The other day it dawned on me that there are fundamental differences between a sport and a hobby. This made me think further about the different approaches people take when planning for their retirement.
To me, a sport is something you keep score on and a hobby is supposed to be for pure enjoyment. It shouldn’t really matter if you’re better or worse than someone else in your hobby, or if you did better at your hobby last time than this time. On the other hand, in sports you tend to keep score or a mental record of your performance and strive for improvements. You typically don’t pay for coaches to help you get better at a hobby while in sports, coaches continue to be used at the highest levels. Professional golfers still use swing coaches to help them improve their game.
Everyone will approach their retirement strategy differently. Some people might view it like a hobby and take a more casual approach to the planning process, while others might prepare for retirement like they would a sport. There might be people who don’t see the need for professional assistance, (like a coach), to help them improve their planning, and others might want all the help they can get to achieve their goals.
The right answer is probably the one that works best for you, but perhaps a healthy balance between the two philosophies isn’t such a bad idea. As a financial advisor, I believe everyone should be as prepared as possible for their retirement and seek qualified, professional help to navigate through all of the choices. At the same time, looking at the market every hour of the day and keeping score will probably eat away at the enjoyment retirement was supposed to bring.
We believe that you should have a retirement strategy that helps you achieve your goals by capitalizing on opportunity, while not exposing you to unnecessary risk. During our complimentary, no obligation financial review, we take the time to understand your current financial picture and the goals you have for retirement, before making any recommendations. The free financial review is not only a great way to get clarity on your financial picture, but also a risk-free way of taking action.
So whether you’re a weekend warrior for your favorite sport, or an avid hobbyist, it’s time to put that passion and focus to work for your retirement planning.