Everything in life evolves. Your money and thoughts about money is no exception, sometimes changing in a few years or so.
Since starting this blog as someone hell bent on early retirement about 4 years ago, I have changed my tune on several things:
I no longer see early retirement as the panacea. Some enjoyable work and some leisure is my goal now.
How much I need in retirement has increased substantially, thanks to lifestyle inflation and kids.
I am much happier to spend money on things that bring me joy now. I’m no longer willing to eat 2 minute noodles three times a week. Good food is important to me and so is a healthy, well insulated home.
My focus has shifted from being so future focused and I am much more in the present.
It’s OK if someone wants to buy individual stocks. Not my cup of tea for more than 10% of my portfolio, but I am more understanding of others philosophies now.
I am no longer in such a race to get to some future destination that isn’t guaranteed.
I am OK with not optimising every single part of life now. I feel much more comfortable having a large emergency fund, even if it may not be optimising my returns. I’m OK with spending some time doing nothing.
My tolerance for risk since having kids has dropped dramatically.
I am far more forgiving of myself when I go over budget.
I truly underestimated the benefit of a good financial adviser on your side. Yes, I’m biased.
I am far more environmentally focussed now in terms of future vehicle and housing choices. This probably comes down to having kids and wanting a good future for them.
your personal finances will not remain the same
The point is, so much of my financial point of view has changed in a few short years. And so much more will change in the next five years.
It’s great to set plans, but keep them fluid. Because if you don’t review the plan when your life around you is changing, your plan is destined to take you down the wrong path.
Take time to slow down and gather your thoughts. Admit your thinking has changed and make the necessary adjustments.
I think many of my changes are for the better because they suit me. They didn’t suit me previously.
It doesn’t mean they were wrong. It just means they were right for me at one point in time only. Now I have to re-evaluate my financial plan so I make the right turn off. I hope you can do the same.
The information contained on this site is the opinion of the individual author(s) based on their personal opinions, observation, research, and years of experience. The information offered by this website is general education only and is not meant to be taken as individualised financial advice, legal advice, tax advice, or any other kind of advice. You can read more of my disclaimer here