Good morning! Today, I’m sharing a post from Ben Carlson, who blogs at A Wealth of Common Sense. Ben writes about personal finance, investments, investor psychology, and using common sense to get ahead financially.

Have you ever thought about what you would do if money wasn’t an issue? I’m not asking what you’d buy or which debts you’d pay off. Think about how you would actually spend your time. Would you travel the world? Live in a beachfront condo? Spend more quality time with friends and family? Quit your job? Get involved in volunteering and charitable work?

This isn’t an easy question to answer. When people talk about winning the lottery, they often focus on the things they would buy first. But what comes next? How would you find happiness once you’ve gained financial independence?

This thought exercise can actually help in planning your long-term financial goals. Instead of just aiming to save a million dollars for retirement, ask yourself what you would do if you were retired. Understanding why you’re saving and investing can shape your goals, make them more realistic, and keep you motivated.

Everyone’s idea of a wealthy life is different. Some people want material possessions, while others crave the freedom to make decisions without worrying about money. Some want to take a couple of vacations each year without going into debt. The key is to figure out what being wealthy means to you.

We all generally know the basics of personal finance: save more than you earn, invest often and early, track your spending, avoid credit card debt, and so on. However, delayed gratification can be tough, especially in an age where we can get almost anything instantly. It’s much easier to buy things on credit now than to save for a far-off retirement.

In the 1960s and 1970s, Stanford conducted studies on delayed gratification with children. They found that the kids who could wait longer for their rewards tended to become more successful adults.

Setting long-term goals isn’t fun for most people. Thinking about retirement or saving for a child’s college fund can feel depressing because it reminds us that we’re getting older. So, we often put off dealing with these issues.

Studies indicate that humans learn more when they get immediate feedback, but not as much when results take longer to appear. If you can’t see the consequences of your actions right away, it’s hard to make changes.

I’m not saying you should never spend money on anything and only save for the future—that’s not a way to enjoy life. You should plan for short-term and intermediate-term goals as well. If you want to travel to Mexico every year, plan ahead and save for it. The key is to prioritize.

We’re often bombarded with specific financial advice: sell your stocks now to avoid losses, or buy gold because it’s about to rise. But without considering your personal situation, this advice may not be relevant to you or your long-term goals.

Creating a long-term financial plan can be incredibly helpful. It forces you to think about how much you need to save to reach your goals. It also helps in determining your investment risk profile and time horizon. Since life is unpredictable, it’s essential to update your goals and plans periodically. This allows you to track your progress and make necessary adjustments.

Start by setting your long-term goals based on what you want to do in the future, and focus on why you want to achieve them. Assess your current situation—your salary, net worth, and spending habits—and think about where you want to be, whether that’s financially independent, retired, or going on vacations. Once you have these goals in mind, designing your investment plan becomes much easier.

Living a wealthy life varies for everyone, even if money is no object. Creating a long-term plan can lead to a more fulfilling and prosperous life once you reach financial independence.

So, how would you spend your time if money was no object?