| I split my time between two homes.
I own a house in Minnesota that’s now rented out as an Airbnb most of the year. Carting my belongings into the basement for storage, I was struck with the idea, “I have way too much stuff.” How many people have six sets of dishes?
As I moved back to Seattle where I now spend the bulk of my time, I rented a furnished house. I challenged myself to see how well I could get by with the owner’s items in the house, and the items I brought with me in the car.
Most days things are fine. I can cook simple meals and do some entertaining. However, sometimes I want to reference a book in my library, or look at photos, but they’re in Minnesota. When I went to bake my requested Apple Crown cake, I had to purchase duplicates of some special baking items stored in my basement.
When Enough Feels Like Too Little
I would say that my house in Seattle has too little for the activities that bring me joy.
This begs the question…If I have the experience of having too much and too little, what is enough?
The story of Goldilocks and the three bears frames that question. One bowl of porridge was too hot and another was too cold. The third was just right. One bed was too big, and another was too small. A third was just right. One chair was too hard and another was too soft. The third was just right.
Is Enough Never Enough?
Your clients may turn to you with questions like, “How big should my portfolio be for me to enjoy my retirement years?”
For some people it’s never enough. If you ask, “When will you be satisfied with your net worth?” They may say, “Never! I’ll always want more!”
You may have clients who think they have enough, and you need to break the bad news that they have too little for a comfortable retirement.
However, some of your clients may truly be weighing options. They may be itching to retire, but they fear outliving their money. How do you apply the Goldilocks test and come to that “just right” retirement plan?
Consider the Goldilocks tests with your clients. Invite them to consider, “How much is enough?”
The answer is usually, “It depends!” The porridge that Goldilocks found too hot, the bed that she found too big and the chair she found too hard for her taste may have been just right for the Papa Bear.
While there is no right answer to the Goldilocks Test, you can help your clients find the answers that are right for them. The good news is that your physician clients are skilled at weighing risks and benefits of different plans in the face of an uncertain future. They do it every day with their patients! |
