“The question isn’t at what age I want to retire, it’s at what income.” – George Foreman
Before I get into the topic I really want to discuss, I would like to provide all of you who are financially, socially and psychologically ready to retire a pdf document from Vanguard that discusses how to turn retirement savings into retirement income. It provides a very simple overview of the process and of course advertises some of the services Vanguard offers.
One of the more challenging aspects of retiring is adjusting our attitudes about money, where it comes from, and how we manage it.
I have a friend who has worked hard, saved for retirement but is currently in ill health and hates her job. Financially, she is in a position to retire, easily I might add. However, mentally, her mindset about money is abysmal. Although she has a chunk hidden away in her 401K, she learned early on never to touch it, so it is truly hidden. She is also very good about living within her means when it comes to a paycheck but has no understanding of what her means would be without one?
Facing our attitudes, fears, desires, distaste, emotions, insecurities and whatever else the thought of money brings us is one of the hardest things for us to do. As baby boomers, we were raised in a culture where it was impolite to discuss money. Most of us were never taught how to address any of our feelings about money, much less the actual methodology of managing money.
I would like to introduce to one of the greatest success coaches I have ever run across – John Assaraf.
The video above is an older video (2013) that was put on YouTube to promote a three day live webcast. The reason it is on YouTube is not nearly as important as knowing that John offers you a way to improve your relationship with money.
I first met John in 2008 when I attended a three day seminar in San Diego on expanding your business. I attended with the CEO of the company I work for and was incredibly impressed. His teaching style made it so easy to learn and incorporate new ideas. Our company has increased its value 10 fold since that time. I am not saying that it is a direct result of working with John. What I am saying is that working with John changes your mindset. It allows you to address all challenges creatively and with joy instead of fear.
I am now taking a course with him that allows me change my mindset about money. It is called Winning the Game of Money and I plan to write a review for the program in a few days.
However, I digress. The point I wanted to make with the story about my friend and with the video is that without the appropriate mindset you cannot get to where you want to be.
How do you get the right mindset? First and foremost, you find people who can help you get to where you want to be. My friend has a financial adviser – good! She does not want to go see him until she has figured out everything she needs to know – ugh! There is no need to surround yourself with experts unless you are willing to use their expertise.
So, what does she need to change before she can use the expertise she has hired? What does it mean when we cannot accept help – especially when we need it? Is it a sign of weakness to need help? Does it undermine our independence and our ability to cope? Does asking for help mean that we are not accepting responsibility for ourselves and are therefore somehow a burden? Does it require that we admit to shortcomings? Does it make us vulnerable? Are we now somehow beholden to the person who helps us?
Maybe it is one or even all of those reasons that keep us from developing a community of people who can help us to live our life to the fullest. I am here to tell you to get over it – only don’t try to get over it alone.
My husband and I are several years away from our retirement date; however, our financial planner is already working with us on scenarios to make sure that we can live the way we want to live. Both my husband and I are excellent at our occupations. It has taken us many hours of study and hard work to be able to claim excellence. We selected a financial planner for the same reason. He has become excellent at what he does using the same two actions. We did not have time to do what we did and do what he did. We are very grateful he is part of our team and can help us be all that we want to be. We are never afraid to ask for his help. The same is true for other experts we have surrounded ourselves with – our accountant, our attorney, and on and on. I could no more do what our general contractor does when building our new stairwell than I could build a rocket, nor do not want to. Not because it might not be fun but if I tried to be as expert as our contractor, my stairs would not be built for years and I need them now.
For those of you who do not have a financial adviser and think you might need one I offer the following article from Kiplinger magazine – 6 Steps to finding a Great Financial Adviser. While it is an older article, the advice is still excellent.
If you are not ready to accept help from experts then I recommend reading my review of John Assaraf and his neurogym program on Winning the Game of Money. Overcoming blocks that interfere with your living your best life possible is what he does best.
Thanks for taking the time to be here. Please leave comments or stories that might help others to face the changes we will all need to face as we go through life’s transitions.