Spending 100 pennies per week
If you haven't started saving for retirement by the age of 30 then you're going to struggle to catch up and have enough later.
This is a scary statement for some and bases its truth on the concept of compounding interest on pennies in the pot.
Perhaps you're reading this safe in the knowledge that you sorted out your finances long ago and now you're just trying to work out what to do with the final 20 years of your career.
The good news is career planning is similar to investing. And the even better news is the compounding effect can take place much quicker than the time it takes to grow an average pension pot.
The best time to start planning your next move is when you're not yet looking to move.
It's the same principle as with retirement.
You don't wake up one day and think "Hhhmm, I'm planning to retire next year, I wonder how I'll fund it?". But all too often, I see people in the coaching room who say, "I'm desperate to get out of this role, I've totally outgrown it, I need a new job now." And the more senior a person is the harder the nowness becomes.
So you can start on your plan today.
If you're content with where you are, start planning for the time when you're itching to move on.
Put your pennies in the pots.
First of all, you'll need to identify the areas you currently want to work on. Let's say it's developing a specific skills set, raising internal visibility and working on increased self awareness.
Each of those areas is allocated a pot.
Now let's say you have a hundred pennies per week to put in each pot.
Work out the priority value of your pots.
How much time can you spend, every week (or month if that works better) on each of the pots. That will determine how much you want to pay in each week.
Review this weekly too. Have you kept up with your 'savings'? Which pots are looking a little depleted? Can you reallocate resource to them now?
If you have a bad week, get back on the horse and keep focussing on those pots. They won't fill themselves, that much is certain.
Over time, you'll not only notice your pots growing but you'll find out that the payoff has been worth it as you're able to navigate your next move more easily and with way less stress when that itch gets too much to scratch.