Let me tell you a quick story about a man called Ben.
Ben first retired in 2017, aged 39, he did nothing but paint pictures and write
short stories for a year. This was an enjoyable way to pass the time. However,
his income (not counting passive investments) was only $600.
Ben realized that his income was unsustainable. He realized that he needed to find a retirement
job that would allow him to make extra money. That job, as it turned out,
transformed into a full-time consulting position, which earned him a significant amount of money,
but robbed him of a lot of the time he could have spent pursuing his painting and writing dream.
Now, I'm sure you don't want to end up like Ben, do you? That's why it's so important to
create a solid retirement plan while you still can. Think of it as a financial strategy that
combines both savings and investments, to fund your ideal retirement lifestyle. And when the
time comes to retire, make sure you stick to that plan, so you can enjoy doing what
you love without any unexpected surprises! So, in this video, I'm going to let you
three must-have elements for a great retirement plan. And trust me, you won't want to miss this!
A few years ago, when I was reading Viktor Frankl's famous book, Man's Search for Meaning,
he made a fascinating point. He said that chasing money and power
is really just a distraction from our true desire: finding meaning in life.
Imagine this: you're working your whole life to achieve financial independence,
and when you finally get there, you feel a burst of happiness... but then,
there's this lingering sadness. It's like there's this empty space between the hope
that money and power can bring meaning, and the realization that, well, they can't.
Now, don't get me wrong – being wealthy has its perks! You can wake up when you want,
live anywhere, work as much or as little as you like, and never stress about bills. But, as Frankl
suggests, financial independence alone won't make your life fulfilling. You need something more.
Take James, a corporate attorney in Texas, for example. He dreams of helping people in the Third
World develop small businesses when he retires. His colleague Cate wants to support local theater
groups, and their boss Antony plans to promote reading through a series of books on philanthropy.
So, what can we learn from their retirement plans? It's simple:
happiness doesn't come from chasing it. Instead,
it often sneaks up on us when we're focused on something or someone we truly care about.
In fact, psychologists have found a kind of life secret: to be happy,
invest your time and energy in what you care about. There are three key points to remember:
1. Happiness comes when you're not seeking it. 2. Focus your attention outside of yourself.
3. Devote your time and energy to your passion – which often involves work.
Now, I know that last point might seem strange, especially when talking about retirement. But
think about it: if you spend all your time trying to be happy, focusing on yourself, and avoiding
work, you might end up bored, unhappy, and constantly chasing pleasure. So, let's redefine
retirement as a time to pursue passions and find meaning, not just kicking back and relaxing.
Alright, now that we've talked about finding happiness in retirement,
let's dive into today's topic: What makes for a perfect retirement? I bet you're curious!
We've already debunked some common retirement myths – you know, the ones that say a good
retirement is all about play and no work. So, what does an ideal retirement actually look like?
Well, first off, you definitely want to be happy. And as we've discussed, that means doing
meaningful work focused on something beyond yourself. But, there's more to it than that.
Experts have spent decades researching and analyzing what makes a retirement
plan perfect, and they've narrowed it down to three key ingredients:
Number 1: Have Enough money to support your lifestyle.
So, the ultimate financial goal for retirement is having enough money to enjoy life without
needing to work, right? When you can afford your lifestyle without working, you've got the freedom
to choose work that's truly meaningful to you, even if it doesn't pay much or anything at all.
Take Joe, for example. He's planning to retire (again) in about eight months and
wants to spend his time writing short stories and literary novels. He's fully aware that he
might not make much money from this venture - I mean, during his first retirement,
he made just $600 in a year from writing (that's like a penny an hour!). But Joe
knows from experience that writing fiction brings him joy and improves the quality of his life.
Writing won't be the only thing Joe does in his retirement,
but it'll probably be the most meaningful to him. He can afford to pursue his passion
because he's spent the last 12 years growing his net worth since his last
retirement. You'll want a good retirement when you retire too, so make sure to plan
your finances and invest diligently, so you can have a memorable retirement.
Number 2: The freedom to be in charge of your life.
You know that feeling when it seems like everyone else is in control of your life,
but you? When you're working, your boss decides when you arrive, when you leave, and what you
do in between. And if you've got a young family, they pretty much take up the rest of your time.
You'd feel lucky to squeeze in just 30 minutes a day for yourself. Even
an indentured servant or an enslaved person might have had that much time, you think.
So, when you achieve financial independence, why not aim for other forms of independence too?
Retirement is a fantastic opportunity for change, and as you're working towards wealth, it's the
perfect time to consider the possibilities. Start asking yourself some important questions:
• Where do I want to live? • Who do I want to spend my time with?
• What kind of work do I want to do? • Who do I want to work with?
• How much time do I want to spend working? • How do I want to spend my leisure time?
Think about where you want to live. With the internet and affordable air travel,
you don't need to feel tied down to a specific location. Make a list of
your top 5 or 10 dream places to live, and spend the next few years visiting
them. By the time retirement rolls around, you'll know exactly where you want to be.
Choosing meaningful work is crucial for creating a sense of freedom and power in your life. Make
a promise to yourself that you'll pick something exciting and motivating for your retirement work.
Forget about the money; focus on what makes you feel good about yourself and stick to it.
Also, consider who you'll be working with, whether; clients, colleagues, or consultants.
Build a network of amazing people in your chosen field. Since you won't need the money,
why settle for anything less? Make sure you're in charge of all your relationships from the get-go.
Number 3: Enough time to enjoy yourself.
Imagine cutting your work hours down to just a few a day – sounds like a dream, right? Well,
in retirement, you could make that dream a reality. You can run a retirement business
or enterprise by working only 5 to 15 hours a week, as long as you have two key ingredients: a
fantastic second-in-command and the determination not to let your business grow too quickly.
Take Jessy, for example. She's a former finance manager at a top-notch
corporation in New York City. After building a successful business with a talented team,
she decided to semi-retire at 57. Nowadays, she works about
three hours a day and still rakes in a sweet six-figure supplemental income.
"I don't need the income," she admits, "but it doesn't hurt. And I still love
the business. I come in at 9:30, make some phone calls, and then putter around,
asking questions until my team tells me to go home. I'm always back by lunchtime."
Her neighbour, Jacobs, also works about three hours a day, lending money to businesses and
individuals who can't get conventional financing. He's relied on his trusty assistant for 20 years
to handle most of the work. "She does everything," he says. "I just come in and sign papers."
As you approach retirement, it's also a great time to reevaluate your relationships. If you've
been unhappy in a certain relationship but haven't been able to end it on a healthy note,
this transition might be the perfect opportunity to make that change.
You see, the purpose we aim for at any given time really depends on everything life has thrown at
us up to that point. As Viktor Frankl said, there's no one-size-fits-all purpose in life,
just like there's no single best way to swing a tennis racket.
It's essential to remember that you always have the freedom to choose your purpose,
even if it's just to endure life's challenges with grace. When you fully commit to that purpose,
your life becomes meaningful and your heart fills with joy. You'll feel lighter and
more energized, which is exactly how you imagine financial freedom to be.
So, if you're looking to experience the best parts of retirement (you know, those dreamy days you've
always imagined), why not try incorporating the lessons from this video into your retirement
plan? Who knows, it might just be the key to unlocking the perfect retirement for you.
I really hope you enjoyed watching this! If you did, go ahead and give this video
a thumbs up. And hey, why not share it with your friends? You might just change their lives. Oh,
and don't forget to hit that subscribe button for more life-changing content. With that said,
have a fantastic day, and I'll see you in the next one.