Dreams, goals, ambitions, call them what you like. We all have them, but very few of them are ever written down. As is so often the case, if you write down your goals, they have a much greater chance of actually happening. I try and write out my yearly goals each January and check back at the end of the year to see whether I have managed to achieve them. I find it helps to be very specific as the vague goals are never likely to happen, such as …. “lose some weight” or “get a bit fitter”
That said I have recently sat down and written down my longer terms goals. Things I want to do over the next 5 years or so. But my “Bucket list” is a little bit different in that the first 5 you could regard as somewhat personal and about me. But the second 5 are a whole lot more serious and probably just as important if not more.
So allow me to indulge myself, so I can explain what I mean.
1. Ironman Hawaii – Some of my friends and clients will know that I am a keen triathlete and since taking up the sport a very long time ago. It has always been my ambition to qualify for the Ironman World Championships in Hawaii – Sadly it probably won’t happen as it’s incredibly difficult to get there. But I can dream.
2. Trans Canadian train ride – Having watched numerous holiday programs over the years, I would love to travel across Canada East coast to west coast on the Trans Canadian Railway with my wife. And then fly back home from Vancouver.
3. See the Northern Lights – Another holiday indulgence! Seeing the Northern Lights, I can only imagine must be stunning. I have no excuses for not doing this one, it just seems like we never get round to it.
4. Ride from my home in Staffordshire to the beach – I have this planned for 2014! No ordinary ride to the beach, this one involves riding to the beach in Spain. My planned itinerary will cover around 1,400 miles in 2 weeks! Ouch!
5. Ride the iconic climbs of Europe – And finally as a keen cyclist, riding likes of Alp D’Huez and Mont Ventoux just have to be ticked off.
But moving onto the more serious stuff. There are other things on my “Bucket list” that really must be done, so that the financial side of my life is in good order.
6. Write a Will – Well as you can imagine I already have a Will in place. However I have it under review on a regular basis and my advice is to review your Will probably every 3 to 5 years. If you have a changing business life, you may want to do this even more frequently.
7. Have enough money to do the top 5 – Well as you can imagine most things in life cost money and your dreams and goals are going to cost quite a bit. So financial planning is the key to ensuring that you have enough money to achieve those dreams
8. Plan for Inheritance tax – If you’ve achieved some success in life there’s a strong possibility that you have an Inheritance Tax liability. Current legalisation allows you give some of your estate away on death free of Inheritance Tax. But you could find that a big chunk of tax will have to paid by your children. Planning for this in advance can ensure more of your estate remains within the family.
9. Make sure my family needs are looked after – If anything happens to you, will your family have enough money to maintain their current lifestyle? Will they be able to remain living in your home? Can the children still stay in private education? These are all questions to think about. The solution is usually solvable by putting a life assurance policy in place.
10. Plan your funeral – Finally but by no means least, have you considered arrangements for your funeral. Do you want a cremation or a burial? Where do you want it to take place? There are many questions that perhaps need some thought and need to be written down either in your Will or in a letter to your Executors attached to your Will.
So back to my original question. Have you written down your “Bucket list?”
The above article should not be construed as advice and should not be seen as such. Always seek professional financial advice before making any decisions. If you require investment advice for future planning please contact us as Midlands Investment Agency or call us on 01902 742221.
