To get your retirement dreams off the drawing board, you need a combination of ideas and execution. Having one without the other is pretty much useless. In his recent book “Anything You Want,” Derek Sivers discussed this concept in relation to starting a business, but it can just as easily be applied to your retirement. From his book:
“To me, ideas are worth nothing unless they are executed. They are just a multiplier. Execution is worth millions.
AWFUL IDEA = -1
WEAK IDEA = 1
SO-SO IDEA = 5
GOOD IDEA = 10
BRILLIANT IDEA = 20
NO EXECUTION = $1
WEAK EXECUTION = $1,000
SO-SO EXECUTION = $10,000
GOOD EXECUTION = $100,000
GREAT EXECUTION = $1,000,000
BRILLIANT EXECUTION = $10,000,000
To make a business, you need to multiply the two components. The most brilliant idea, with no execution, is worth $20. The most brilliant idea takes great execution to be worth $20,000,000.”
As I said earlier, this “Ideas x Execution = Payoff” equation can be applied to your retirement. The payoff in retirement usually takes a different form—happiness, fulfillment and adventure rather than dollars—but you get the point. A good idea that is well executed results in a big payoff. A good idea with weak execution “pays off” with regret.
So as you plan for retirement, absolutely dream big and have a vision for your life. Just don’t forget how important it is to have a strategy to turn those plans into reality. Dreaming without doing is a recipe for disappointment.
Thanks for reading. Have a great week!