality. Some get to do a few of the things on their bucket list and others don’t get to do any. The saddest part is that, with proper planning, they could have achieved so much more. Others are just unlucky and pass away before they have been given enough time.

There is a better way! With lifestyle financial planning we can turn dreams into reality. There is probably not a way to shift the time/dream negative correlation, but we can certainly make it work to your greatest advantage.

Real planning gives you:

  • The time whilst your health is good to action your bucket list
  • The freedom that you are not going to run out of money (or die with too much)

It all ensures that you can make the time/dream equation add up to the extraordinary.

The Bucket List Equation

Dreams – Time + Real Financial Planning = Extraordinary Retirement

What’s stopping you?

Once we have a list (regularly reviewed, of course) that is written down in some order of importance, a budget set against the things that need it, and a timeframe that pushes the boundaries but is also realistic, there should be nothing to stop us in setting about achieving as much as we possibly can.

So…

Let’s take that oath again!

“I solemnly swear to create memories that last a lifetime. I vow to make an impression on the world, not on the sofa. I promise to dream about unrealistic goals and make them a reality.”

In fact, here’s a printable download of that oath that I want you to pin/stick somewhere in the house where you will see it daily!

Go and buy yourself a notebook and start to write things down in order of importance. Set a budget against the things that need it, and a timescale that you want to do it by.

Once that has been done, go and see a lifestyle financial planner who will have the tools and skills to ensure that you can turn as many of your dreams as possible into reality.

We’re real financial planners and can help you turn your bucket list into a reality. To find out more, please email team@tfp-fp.com or call us on 01621 851563.

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