I got advice from a client recently that, in my 14 years of helping people retire, I hadn’t heard before, so I want to share it with you. This client’s been retired for about seven years, and he told me he had a group meetup with his buddies – some of them retired and some of them not – but the topic of discussion was retirement, and they were asking him for advice on how he did it because (according to them) it seems like he’s got it all figured out. He’s a humble guy and he obviously knows no one’s got it all figured out, but he did have some really good ideas, so to share them with you.
The Three Essentials of Retirement
As we were at lunch, I was asking him, “Why do you think they thought that you had it all figured out?” And what makes his retirement experience seem so much better than everybody else’s, compared to people who are not having that same experience? Some of the discussion that we had was on those three essentials, but he also did something a few years before he retired that set him up for success.
Those three essentials are the three Cs. The first one being creativity; we’re creative beings. You got to be creative when you were working, but you also have to make sure that you can continue to create and be curious after work. Some of the happiest retirees that I know are the most curious and creative ones, too.
The second C is connection. Your closest friends might be the people you’ve been with between ages 25 and 55 during your working years, and it could be quite an adjustment all of a sudden when you’re not seeing them anymore. It takes effort to keep those friendships going, but you can also deepen relationships with family, with God, or maybe new grandchildren along the way.
C number three is contribution. When we’re not able to help others, there’s something missing in our lives. In some way, your work helped others, but you have to continue that after work ends. It could end up being a contribution to a cause or a charity, a person, or a group of people where you can use your knowledge, skills, or your money to help.
Those are the three Cs, but there’s something else that this client who has given this advice said that I didn’t think about before, and he brought it up in this discussion.
Advice from a Retiree
While we were talking about contribution, he mentioned that he’d started purposefully finding the time and using it for contribution well before he retired. He actively found ways to serve and help others with a small percentage of his working time. As retirement came, it was almost like a natural progression that that percentage of time grew a little bit, and it didn’t feel like a brand-new life he didn’t recognize. Sometimes retirement can feel like a complete transition, but he made it more of a steady transition into this retirement life that was filled with those three Cs of contribution, connection, and creativity.
The piece of advice that he had was to take time before you stop working to just explore these three Cs more, especially the contribution one. Don’t wait until you have free time in retirement and invest it now. Take quiet time to think about life in retirement before you get there. I have a video on prompts to help you think about retirement before you get there. Take some time in the morning, or whenever you have your best thinking time, and start exploring those three Cs. Whether you’re already retired or not just yet, it’s worth the investment.
Disclaimer: Since we don’t know your specific situation, none of this information should be construed as tax, legal, financial, insurance, financial advice, or other advice and may be outdated or inaccurate. It is your responsibility to verify all information yourself. This content is prepared for entertainment purposes only. If you need advice, please contact a qualified CPA, attorney, insurance agent, financial advisor, or the appropriate professional for the subject you would like help with. Streamline Financial Services, LLC or its members cannot be held liable for any use or misuse of this content.
Affiliate Disclaimer: This post may include affiliate links where we may earn a payment when you click on the links at no additional cost to you.
Disclosures: Securities offered through LaSalle St. Securities LLC (LSS), member FINRA/SIPC. Advisory services offered through LaSalle St. Investment Advisors LLC (LSIA), a Registered Investment Advisor. Streamline Financial Services is not affiliated with LSS or LSIA. LSS is affiliated with LSIA.
As you’re planning your retirement, there’s a shift that we should think about as we map out our finances and our life after our career. There are two important things that I want to share with you. The first one’s for everybody, and then the second one is for business owners or entrepreneurs who might have the option to design their day and their week while they’re working.
How Do You Envision Your Retirement?
The first example is a reframing of the way that we’re thinking about retirement. When done right, it can confirm that you’re making the best decision possible about when to retire. Additionally, it can also keep you motivated to actually accomplish the future financial and retirement goals that you want. Last but possibly the most rewarding of all, is that it can also help you to make your future bigger than your past. This is an important concept in positive psychology because if we don’t have hope, or if we don’t have things to look forward to, that can greatly reduce our present life satisfaction.
You know that quote, “Where there is no vision, the people perish”? For some, as they’re planning their future, they don’t like the term “retirement” because it conjures up ideas or images of the opposite of what they want their life to become. It could be the image of an old fogey rocking in a rocking chair on the porch or being unproductive, or maybe a memory of their elderly grandparents just watching TV all day in retirement.
There’s nothing wrong with either of those things, but it’s probably not what we’re looking for, thus causing us to put off retiring or delaying retirement planning out of fear of facing the question: what am I going to do all day? So they keep working because they don’t know how good life can be after we’re done with work.
Finding Fulfillment in Retirement
If you’re anything like our clients, life after work is really about time freedom; it’s about enjoying life while continuing to find fulfillment. I mention the three Cs often: creativity, connection, and contribution. Ask yourself: is there something that might be stopping me from mapping out or getting clarity about what’s possible in this next stage of my life? If it’s a negative feeling about the word “retirement”, what if you just replace that word in your head?
Use “freedom” or “independence” instead because if you’ve achieved financial freedom, you have the option to continue work if you want to, or to stop work. You have the option to explore other pursuits if they interest you if you want to do so. And you have the freedom to decide how you are going to express your creativity, or maybe your curiosity, and who you’re going to connect with more, and what you are going to do to contribute to other people’s lives.
A Different Path for Entrepreneurs or Business Owners
This second part is for business owners or entrepreneurs. As a business owner, your retirement could look quite different. You might have more freedom in your career to decide how you want to spend your time. It might feel like the opposite of that when you look at all the day-to-day things it takes to run the business – you might feel more like an overworked employee than the owner. However, as the decision maker, you’ve got some options.
The concept that I want to share with you is the idea of retiring in your business. Think about it like this – in your business, there are all these things that you need to do right so that the business can run. There’s sales, marketing, product, distribution, operations of people, management – all these things that you need to do. Some of these things you enjoy, and some you don’t, right? You may really enjoy the marketing side or the sales, or talking to new clients or customers if you have them. As you think about your financial freedom and your time freedom, are there things in your business that you do better than anybody else?
Secondly, are there things that you do right now that you could actually spend money on so you wouldn’t have to do them anymore? You’d essentially be lowering your income with the goal of freeing up your time. The idea is to spend your time on the things that are most engaging to you – the things you love doing and bring the greatest return to your business or your life – and everything else is getting handled by somebody else.
The people that can do that are essentially retiring in their business. It’s not for everyone, but it’s an idea to at least think about.
Disclaimer: Since we don’t know your specific situation, none of this information should be construed as tax, legal, financial, insurance, financial advice, or other advice and may be outdated or inaccurate. It is your responsibility to verify all information yourself. This content is prepared for entertainment purposes only. If you need advice, please contact a qualified CPA, attorney, insurance agent, financial advisor, or the appropriate professional for the subject you would like help with. Streamline Financial Services, LLC or its members cannot be held liable for any use or misuse of this content.
Affiliate Disclaimer: This post may include affiliate links where we may earn a payment when you click on the links at no additional cost to you.
Disclosures: Securities offered through LaSalle St. Securities LLC (LSS), member FINRA/SIPC. Advisory services offered through LaSalle St. Investment Advisors LLC (LSIA), a Registered Investment Advisor. Streamline Financial Services is not affiliated with LSS or LSIA. LSS is affiliated with LSIA.
Are you about to enter into retirement? Are you preparing for a major career shift? Whatever stage of life you’re in right now, David Nurse has some great insights, tips, and reminders for you. He’s a well-known author, a keynote speaker, a former NBA coach, and a mindset coach who can help you conquer the roadblocks to taking action. Read on to learn more about what things hold people back, how you can overcome them, and how you can pursue a fulfilling life.
Why People End Up Not Taking Action
David Nurse’s life is all about doing and taking action, so he wanted to delve into the reasons why people hold back. After performing extensive research, he found that the gap between where people are today and where we want to be is taking action. In his book, “Do It: The Life-Changing Power of Taking Action,” David Nurse presents nine reasons why people hold back and their action archetypes:
The allodoxaphobic: You are held back by the fear of other people’s opinions.
The burned: Somebody burned you in the past, so you’re not taking action.
The inopportune: You’re too young or too old to do things.
The blamer: Somebody else has to be at fault.
The test believer: You label yourself based on personality tests.
The perfectionist: Everything should be on point before you even take action.
The scarciest: You hold on tight to something because somebody might get it.
The distracted: You lose focus because of too many things catching your attention.
The underestimator: You question your capability to do something because you come from a small or unknown place.
Fear of Approval and How To Overcome It
Many of us fear what other people think about us. We wait for their approval before taking action. However, as they say, a 60% plan that’s executed is better than a 100% plan that’s never executed.
Moreover, you keep worrying about other people’s opinions, but in reality, they’re thinking about you for around 10 seconds maximum. Plus, it’s helpful to remember that no matter what you do, not everyone is going to like you. In the 1972 presidential election, Richard Nixon won 60.7% of the popular vote. That may be the biggest landslide in presidential history, but it also shows that you can’t please everyone, and you have to be okay with it.
We often think about worst-case scenarios — our brain is wired for the negative. However, over 90% of the things we’re worried about don’t happen. Spending three hours a day thinking about worst-case scenarios is just a waste of time and energy. Even if something doesn’t go our way, it’s okay. You may have a funny story or sage advice to share with other people.
In the end, focus on self-efficacy, where you act according to the type of person you want to be — not who you are or think you are right now. At the same time, don’t be afraid to put yourself in uncomfortable situations because that’s how you grow and create a unique bond with people.
Determining What’s Holding You Back
It all starts with awareness. Which stage are you in right now? What are your goals 5 to 10 years from now?
For example, Tim pictures himself helping families make an impact not just through money but also through values. He values generosity, but responsibilities and distractions get in the way and hold him back from seeing his dream through.
Figure out what’s holding you back from your goals and start making changes.
What Retirement Is All About
Some of us may retire in our 60s, while others will retire in their 20s or 30s. For some, retirement means redefining your relationship with work. You want to transition into a new career, but something is holding you back. According to David Nurse, life is like a long hallway. You open one door and learn a lot. Then, you open another door and continue to learn. The process doesn’t end for as long as you live.
You may think that once your job ends, you’re retired, and everything’s over. However, you can use the skills you’ve acquired to create a bigger impact. Don’t just think you need a particular amount of money to live a comfortable life in the next 10 years or so. Rather, learn how to have a compound interest and continuous cash flow to achieve your desired lifestyle.
Going Through Major Transitions Successfully
Heading toward a big transition in your life? Having a coach creates a huge difference. Whether you’re looking for personal growth or investments, working with someone who has been there will make your life easier. When it comes to work, as long as you don’t turn it into your end-all-be-all, you’re good. Work is a gift. If you get paid for something you love doing, then that would be perfect. However, don’t forget about using your gift to impact other people’s lives.
From the fear of approval to distractions and being a perfectionist, there are so many things that can hold you back from taking action. To overcome your fear and live a fulfilling life, have a clear vision.
Think about your goals and purpose and how you can make an impact. Be okay with some people not liking you. Focus on what you want to be tomorrow. Find a coach and keep taking action and making progress!
Disclaimer: Since we don’t know your specific situation, none of this information should be construed as tax, legal, financial, insurance, financial advice, or other advice and may be outdated or inaccurate. It is your responsibility to verify all information yourself. This content is prepared for entertainment purposes only. If you need advice, please contact a qualified CPA, attorney, insurance agent, financial advisor, or the appropriate professional for the subject you would like help with. Streamline Financial Services, LLC or its members cannot be held liable for any use or misuse of this content.
Affiliate Disclaimer: This post may include affiliate links where we may earn a payment when you click on the links at no additional cost to you.
Disclosures: Securities offered through LaSalle St. Securities LLC (LSS), member FINRA/SIPC. Advisory services offered through LaSalle St. Investment Advisors LLC (LSIA), a Registered Investment Advisor. Streamline Financial Services is not affiliated with LSS or LSIA. LSS is affiliated with LSIA.
The beginning of retirement can be a pretty strange period of life. You’ve spent the last 20 to 40 years in working mode, and then all of a sudden it stops. It’s quite the adjustment, and a lot of retirees that we hear from can get unpleasantly surprised when they get to this stage of their life. It’s actually the best stage of life, but only if you prepare for it the right way. It’s more than just money – that’s obviously a very crucial part of retirement planning – but there are people who have all the money they need, but they’re still not happy.
So let’s use this time to just think ahead and not get caught off guard as we move forward in life. I’m going to share just two things with you.
Spending Your Savings in Retirement
The number one thing is, it may be hard to spend your retirement savings. When I tell people this they think: maybe for that person, but not for me. I’m going to have no problem spending my money in retirement. Then they retire, and they realize it’s harder than it seems – especially in the beginning.
Well, why doesn’t anybody talk about this feeling then? Your retired friends might not be talking about it because a lot of us don’t talk much about money with friends. You might also have a feeling that, if you brought this up, you might be judged a little bit or thought of differently by a friend. You say to someone, “I’ve got this money, but I’m afraid to spend it.” If they’re still working they might be thinking, “Oh, big problem for you to not be able to spend your own money.”
Don’t feel bad if you are feeling this. It’s a habit you’ve developed over the last 40 years. Every time we think about retirement, it has always been equivalent to savings. Retirement is accumulation, retirement is building the nest egg, and now it’s not that any more – it’s spending. It’s hard to break habits, especially one that’s been cemented into our normal everyday life, and really for the last 40 years. It takes conscious effort.
One of the things that help with this is just regular reviews of your plan. If you can look at these what-if scenarios like what if I spent an extra 20K on vacations each year, how does that impact the plan? Or what if we gave a bigger-than-normal gift to charity, how does that impact the plan? How does the decision that we make today impact the long-term plan? That’s a really important thing for our clients at Streamline, having that 10 out of 10 confidence in their financial decisions so that they can feel good about taking the whole family on a trip and spending that amount of money instead of feeling anxious or worried if they made the right decision.
Spending Your Time in Retirement
The obvious part of retirement is that you’re going to have a lot more time available than you’ve been having, and we know that time is more valuable than money, but only if the time is spent on things that we truly want to be doing.
You may have heard about the five stages of retirement – the first one is the honeymoon phase, and during that phase, you could pretty much do anything. You could sit on the porch and drink lemonade. You could golf 180 days straight the day after you retire and you’d be loving it.
However, what I’ve heard from people who have done this before is that there comes a point where all of a sudden, that golf starts to feel less exciting. So what’s the solution to spending time in the best possible way for you? I’ll give you two resources and then I’ll give you a way to filter what you do in a week so that you can increase your happiness with how you’re spending your time.
As for the filter to run through all these possible things that you can do in retirement and how are you going to live your retirement and what are you going to do with your time? Try to find these three things each week: creativity, connection, and contribution.
Creativity could also mean curiosity. We want to be able to have ideas, read new things that are interesting, spark new pathways in our brains, and create. As for connection, we were also meant to have connection with people and some kind of spirituality – whatever that means for you. Lastly, contribution; you’ve contributed your whole career. You were helping others, whether it was patients or clients or customers, or your team members. If that goes away all of a sudden when you’re done working, there’s going to be a void at some point in the future that you’re going to feel.
Disclaimer: Since we don’t know your specific situation, none of this information should be construed as tax, legal, financial, insurance, financial advice, or other advice and may be outdated or inaccurate. It is your responsibility to verify all information yourself. This content is prepared for entertainment purposes only. If you need advice, please contact a qualified CPA, attorney, insurance agent, financial advisor, or the appropriate professional for the subject you would like help with. Streamline Financial Services, LLC or its members cannot be held liable for any use or misuse of this content.
Affiliate Disclaimer: This post may include affiliate links where we may earn a payment when you click on the links at no additional cost to you.
Disclosures: Securities offered through LaSalle St. Securities LLC (LSS), member FINRA/SIPC. Advisory services offered through LaSalle St. Investment Advisors LLC (LSIA), a Registered Investment Advisor. Streamline Financial Services is not affiliated with LSS or LSIA. LSS is affiliated with LSIA.
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