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07/15/2008

The Revised Bucket List

            If you haven’t seen the movie “Bucket List”, then go rent it immediately.  First of all, Jack Nicholson and Morgan Freeman are together in costarring roles.  Secondly, it’s a great story about living when you’re dying.  Two guys, knowing that they are each going to “kick the bucket” so to speak…so they’ve created their list of things they want to do before they die…A.K.A. their “bucket list”.  I’ve got a lot of living yet to do, but still, I’ve started creating my own bucket list.  Funny how the older I get, the faster this world keeps on turning…

            I was at an advisor conference last month talking with my new friend Bob from Tarpon Springs, Florida; he brought up the concept of “buckets of money”.  Needless to say, the idea of this writing was born.  In case you haven’t noticed, a constant theme of my writings has been about transition.  If you’re not in one, you soon will be…especially if corporate America has anything to say about it.  The traditional financial “bucket list” says keep some money back for emergencies, fund your kid’s college education, fund your 401(k) plan to the annual maximums, retire from the company you’re currently working for, and so on and so forth.   (By the way, according to the TV ads with actor Sam Waterston, you can do all of this by yourself using a 1-800 number.)

           Since the market has done what the market does, which is go up and down every hour of every day…and the media does what it does, which is scare the common sense out of you, odds are that you’re probably using words like: scared, confused, frustrated, mad, emotional, fearful, etc.  You know, those words that keep you up all night worrying…not sure what you’re worried about, but worrying nonetheless. 

           So with all that said, here’s my “REVISED BUCKET LIST FOR 2008 AND BEYOND”

  • Interview and hire a competent financial ADVISOR, not a salesperson of financial & insurance products.  Learn to ask the questions to discern between the two. 
  • Create a written financial plan that is measurable, adjustable, and realistic.
  • Learn to stop thinking about only planning for retirement, but focus on your life in five year increments. (Average length of stay in corporate America is less than three years.)
  • Know the difference between tax-deferred, tax-free, and tax-deductible.  (You might think you’re cheating the government by max funding your 401(k) plan and tax-deferring those dollars, but Uncle Sam knows differently…trust me on that one!)  
  • Quit listening to the media hype.  According to financial industry expert, Alan Parisse, there are 17 negative articles about money & investments for every 1 positive.  17:1!!
  • Understand that “safe” is not necessarily “safe”, nor oftentimes, is it in your best interests.  This market will turn around, but it will turn like a ski boat…not like a cruise ship.  If you miss it, you could be left behind financially. 
  • Reflect on where you are from different perspectives, such as personal, financial, emotional and occupational.  Learn to be grateful for what you have, but recognize that careful planning will be a key component to maintaining these perspectives. 

           If this resonated with you, it’s time to get out a pen & start working on your “Revised Bucket List”.  We’ve all got a lot of living yet to do.  If it didn’t, maybe you should plan to do what Jack & Morgan did.  The way this world is spinning, who knows what your future holds.  By the way, I’m here if you get writers block on your list!

Regards,

Brian

www.briancarden.com

 

Posted by Brian Carden at 07:00:00 AM

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