Retirement Answer Man

Ask anyone and they'll most likely say they want to have a great retirement. But looking at the day to day financial decisions of most people might tell a different story. 

What you do speaks so loud that I cannot hear what you say.

Ralph Waldo Emerson

It's not enough to want a great retirement. You need to decide what it will look like, create a plan to work towards it and execute your plan day by day. In short, you need to live an intention life.

This was the message I heard loud and clear from this week's listener story.

Favorite Quote From This Week's Story

"To this day, when I want something, I think through it and make sure I want it"

Lessons Learned From Ken, Jr.

  • Intentional decision making helps you think ahead and avoid rash decisions.
  • Don't overthink investing. Patience is a key to success.
  • Parent's play a big role in shaping how kids think about money
  • Not letting your lifestyle creep up as your income grows is essential to wealth creation

Who is Ken Jr.

  • Ken, Jr. was a Corporate computer guy for almost 20 years
  • Married 20 years
  • No  Kids
  • Average age late 40’s
  • Both retired

What Does Retirement Means to You?  

“I think mostly the freedom to set my own schedule. To enjoy anything I want to do."

“I do computer consulting on the side.”

“I do volunteer presentations at senior centers on technology.”

“I loved my day job, its just I wanted all of my own schedule."

The truth is, I feel much busier now that I can’t catch up with all the things I saved up wanting to do.”

What Are You Most Excited About Retirement?

“Actually, part of it is the challenge of planning money over time.”

“I just like doing whatever we want to do that week we’ve planned.”

What Are You Most Worried About Retirement?

“The usual three things, investment return income, expenses and inflation and longevity.”

Who Do You Use in Your Life to Help Make Smart Financial Decisions?  

“It’s been on my list to do”. I planned aggressively for retirement 8 years before I retired.”

“I need to…to give me a checkpoint, an alternative view and to help me check in every year or two.”

"Mine wasn’t how to get to retire, it’s how to manage the puzzle into the future.”

What Has Been Your Worst Financial Decision?

“Was not knowing about Total Market Indexes, 20 years ago.”

What has been the Hardest Thing to Deal with Personally in Managing Your Finances?

“It has been the fine tuning and optimizing…”

What Resources Have Had the Most Impact in Your Life?

”My parents led by example. They lived below their means. They lived on one salary.  They tracked their spending every day.”

"My parents taught me patience."

"Clarke Howard"

How Do You Want to Be Remembered?

“As a whole, I just want to be a good, helpful person.”

Direct download: Retirement_Answer_Man_67.mp3
Category:Finance -- posted at: 10:11am CDT

Ask anyone and they'll most likely say they want to have a great retirement. But looking at the day to day financial decisions of most people might tell a different story. 

What you do speaks so loud that I cannot hear what you say.

Ralph Waldo Emerson

It's not enough to want a great retirement. You need to decide what it will look like, create a plan to work towards it and execute your plan day by day. In short, you need to live an intention life.

This was the message I heard loud and clear from this week's listener story.

Favorite Quote From This Week's Story

"To this day, when I want something, I think through it and make sure I want it"

Lessons Learned From Ken, Jr.

  • Intentional decision making helps you think ahead and avoid rash decisions.
  • Don't overthink investing. Patience is a key to success.
  • Parent's play a big role in shaping how kids think about money
  • Not letting your lifestyle creep up as your income grows is essential to wealth creation

Who is Ken Jr.

  • Ken, Jr. was a Corporate computer guy for almost 20 years
  • Married 20 years
  • No  Kids
  • Average age late 40’s
  • Both retired

What Does Retirement Means to You?  

“I think mostly the freedom to set my own schedule. To enjoy anything I want to do."

“I do computer consulting on the side.”

“I do volunteer presentations at senior centers on technology.”

“I loved my day job, its just I wanted all of my own schedule."

The truth is, I feel much busier now that I can’t catch up with all the things I saved up wanting to do.”

What Are You Most Excited About Retirement?

“Actually, part of it is the challenge of planning money over time.”

“I just like doing whatever we want to do that week we’ve planned.”

What Are You Most Worried About Retirement?

“The usual three things, investment return income, expenses and inflation and longevity.”

Who Do You Use in Your Life to Help Make Smart Financial Decisions?  

“It’s been on my list to do”. I planned aggressively for retirement 8 years before I retired.”

“I need to…to give me a checkpoint, an alternative view and to help me check in every year or two.”

"Mine wasn’t how to get to retire, it’s how to manage the puzzle into the future.”

What Has Been Your Worst Financial Decision?

“Was not knowing about Total Market Indexes, 20 years ago.”

What has been the Hardest Thing to Deal with Personally in Managing Your Finances?

“It has been the fine tuning and optimizing…”

What Resources Have Had the Most Impact in Your Life?

”My parents led by example. They lived below their means. They lived on one salary.  They tracked their spending every day.”

"My parents taught me patience."

"Clarke Howard"

How Do You Want to Be Remembered?

“As a whole, I just want to be a good, helpful person.”

Direct download: Retirement_Answer_Man_67.mp3
Category:Finance -- posted at: 10:11am CDT

Category: -- posted at: 7:22pm CDT

"The younger generation is ruining this country!" This was said about the baby boomers. Now it's said about the millennials. The fact is, each new generation brings a fresh perspective that helps our society and country renew itself. Recently I spoke with a "millennial" who, like you and I did, is working to raise a family and save for the future. 

Want to Learn How to Draw From Your Savings During Retirement?

I'll show you the system I use with clients during a free webinar on May 26th at 2:00 pm CST

A free replay will be available to all that register.

CLICK HERE to register

Favorite Quote

"My goal is to get compound interest on my side as quickly as possible."

Lessons Learned From Jordan's Journey

  • Millennials are rejecting debt and working hard
  • There's a big difference between being frugal and cheap. 
  • It's important not to rush into big purchases. 
  • How important it is for couples to walk together as they manage their finances.

About Jordan

  • 27 years old
  • Married, one child and one on the way
  • Very cheap or frugal
  • School teacher
  • Loves working with kids

What Does Retirement Means to You?  

The idea if being a millionaire really struck me

That idea of being wealthy sounds good

The idea of traveling a lot is wonderful

What Are You Most Excited About Retirement?

What Are You Most Worried About Retirement?

Health, obviously

I think my biggest worry right now is will I have enough money. I think that’s what drives me to save.

The other thing that scares me….is the idea of inflation. What inflation will be like in 30, 40, 50 years.

My goal is to get compound interest on my side as quickly as possible.

How Do You Think You’re Doing?

“Based on where most people are, I’d give myself an A”

Do You Use a Financial Planner?

“I do but probably not as well as I should.”

What has Been Your Worst Financial Mistake?

Being cheap rather than frugal when buying their home.

What Do You Struggle With When Managing Your Finance?

She (my wife) just wishes we could spend a little more money and I ‘m just more on the frugal side.

…I wish I was a little bit less frugal, but then again I wouldn’t be in the situation I’m in now.”

What Resources Have Had the Most Impact on Your Life?

Dave Ramsey

Rick Edelman Podcast

How Do You Want to Be Remembered?

The most important thing to me is to be a good father and husband

Direct download: Retirement_Answer_Man_66.mp3
Category:general -- posted at: 6:50pm CDT

We all screw up along the way to retirement. We blow all our earnings. We accumulate a pile of debt. We dig a hole so deep, we wonder if we can every get out and prosper financially.

In my 20's I bought a nice BMW and my wife and I built a fancy custom home. Both of us were earning good money and our prospects for future increases were great.  I thought this adult career thing was easy. Projecting "normal" wage increases on our income, meant that we would be on easy street. I mean my income could never go down could it?

Lets just say I spent my 30's learning hard lessons and cleaning up the mess I made in our 20's.

Jen's Journey to Retirement

In this week's journey to retirement story, we here from a smart lady that screwed up with debt, dug herself out of her hole and is now prospering.

If you're feeling like you're in a financial hole, listen to her story. She dug out and so can you.

About Jen

  • Native Californian
  • Divorced
  • Mid-40’s (aka 29)
  • No children
  • Works in middle management

What Does Retirement Mean to You?

“I do believe that as we’re exposed to new ideas…our values shift”

“I didn’t realize how much debt could be shackles to your future”

“Retirement is freedom for me. Freedom in terms of my determining where I want to spend my time”

“Maybe for me it’s not really retirement, it’s financial freedom and independence”

What Are You Most Excited About Retirement?

“That ability to make spur of the moment decisions”

How Would You Have Changed Your 20’s?

“I would not have lived what I thought a typical american lifestyle was. I would not have lived beyond my means.”

What Are You Most Worried About Retirement?

“That I’m not going to make it and if I do my health won’t be there.”

“What am I missing now since I’m deferring so much for this date in the future.”

“The fact that maybe it’s too late. That I won’t be able to make that catch up date.”

“Retirement is the language I grew up hearing. We all work until we’re 65 and then we collect Social Security”.

“I don’t want to be that person that I have to augment my retirement.”

“You can’t bank on the fact that you have good health in retirement and that you’ll be able to work”

How Do You Think You’re Doing?

“I would love it if someone could look into their crystal ball and say I’m okay.”

Do You Use a Financial Planner?

“I’m afraid I’m going to choose someone that is inexperienced or has dealt with a situation similar to mine”

What is the Worst Financial Decision You’ve Ever Made?

“Oh there are SO many”

The decision to be a self employed individual and I was ill prepared with what that meant”.

“I got into something like $40,000 of credit card debt”.

"“I understand depression. When you wake up and there’s nothing and there is nothing I can do to get out of this mess.”

What Has been the Hardest Thing to Deal With Personally in Managing Your Finances?

“There’s a fear that any moment now my good fortune could disappear.”

What Resources Have Had the Most Impact on Your Life?

How Do You Want to Be Remembered?

“I’m hoping who ever I meet…that I impact them positively.”

Direct download: Retirment_Answer_Man_65.mp3
Category:Investing -- posted at: 8:30am CDT

Despite what the media and some financial advisors tell us, preparing for retirement isn't about fancy strategies or the best investment. This week listener "Rick" shares his story of how he became a 401(k) millionaire by using a simple but powerful strategy.

"Rick" was the first listener to share his story. Rick isn't his real name and in order to present you a better image of who he is, I asked him what his financial "spirit animal" was. After an awkward pause he replied tortoise and after hearing his story, I thought it was perfect!

As you listen to Rick's story, you may feel like I did...a little jealous.  Rick grew up with a sound financial basis from his parents. As you heard last week, I didn't. In fact, I think most of us didn't. If you're like me, don't worry. Regardless of where you are, you can begin a journey towards financial independence.

About "Rick"

  • Age 59
  • Has worked for the same company for 30 years
  • Married 30 years
  • Same House 30 years
  • 3 grown kids
  • Shares hobbies with spouse

What Does Retirement Means to You?  

“I found it a little bit frightening"

“I love my work…though I;m caught between the parts I like and the parts I don’t like”

“I’ve always had a big lazy streak…work has so much structure and so many demands that it keeps me going”.

What Are You Most Excited About Retirement?

“The lack of stress!"

"That I’ll have time to do the things I like to do”.

What Are You Most Worried About Retirement?

“I think it would be health issues”.

“I’ve seen a lot of healthy people get hit with significant deseases out of the blue.”

“Nobody lives for every but I’d love to have 20-30 years of health left in my life.”

How Do You Think Your Doing?

“We probably have saved 20% of more of my pay since day 1.”

“Even in the early years when my income wasn’t anything special we saved.”

“We’re 401k millionaire now.”

“Money doesn’t come into our lives just so we can get as many toys as possible, it’s there to help people.”

“If you don’t save it, it doesn’t matter what your rate of return is, you’ll never have much.”

What Has Been Your Worst Financial Decision?

“I didn’t make many money mistakes because my parents were kinda Dave Ramsey people, long before Dave  was born.”

"When we first got enough money to afford cars, we bought new cars”.

What has been the Hardest Thing to Deal with Personally in Managing Your Finances?

“I really don’t know an answer to this one.”

What Resources Have Had the Most Impact in Your Life?

What Do You Want to Be Remembered By?

“I think really all I really want is my kids to remember me a certain the way, like I remember my parents.”

“Someone that is honest, generous and was a loving father.”

Want to Share Your Story?

Tell me below. I'll send you the questions and details on how it will work.

As a thank you for contributing to the community, you'll receive a free 30 minute consultation to address any financial planning issue you want.

Direct download: Retirement_Answer_Man_64.mp3
Category:Investing -- posted at: 3:41pm CDT

There are plenty of people around today that will offer their services as a “life coach” or “business coach.” Few have the demonstrated history of success as businessman, family man and friend to man as Aaron Walker. 

Register for May 26th's Webinar: How to Manage Cash Flow in Retirement

Click Here to Register

In this episode, Aaron shares his Journey Towards Retirement. Below are some notable quotes from our talk. 

Aaron Walker's Journey to Retirement

What Does Retirement Means to You?  

“I won’t ever retire. I may slow down but I love building…”   

“Retirement means, I just want to be safe because I may not be able to work”

“I don’t want to quit, but I do believe we should have common sense”

What Are You Most Excited About Retirement?

“I’m excited I’m able to help ordinary men become extraordinary….pouring knowledge and whatever little bit of wisdom I have into others” 

What Are You Most Worried About Retirement?

“What creeps up sometimes is the fear of not being healthy”

“Recently I started paying attention to my health…I’ve lost 40 lbs since November 1st

How Do You Think You're Doing?

“I’m a big real estate guy, 75% of my retirement is in real estate”

“I wish I’d saved a little more cash”

“I worry sometimes if I’m balanced properly”

Who Do You Use in Your Life to Help Make Smart Financial Decisions? 

“For the most part, I’ve done it for myself, that’s the reason I’m not as balanced as I should be”

What Has Been Your Worst Financial Decision?

“I’ve never blown money, I work to hard to make it”

“Its simultaneous with one of my biggest successes. It was when I was 27 years old and I sold my business”

“Looking back now, I think I probably could have parlayed that into something larger”.

“I didn’t know I was going to get bored as fast as I did”

“I came from a very poor family…when to opportunity came along, it was the most money I could ever imagine”

What has been the Hardest Thing to Deal with Personally in Managing Your Finances?

“In managing my finances, I’m self reliant and I probably should have been looking outward more and seeking more expert advice”

What Resources Have Had the Most Impact in Your Life?

What Do You Want to Be Remembered for?

“I want to be remembered as the guy that helped other achieve their goals and dreams”

‘I want to be remembered as the guy that stops waiting to talk and fully engages”

Free Resources From Aaron Walker to Help you Find Meaning

Click Here to Get Aaron's Free Resources

  • A Personal Assessment
  • What Do I Want?
  • Steps to a Productive Day

 

Direct download: Retirement_Answer_Man_63.mp3
Category:Investing -- posted at: 8:20pm CDT

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