Michael Bird

My wife and I recently returned from an incredible four-week sabbatical adventuring through Europe. As a financial advisor who frequently helps clients plan for major life experiences, such as travel, it was enlightening to experience both the spectacular and the stressful moments that come with travel. I found many of the lessons learned while journeying abroad to be analogous to financial concepts I ascribe to in my everyday life.

Plan ahead but embrace spontaneity

Before you can embark on a journey, some level of planning is required to set your course. I learned quickly how valuable a knowledgeable planner can be and yet how even the best-laid plans succumb to the reality of change and unknowns.

Plans do set us up for the best chance of success in reaching our goals, but the best experience is had when we can embrace being flexible to the changing environment around us. Challenges and opportunities are bound to arise throughout life, and it is those who can adapt to the situation that lead the happiest and most successful lives. Both in your travels and your finances, leave room for the unplanned roadblocks and detours that present themselves along the way.

Enjoy the journey

If you are anything like me, sometimes it can be easy to get tunnel vision and focus only on the destination we want to get to. However, some of my favorite moments from our trip came when we intentionally treated the traveling as the destination itself. Many people view financial planners as a parent-figure telling you to save as much as possible for retirement (and perhaps that is true for some).

However, I believe that the chief goal of a financial planner should be to assist you in aligning your finances with your goals and values. Saving for retirement is a worthy goal but should not come with the expense of feeling dissatisfied with your life throughout your working years.

Retirement is best viewed as a continuation of a life well-lived, simply without the constraints of working a job. Celebrate milestones and take pride in the progress you make towards your goals. Enjoying the journey will make the pursuit of financial security a more rewarding experience.

Spend money where it matters to you

With a myriad of expenses vying for our limited resources, it is crucial to allocate our funds in a manner that produces the best possible outcomes for our individual ideals. Just as travelers decide whether to splurge on flying business class or enjoying local experiences (or perhaps indulging in both and sacrificing elsewhere), your financial choices should reflect what brings you the most fulfillment. There’s no one-size-fits-all approach to spending, but a budget that reflects what you care about will lead to a richer life.

Learn from experts

When visiting a foreign destination, you want to get your information from someone who is familiar with the region and what it has to offer. Someone who knows the hazards you should look out for and the gems that are sure to produce a good time will enhance your travel experience. Of course, not everyone has the same idea of a good time, so it is also important to have a guide that understands your specific goals.

In the same way, a trusted financial advisor who understands your goals can be invaluable in navigating the complexities of personal finance. Whether you’re tackling investment strategy, tax planning, or retirement income, partnering with a knowledgeable expert helps you avoid costly mistakes and implement the right approach to achieve your goals.

Principles like planning wisely, being flexible, seeking expert advice, and setting priorities have relevance across several domains. They serve as reminders that discipline and right thinking in just a few key areas can make a significant impact in helping us enjoy the richness that life has to offer.