If you stopped work today, how much money would you have to live off before it all ran out? How much income would your assets or investments generate? How much is going to be enough to give you the lifestyle you aspire to and not the lifestyle you settle for. How much is enough?
The answer is somewhat subjective based on an individual financial circumstances and lies beyond the balance sheet and in the hearts of minds of every business owner.
Many of us are struggling with work life balance – or as the new phrase is coined life work balance making financial decisions that create wealth and promote a healthy wellbeing at a time when no one seems to have enough.
Bridging the worlds between financial security and personal wellbeing
Planning for your financial future is all about acquiring some idea of what it is you are trying to achieve and plotting the most effective and efficient course to give it your best shot. However, for most of us it’s challenging to look too far into the future – plus who knows how much things are going to cost.
ASFA Retirement Standard cites that, in general, a couple seeking a comfortable retirement needs to spend $55,249 a year, while those seeking a ‘modest’ retirement lifestyle need to spend $31,675 a year. For a single person, living modestly requires $21,930 and comfortably $40,407 per year.
There’s even retirement needs calculators to estimate how much you require in retirement.
ABC’s Australia Talks National Survey 2021 cites six out of 10 of us consider being able to retire comfortably a personal problem, while about nine out of 10 of us consider it a national problem.
Coraggio, CEO, Richard Skarzynski cites,
“I have had conversations over many years with hundreds of Coraggio Members and observing their triggers and behavioural patterns with many losing millions due to poor lifestyle choices and investments and I agree with Thomas J Stanley – if your goal is to become financially secure, you’ll likely attain it… however, if your motive is to make money to spend money on the good life… you’re never going to make it.”
How do you find peace beyond your bank account?
The latest economic and behavioural research recommends a holistic approach to financial planning, one based on the fact that money is only one element in the overall chemistry of a happy life. In fact, studies demonstrate if you pursue a path towards securing a fulfilling future you are more likely to achieve overall happiness and wealth will ensue.
According to Brendan Forwood, Director of SBB People and Coraggio Member,
“We’ve been in unchartered territory as a human collective for the past 2 years, so it is imperative we take stock to ensure we are in the right headspace, looking after our wellbeing, establishing meaning in our lives and staying connected to the important people in our lives.
Today the focus is mood.
Our mood has a massive impact on the way we show up and experience each day positively, or negatively. Becoming more aware of your mood and how it impacts others is extremely important, particularly during times of uncertainty.”
In conclusion in the words of President Franklin D. Roosevelt,
“Happiness is not in the mere possession of money; it lies in the joy of achievement, in the thrill of creative effort.”
Effective, timely and powerful advice.
Coraggio creates the opportunity to discuss business challenges with your Chair, fellow Advisory Board Members, an accountant and a lawyer, 12 days a year. We guarantee this formula produces productive business outcomes for all our Coraggio Members.
Imagine if you could leverage the experience from an extensive group of industry peers to improve your decision making and future proof a sustainable business, whilst being held accountable?
Facilitated by a leading Chairperson with proven business expertise ensuring the agenda is relevant, timely and significant. Members are selected for the Advisory Board Coraggio knows will most effectively work for their business. Only one Member per industry on any given Advisory Board, ensuring a sustainable competitive edge.
Would you like to be a part of this?
Become an integral Member of a confidential group of business owners sharing their insights and experiences for the benefit of your business? Imagine how your business would prosper from connecting with a broader community consisting of more than 400 high performing and driven industry leaders!
Explore Membership today! Find out how our proven program can assist you build a better business and become a better leader.