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.

Explanation:

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!

Joe

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