Throughout my career in law enforcement, I’ve been fortunate to have wise mentors. One piece of advice I heard repeatedly from those who came before me was to “save your money.” Over and over again I heard, “save your money, and secure your pension.” I took that to heart. Trusting in their experience and wisdom, I started saving early in my career. Now that I’ve been a cop for 11 years, I’ve seen the benefits of that advice. I’ve also developed some wisdom of my own, and I’ve built a solid financial foundation by working with my advisor to create a comprehensive financial plan that incorporates my future pension and investments in the stock market. I’ve also planned for contingencies in my life, should the worst ever happen — which is always a possibility for those of us who choose this line of work.
There’s no doubt that saving for the future is paramount. After all, the deputies who were more senior had already began focusing on life after retirement. And why wouldn’t they? Law enforcement is an incredibly fulfilling career, but it’s also a stressful one. Burnout is a real thing! The average lifespan of law enforcement officers is much shorter than that of the population at large for this reason — and it’s why so many of us retire from the profession at our first opportunity. Ironically, these experienced deputies were hyper-focused on saving so that they could enjoy a retirement that could very possibly be shorter than the retirement of the average citizen. I began to ask myself, “Does it have to be this way? Is there a way to strike a balance in this career so as not to burn myself out only to prepare for a retirement that I may not have long to enjoy?”
There’s a common saying that when you’re young you have more time but less money, and when you’re older you have more money but less time. And, ultimately, it’s time that’s our most valuable asset in life. Without time, money is irrelevant. Creative Planning President Peter Mallouk often asks this rhetorical question: “If you had the choice between having $10 million and one year left to live or $1 million and ten years left to live, which would you choose?” Almost everyone would choose the latter. This wisdom has stuck with me over the years, especially in my time as a police officer. With this question in mind, I decided to rethink my approach to time and money and adapt it to what works best for me. While I’m still disciplined about saving and preparing for my financial future, I’m also putting the same level of effort into saving and preparing for my current and future wellness.
So, how do I do this? Simply put, I enjoy life now while still in my younger years. I prioritize checking items off my bucket list today. If I have an opportunity to take some time off and do something fulfilling outside of work, I do it. But I do it in a responsible way, and THAT’S the key to all of this. I do it in a way that coincides with the short-term spending goals in my comprehensive financial plan that allow me to enjoy vacations and travel in a manner that doesn’t inject additional stress into my life. Have you ever known someone who puts their family vacation on their credit card only to become even more even stressed out over paying off the bill? That’s something I actively avoid.
I truly believe taking the time to enjoy some of the sweeter aspects of life now has a cumulative effect on reducing stress in my work life. I come back to the job recharged, motivated and ready to hit the ground running. I then plan my next adventure with satisfaction, knowing I’ll have something in the shorter term to look forward to when the days get long. This approach is far better than having retirement be my only light at the end of the tunnel. It’s this mindset that I believe will allow me to enjoy a longer life once I hang up my uniform for good someday.
