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MSMS 023 | Retire Without Worry

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When? This feed was archived on June 18, 2017 15:28 (7y ago). Last successful fetch was on February 04, 2017 17:10 (7y ago)

Why? Inactive feed status. Our servers were unable to retrieve a valid podcast feed for a sustained period.

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Manage episode 35573692 series 30346
Content provided by Tom Wachowski. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by Tom Wachowski or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://player.fm/legal.

Retire without worry? In the midst of raising a family and climbing a career ladder, this might sound a little dreamy. But, we’re not going to talk about popular retirement programs and complicated retirement calculations. You can get that from the gurus who think you have the time and energy to get a personal finance degree. Instead, you’ll learn six questions to ask so you feel better, and are better prepared, to retire… without worry. Why without worry? Because these six questions will remove the fog from your financial future so you know exactly what steps to take today and tomorrow… and you have the energy to execute on everything. Ready?

Retire Without Worry: Challenges

So, how do you ensure that you have enough money to retire anyways? Which plan will work for you (before time runs out)? And, who do you trust for help… in terms of both people and products (both will be required to retire without worry).

I asked myself these questions when I realized 2o or 30 years can zing by (parenting lesson #253, kids make time fly by). So, I started running the numbers. That exercise scare me. So, I put together a plan based on my income now and the income I’d like to have when I retire. It was great. And, as time moved forward… I realized it was also totally unrealistic (maxing my 401(k) and IRA wouldn’t do the trick). So, I finally reached out to other people and new financial products. I started making headway and saw which direction to run so I could, one day, retire without worry.

Retire Without Worry: Questions

I needed answers that applied to me, not rich people. So, I started learning simple approaches to solving the “retire without worry” problem. I had to learn what questions to ask… and when to ask them.

[list style=”arrowgreen”]

  • What does my lifestyle look like?
  • Where will retirement income come from?
  • When will I need retirement income?
  • What do I need to do today?
  • What do I need to learn today?
  • Who can help me?

[/list]

The Choice

While answering those six questions have helped me retire without worry (I’m not yet retired, but I’m no longer worried about it), I realized I still had a choice…

Be in Trouble or Be in Charge

If I had kept running down the road pitched by most gurus and financial advisors, I’d be in trouble. Sure, I’d be saving tons of money. But, I would have absolutely zero idea of how much money I needed and what I would do with it! It’s like packing a bunch of food for a camping trip, not really sure if you’ll be camping for a week or six months. Everyone said “pack as much food as you can.” But, nobody told me what kind of food to pack, what to eat first, and how to sustain my food supply for six months. I’d be in trouble.

So, I chose to be in charge. And, I think you should, too. Being in charge means honestly answering the six questions above. I realized that if I thought through those six questions, I’d have a better idea of how long I’d be camping, how much food to pack, what to eat first, and how to make my food outlast my camping trip. All I had to do was have an honest conversation with myself answering the six questions above.

Retirement Fog

Even armed with these six questions for retiring without worry, I’ve learned that some people still struggle to feel like they can indeed… retire without worry. For instance, many couples with kids and careers simply can’t see retirement yet. They’re busy running families and climbing corporate ladders. They can’t imagine the day when it all stops… or at least slows down. But, it will (look at your parents). Here’s the key: you’re not looking for a perfect retirement view… just a picture, a general high-level look at how the days and weeks will pass.

Maybe you have a clear picture, but you don’t have any extra cash (raising hand). How does one solve that, TOM!?! Simple… make course corrections along the way. Some years you’ll have a financial headwind (unexpected debt, income decrease, medical emergency). And, some years you’ll have financial tailwinds (raise, booming sales, windfall). If you can recognize these events and adjust your financial course to minimize the bad stuff and maximize the good stuff, then you’ll be able to better aim at your specific retirement target.

Finally, you’re busy and tired. Six questions… shoot, those take time to think about. After dinner, I just want to relax. I get it. Here’s what’s really happening when you feel like you’re out of time and too tired to tackle retirement stuff. You’ve strayed from your vision. You’ve forgotten what retirement looks like (question #1). No wonder you don’t have any fuel. You’ve got nothing to aim at… and nobody like going around in circles. Find north (your retirement vision) and start running. Suddenly, you’ll have time and energy… so you can be in charge (again)!

Retiring Without Worry: Bottom Line

Paint your retirement picture. That’s your big giant WHY. And a big giant WHY will fuel your efforts, so you simply not worried about retirement anymore, or at least worried a lot less!

[linebreak style=”23.png”]

What Say You?

Tom Wachowski, business, leadership, leader, small business, enterprise leadership, entrepreneur, entrepreneurshipWhat is your retirement picture? For me, it’s summers in Michigan, winters in Arizona, a studio, speaking, and studying what’s interesting to me. I know what retirement looks like, for me. I know how I’ll fund it. I know what to do today to make it all happen. Simple. But, what’s your retirement picture look like?

Please comment below, or leave a post on Facebook, or on Twitter that shares the ONE thing you want to take action on!

Thanks for listening, see you in the next show!

[ois skin=”bottom of post custom”]

This show is available (free) for…

The Money Subjects Made Simple Show

  continue reading

50 episodes

Artwork
iconShare
 

Archived series ("Inactive feed" status)

When? This feed was archived on June 18, 2017 15:28 (7y ago). Last successful fetch was on February 04, 2017 17:10 (7y ago)

Why? Inactive feed status. Our servers were unable to retrieve a valid podcast feed for a sustained period.

What now? You might be able to find a more up-to-date version using the search function. This series will no longer be checked for updates. If you believe this to be in error, please check if the publisher's feed link below is valid and contact support to request the feed be restored or if you have any other concerns about this.

Manage episode 35573692 series 30346
Content provided by Tom Wachowski. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by Tom Wachowski or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://player.fm/legal.

Retire without worry? In the midst of raising a family and climbing a career ladder, this might sound a little dreamy. But, we’re not going to talk about popular retirement programs and complicated retirement calculations. You can get that from the gurus who think you have the time and energy to get a personal finance degree. Instead, you’ll learn six questions to ask so you feel better, and are better prepared, to retire… without worry. Why without worry? Because these six questions will remove the fog from your financial future so you know exactly what steps to take today and tomorrow… and you have the energy to execute on everything. Ready?

Retire Without Worry: Challenges

So, how do you ensure that you have enough money to retire anyways? Which plan will work for you (before time runs out)? And, who do you trust for help… in terms of both people and products (both will be required to retire without worry).

I asked myself these questions when I realized 2o or 30 years can zing by (parenting lesson #253, kids make time fly by). So, I started running the numbers. That exercise scare me. So, I put together a plan based on my income now and the income I’d like to have when I retire. It was great. And, as time moved forward… I realized it was also totally unrealistic (maxing my 401(k) and IRA wouldn’t do the trick). So, I finally reached out to other people and new financial products. I started making headway and saw which direction to run so I could, one day, retire without worry.

Retire Without Worry: Questions

I needed answers that applied to me, not rich people. So, I started learning simple approaches to solving the “retire without worry” problem. I had to learn what questions to ask… and when to ask them.

[list style=”arrowgreen”]

  • What does my lifestyle look like?
  • Where will retirement income come from?
  • When will I need retirement income?
  • What do I need to do today?
  • What do I need to learn today?
  • Who can help me?

[/list]

The Choice

While answering those six questions have helped me retire without worry (I’m not yet retired, but I’m no longer worried about it), I realized I still had a choice…

Be in Trouble or Be in Charge

If I had kept running down the road pitched by most gurus and financial advisors, I’d be in trouble. Sure, I’d be saving tons of money. But, I would have absolutely zero idea of how much money I needed and what I would do with it! It’s like packing a bunch of food for a camping trip, not really sure if you’ll be camping for a week or six months. Everyone said “pack as much food as you can.” But, nobody told me what kind of food to pack, what to eat first, and how to sustain my food supply for six months. I’d be in trouble.

So, I chose to be in charge. And, I think you should, too. Being in charge means honestly answering the six questions above. I realized that if I thought through those six questions, I’d have a better idea of how long I’d be camping, how much food to pack, what to eat first, and how to make my food outlast my camping trip. All I had to do was have an honest conversation with myself answering the six questions above.

Retirement Fog

Even armed with these six questions for retiring without worry, I’ve learned that some people still struggle to feel like they can indeed… retire without worry. For instance, many couples with kids and careers simply can’t see retirement yet. They’re busy running families and climbing corporate ladders. They can’t imagine the day when it all stops… or at least slows down. But, it will (look at your parents). Here’s the key: you’re not looking for a perfect retirement view… just a picture, a general high-level look at how the days and weeks will pass.

Maybe you have a clear picture, but you don’t have any extra cash (raising hand). How does one solve that, TOM!?! Simple… make course corrections along the way. Some years you’ll have a financial headwind (unexpected debt, income decrease, medical emergency). And, some years you’ll have financial tailwinds (raise, booming sales, windfall). If you can recognize these events and adjust your financial course to minimize the bad stuff and maximize the good stuff, then you’ll be able to better aim at your specific retirement target.

Finally, you’re busy and tired. Six questions… shoot, those take time to think about. After dinner, I just want to relax. I get it. Here’s what’s really happening when you feel like you’re out of time and too tired to tackle retirement stuff. You’ve strayed from your vision. You’ve forgotten what retirement looks like (question #1). No wonder you don’t have any fuel. You’ve got nothing to aim at… and nobody like going around in circles. Find north (your retirement vision) and start running. Suddenly, you’ll have time and energy… so you can be in charge (again)!

Retiring Without Worry: Bottom Line

Paint your retirement picture. That’s your big giant WHY. And a big giant WHY will fuel your efforts, so you simply not worried about retirement anymore, or at least worried a lot less!

[linebreak style=”23.png”]

What Say You?

Tom Wachowski, business, leadership, leader, small business, enterprise leadership, entrepreneur, entrepreneurshipWhat is your retirement picture? For me, it’s summers in Michigan, winters in Arizona, a studio, speaking, and studying what’s interesting to me. I know what retirement looks like, for me. I know how I’ll fund it. I know what to do today to make it all happen. Simple. But, what’s your retirement picture look like?

Please comment below, or leave a post on Facebook, or on Twitter that shares the ONE thing you want to take action on!

Thanks for listening, see you in the next show!

[ois skin=”bottom of post custom”]

This show is available (free) for…

The Money Subjects Made Simple Show

  continue reading

50 episodes

All episodes

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