I've never been much of a goal setter. There's never been a dollar amount either income or bank balance that I've sought. I don't have a goal for lifting a certain weight. In February we're due to pack test for 2022, pack testing is the annual fire department physical requirement of hiking three miles with a 45 pound pack in 45 minutes or less. I am only concerned about passing it, 45 minutes is just as good as 38 minutes you pass or your don't.
My way has always been to take advantage when an opportunity presents itself. Blogging is a good example. Some people make a lot of money from their blogs and it would be nice to do that of course but that never happened directly. Opportunities came from blogging though, I wrote for TheStreet.com for eight years and had a side gig with AdvisorShares for four years which were both lucrative for part time work and of course I had an opportunity managing an ETF for a couple of years and although that failed to gain traction with assets it was a great experience. There were also experiences that went along with blogging like being on stock market television a bunch and meeting some people that I would have never met along with a few visits to the NYSE.
My writing has slowed down lately. I hope to write more in 2022. Is that a goal? No argument with anyone who thinks it is but either way, writing regularly is a productive use of time. It leads to learning about yourself, it can help you work through things and solve problems and it's fun.
I have what might be considered goals for Walker Fire, the volunteer fire department serving the community where I live and where I've been the chief for 10 years. We approved buying a Type 3 engine which looks like this:
This is an evolutionary step for us and while I've long wanted this type of apparatus, it was never a goal that I set a clock to. In 2021, for the first time we sent a brush truck (pick up looking fire truck) off district to fight fires in various places in the west. This generates revenue and provides experience. For 2022 we plan on sending out our rescue in a similar capacity (in this context, rescue is a vehicle that looks like an ambulance but isn't called an ambulance). If we find a Type 3 in time then we could have three vehicles going out subject to available personnel. This would bring in a lot of revenue and result in a serious leveling up of our department's equipment and other resources. Again, I never thought of these as goals but as opportunities that I was open to exploring as a result of the environment I tried to create that could lead to this outcome but would be ok if it didn't.
I may have some sort of opportunity in my volunteering with the Del E Webb Foundation. This is a recent thing, I help out as a volunteer with their process of awarding grants to non-profit organizations. This came through my affiliation with Walker Fire. I never sought out this sort of thing but am always open to new experiences, I've said yes to far more things than I've said no to. If all the foundation work turns out to be is helping organizations get funds, that's a win. I don't know what the opportunity could be, it will evolve one way or another but I have no goals with it and no expectations.
Everything above is probably connected to why I place very little emphasis on a retirement number. You know like "I need $800,000 to retire" or "I need $1.4 million." Yes, we should do the math but far more important than some number you derive along the way is what you end up with. Your number 20 years ago was $1.3 million but you are now retiring with $900,000. That's what you will make work.
In that scenario of $900,000 vs $1.3 million you might not have to make drastic changes to make it work but what if you come far short of your number because something very expensive came along, like a medical thing and you had to go out of pocket? That was five years ago, everyone is ok but you're at what you planned on being your retirement age and instead of the $1.3 million you planned on, or the $900,000 you might have otherwise had, your balance is $350,000.
If you've paid off your mortgage and don't have car payments, then this is not a catastrophic outcome but plans probably need to change drastically, something will have to give. How are you able to adapt, go with the flow of opportunity that might present itself and what have you done to cultivate whatever opportunities might fit into your life and lifestyle?
My life and how I view things has evolved along these lines. I have no idea where it comes from but I think it corresponds to an idea we talk about a lot here which is knowing yourself, understanding what makes you tick.
Happy New Year!
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