From 12 to 60 - What similarities?

Would you be shocked if the needs of those at one end of the age spectrum (retirees) were astoundingly similar to the needs of the other end of the age spectrum (12 year olds)? Because I have a 12 year old daughter, and I am at a retire-able age, I found myself drawn to the similarities in recommendations of two articles in the Denver Post this week (Dave Maney, “Create future with your kids” and Tom Lauricella, “Retiring in 2012?”) because of their similar considerations of what it means to be successful and financially astute. Both focused on wisdom and emotion in making personal economic decisions. And don’t we all need to draw on wisdom and our personal strengths, whether we are anticipating a long life, or deciding on how we want to live the end of our lives?

So here are the highlights and questions Maney believes we should address with our 12 year olds:

• Without creativity, we won’t succeed – we need more than knowledge.
• Risk and failure are part of life, not the end of it – We need to become resilient and adaptable.
• International borders are being broken down daily – we need to spread our wings and get to know what’s on the other side of those borders.
• Self-discipline is required if we are to be financially responsible – we need to be able to live frugally and access quality for the best prices.
• The information age is here – without joining it, we will be left behind.
• Change is the new normal – what worked yesterday won’t necessarily work today. So, keep questioning and evaluating rather than looking for the right answer offered by an authority.
• You have something valuable to offer the world - how can you best do it and be paid for it? (rather than merely finding someone who will hire you to do something.)
• What do you love enough to invest a lot of time and energy in? How can you best connect with those who really need what you have to offer?
• There are many different ways to get ready for your future. College is one of them. Not all futures or people are best prepared by college. What will best prepare you?

Here are Lauricella’s highlights for those who will soon retire:

• Know what you are spending your money on and make clear decisions about what is necessary and important.
• Be clear on the financial realities “out there,” and how those will impact your income – economic changes are constant, and being in denial about those changes will result in inaccurate calculations.
• Plan ahead so as to know what you can expect from Social Security and how best to save and invest.
• Prepare yourself emotionally – who will you be as a retiree? How will that differ from your identity? What really matters to you? Find a worldview and an identity that works for you, rather than one that will leave you dissatisfied.

So, did you notice that both sets of recommendations suggest that people –retirees and 12-year olds :

• Become intentional in thinking about and planning ahead and making choices in life?
• Become aware of who you are and what really matters to you, what you love, so you can plan a future that is congruent with who you are, that enables you to live out what you love and create a satisfying and enriching future for you and those around you.
• Make choices that are best for you – choices that others make may not fit who you are or best prepare you for a satisfying future.
• Recognize that we live in a constantly changing environment that requires us to be adaptable and resilient?
• Stay aware of that environment rather than wishing for what isn’t – for instance, we can’t wish away our increasingly global economy or high-tech, information age
• Keep a wise perspective on financial well-being, being frugal, exercising self-discipline, investing in what matters.

It would seem that planning for a future and financial matters, regardless of age, have much to do with who we are, what we value, with being intentional and developing helpful personal characteristics like wisdom and self-discipline and self-consciousness, with tuning in to what is around us. Who would have guessed that emotional intelligence and financial intelligence would be so closely related? Or that financial advisors would be urging us to focus on what counselors have been aiming at for years? We really can’t separate out different parts of ourselves very easily. Developing all of ourselves, and integrating all the “parts” is what works best!