Visualization is a technique many people use to reach their goals. Whether it is visualizing their goal body when losing weight or athletes visualizing making the game-winning score. This same concept can also be helpful when saving for retirement.
A recent study found people who visualize their future goals are more likely to achieve them than their counterparts who do not practice visualization. The survey included more than 1,100 individuals and more than 500 small business owners.
The most important discovery during the survey involved people who keep vision boards or pieces such as pictures of their goals. The researchers found these people are twice as likely to be confident about achieving their goals as the people who do not use visualization. More specifically, they are also more satisfied with:
- Physical health and wellbeing
- Emotional health and wellbeing
- Financial health
Although most experts recommend keeping emotions out of investing, emotions can be useful as a motivation to save or invest smartly. Visualizing how much more enjoyable retirement will be with a large nest egg, could help motivate investors to keep saving and investing.
When creating a vision board for retirement, investors should consider these factors:
- How much they plan on spending during retirement
- Where they plan to live
- Current and possible future health care needs
- If they will keep some investments such as property
- Vacations they would like to enjoy
- When they would like to retire
Visualizers could also consider how they might feel if they do not meet their goals. If they do not meet those savings goals, they might have to work longer than they would like or they might have to skip some of the vacations.
Visualizing can help a person connect with their future, which according to research, helps them be more motivated. Start a retirement vision board and invest accordingly with a self-directed IRA account from Mountain West IRA.