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Do you know people who have a miserable attitude? Some might be clients. They seem to dislike their job, yet keep at it, waiting for the day they retire. Others look backwards,. Talking about how great things used to be. Both these groups can live happier lives if they live in the moment.
What does that mean? You have heard the expression, “Stop and smell the roses.”
Let us look at fifteen ways they can live for today:
1. Expect good news. When people go to the doctor, they often fear the worst. This gets truer as we get older. Since you might have a few medical appointments set into the future, this can bring your mood down weeks in advance. Instead, expect the news will be good, or at least, not bad.
2. Take that vacation now. Have you seen the pillow: “Go first class: If You don’t, your heirs will.” Some people postpone pleasure until retirement. Then they create bucket lists. If you have the time and the money, how about traveling now? If you are in good health, take full advantage.
3. Do those home repairs now. Ever notice when you take pictures inside your house (when guests visit, for example) you notice wear and tear on your home? We are used to seeing things a certain way. Photos change that. Get the repairs done now because they will always be more expensive in the future.
4. Consider making charitable donations now. Is your client feeling lonely? Nothing gets you attention like becoming a donor to charities. Their development staff are experts at cultivation. You will likely get invited to exclusive events. Donating stock with long term capital gains is a great way to make an impact and avoid capital gains taxes.
5. Look at estate planning now. Maybe your client needs a project. Let us assume they are older. Don’t leave settling the estate (and who gets what) to your executor. Are they seeking to leave a legacy? Do they want charitable giving to continue after they eventually pass away? Get the structure in place now.
6. Have the long-term care discussion. We all assume we will live forever. We might assume when we die, it will be sudden. Perhaps it might be an accident at the skydiving club for seniors. It is more likely it will be illness and there will be a need for caregiving. How is that going to be covered?
7. Start reducing the size of their estate through gifting. There’s an old expression, “Money can’t buy happiness, but it keeps the kids in touch.” If your client is getting lonely as they get older, it might make sense to reduce the size of their eventual taxable estate by taking advantage of the Gift Tax Exclusion. They may be in a position to make a dent in their grandchildren’s college tuition bills.
8. Dine out more. Older clients might not have been around during The Great Depression, but family members one or two generations back tell stories. They cut back on their spending because they fear running out of money. As their advisor, you know it is extremely unlikely this will happen. Encourage them to get together with friends and dine out at least once a week. Go to nice places!
9. Take up a new hobby. You are never too old to have a new interest. Your older client might feel their best days are behind them. They might be trying to simplify their life. This makes sense, but it can yield large amounts of empty time. Find a new interest and dive in. When they meet fellow enthusiasts, they will make friends.
10. Reconnect with people. Sometimes older clients remark all the people they know from their generation are dying off. That’s depressing. If the average American knows about 600 people, they can’t be all gone. Suggest your client use e-mail, social media or the telephone to get back in touch with people they haven’t spoken to in ages.
11. Make new friends. Having a hobby can help. Travel (especially cruising) is a great way to meet new people. Attend community meeting. Most religious organizations have plenty of activities. What about their college alumni association? They can make new friends if they make the effort.
12. Put money into making your property more enjoyable. Sometimes we defer maintenance. This is often true when you step outside your house. Spending time outside should yield healthy benefits. If they have a working grill, they can invite people over. If their BBQ grill has rusted away, suggest they buy a new bone.
13. Pay bills as they arrive. Many of us stress about finances. You might have plenty of money, but want to save it for a rainy day. When a bill arrives, we take note of the due date, then keep reminding ourselves not to forget. Years ago, I heard a great piece of advice. Pay bills as soon as they arrive.
14. Look after your diet and health. Isn’t it amazing? The human body can run for 100 years on it’s original parts! (Yes, I realize that is optimistic and you mind needs to stay clear.) You take your car in for regular inspection and service. You should take your body to the gym and follow the advice your doctor gives you. This might include losing weight.
15. Reconnect with family. Your close relatives should be your primary support system. You have heard, “Out of sight, out of mind.” Do they live nearby? At least get together for the holidays. Maybe you reinstitute Sunday afternoon dinners (assuming you can cook) and see how many regular participants you can attract. Remember birthdays. You are making the effort to bring people closer.
Some people live in the past. Others push pleasure off into the future. It makes sense to live in the moment.
Related: Paying for Advice Is More Common Than Prospects Think