You’ve probably heard of diversification within your investment portfolio. “Reaching long-range financial goals while minimizing risk,” but have you heard of diversification in happiness? I’ve been a financial advisor for 15+ years and time and time again I hear investors express their fear of running out of funds instead of running out of memories and joy. While I most certainly believe in having a solid financial plan, being protected, and diversifying your investments, I also believe in investing in experiences and diversifying your happiness throughout your lifetime.
Learning and Growing
It may seem that as we age we stop learning and our younger years of experiencing exhilarating, liberating, and exciting new things are over, but they don’t have to be. Retirement and aging is not a curse and it certainly doesn’t have to be the end of our joy. Diversifying your assets is important but your portfolio won’t bring you happiness and it won’t make memories for you. We’ve been told our entire lives “save, prepare for retirement, diversify and protect your assets,” but has anyone ever told you to live your life by investing in adventures, happiness, and making memories not just in your younger years but in retirement and old-age? You’ve learned a lot. Go put it to good use and live whole-heartedly, live life like your young, and enjoy yourself.
Trying New Things
New experiences will provide you with positive new energy. You don’t have to plan an elaborate trip to Dubai to start investing in your happiness; in fact, you can start planning now. Hosting dinner parties, spending quality time with family and friends, planning small trips, investing in local educational class, signing up for gym memberships, trying new food, signing up for cooking classes and wellness classes are all wonderful things to start implementing within your late adulthood or retirement lifestyle.
Investors and retirees can greatly benefit from outlining a game plan for their leisure activities throughout their lifetime. Deciding on what you want to do, the experiences you wish to have, education you wish to invest in and the loved ones you want to spend time with, will help you establish how much it will cost. We can save and build wealth our entire lives but we can’t take it with us when we pass away. Diversifying in happiness is just as important, if not more, than diversifying your portfolio.
If you found this article helpful be sure to check out “Why Hobbies in Retirement Should be part of your Financial Plan."
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