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5 Retirement Tricks You Were Never Taught

these five ideas took me 20 years to learn as a financial advisor and be sure to watch them all because I don't know which ones are going to resonate with you I can share with you number five is my personal favorite but leave in the comments what your favorite is okay let's go for a walk uh and the first idea the first tip uh that again they didn't teach us in college they didn't teach us in high school and unfortunately life didn't teach me most of us these things we had to learn them on our own uh and that is this is not our parents retirement right we are healthier than our parents were uh travel is quite a bit less expensive and easier today than it's ever been I've been fortunate in the last three or four years to be able to work remotely from 30 different countries and I can tell you my smartphone had has made that experience so much easier finding a place to stay getting from the bus or the trains station or the airport to where I'm staying finding the the location that I want to you know the cafe I want to go to or the museum or the cathedral or you know whatever the tourist destination is it's a lot easier with the smartphone so uh this is not our parents retirement this is not uh sitting around watching television and fishing I'm not saying that all of our parents did that but the whole world is open to us particularly post covid right um um is is travel is easier it's less expensive than ever so item number one is this is not our parents retirement if we looked at our parents and said ah I'm not sure I'm that excited about retirement I think the type of retirement we can have is is is is really exciting and really interesting we have to do our homework to be ready for it uh both financially as well as mentally you know what does retirement look like what are we passionate about what are we excited about how are we going to spend the time but if we do that homework I think we have a really fun-filled retirement to look forward to okay and number two is is exactly what I just shared which is you know we have to do our homework and I I think we have about a hundred hours worth of reflective work that if we do that I think we can uh feel like we're well prepared uh outside of the financial aspects for our return environment and then in addition of course the financial aspects are important I would encourage you to use a fee only financial advisor have a professional plan drawn up for you it doesn't have to be crazy expensive but you don't want to think that you're okay you want to know that you're okay you're we financial advisors cannot give you certainty but we can provide a lot of clarity just Google fee only financial advisor near you I keep saying fee only financial advisor because they have a fiduciary obligation to put your interest ahead of their own 100 of the time and that's really important but getting back to number two doing our homework it's not just the finances of it you know it's what's your purpose going to be a great book to help you think about your purpose is a book called strength strength to strength by Arthur Brooks what are you going to do with your time you're going to have a lot of time in retirement and what are the things that are really important for you and just look through the library of videos that that I have on YouTube I've I've covered this topic uh several times and other YouTubers have as well so think about how you're going to spend your time I can share with you high level after doing a lot of reflective work and having guided other people through it right I mean you just can't help but also think about you know how does all of this apply to my situation the four areas that I'm super excited about during retirement is number one having time for relationships I have a mother who's 87 years old lives a couple thousand miles away I was fortunate enough to be able to spend two weeks being a kind of her primary caregiver were my sister uh went on vacation finally it had been the pandemic since before the pandemic that she'd been able to take a vacation so relationships and investing in relationships the time for that I'm looking for or two and all for me all of these are broken into about a four so there's four of these the second one uh is taking taking care of my health doing what I can to stay healthy because uh retirement is going to be a heck of a lot more fun if I'm healthy so uh a fourth of my time on health and then I'm a lifelong learner I love learning so learning is is continuing to learn continuing to take courses uh continuing to just learn new things I've done many things I uh when I was much younger I was uh taking flying lessons and I've actually got the rating that you need to work for the airlines I taught myself how to code this YouTube thing so continuing to learn is important to me and then the fourth area is giving back and and for me that that means things like this YouTube channel right uh teaching and mentoring and coaching and sharing the knowledge that I have uh with people that I think it can help so those are the four areas for me that's what's right for me it doesn't mean that it's right for you um let's see and then the the last one as far as preparing your homework is you know if you live in the United States we have to think about what are we going to do for health care insurance until we're 65 and you know there are people that can help you with that the only financial advisors can help you with that there's Specialists that specialize in this area but there are solutions to that so but do your homework before you make the leap you want to make sure you've got that base covered okay number three uh the number three idea um here that nobody taught you about retirement uh and I alluded to it in the last item which is health is more important than wealth you know really really do what you can we you know we can't prevent cancer we you know we can do what we can we can eat right we can exercise we can do all of those things uh and and hopefully that will help keep you healthy longer and hopefully ward off any of these scary diseases that none of us want okay so just do what you can to stay healthy number number four um is um you you don't have to fully retire right if you have a lot of stress at work um if if you're ready for a change of pace if you're close financially and you want to make the jump you know there there are part-time jobs out there there are side hustles out there that you can do side businesses that you can start uh so if you're close to retirement if you're like boy I'd really like to retire sooner rather than later it doesn't have to be uh All or Nothing there's other ways to make income and the question is you know is is 50 free better than zero percent free on being retired you know could you take a seasonal job and maybe only work three months out of the year I mentioned in other videos when my kids were younger I used to teach a handful of weekends skiing uh at a local ski resort so my whole family would get free ski tickets but there are these seasonal jobs and is it better to be 50 free 80 percent free and work seasonally or work part-time work 20 hours a week in order to get health care benefits things like that so and there's no right or wrong answer it's just you know depends on um uh what's right for you okay number five and I've got a Bonus one here so don't don't uh disappear after number five uh before we get to number five if you're enjoying this video please give me a like uh the thumbs up it does help the YouTube algorithm find other people that hopefully my channel can help number five um is it's okay to have a backup plan you know related to um number four um you know maybe you think you have enough money to retire or you want to save uh a buffer and you're gonna work an extra two or three years to get this buffer uh and you know what having a little extra money having this cushion makes a lot of sense but you got to be careful because one year can easily turn into three or four years um so maybe you're in instead of having that buffer you have a backup plan where you're gonna have a part-time job you're going to have a you're going to create a side hustle if you have to in order to give yourself that buffer if if you get on the unfortunate side of sequence of return risk which is when the market is negative for first couple years of of retirement or in the first few years of retirement because that's when your sum of money is the highest uh it's when you're most susceptible to negative returns and and none of us know if if we're going to get hit with that or not but maybe the buffer maybe the insurance if you will against that is a willingness to work part-time or to create a side hustle business if you do get hit by that okay um and then the last item I want to leave you with and it's it's a saying in my industry um you for many people they don't need more money they just need a plan they need a game plan what are the things that are important to you what are those things going to cost and then how do you achieve those and you know I really encourage you to reach out to a fee only financial advisor and say Here's my situation can you help me think through am I am I close to being able to retire are there things that I'm not thinking about that might allow me to retire sooner rather than later and to find a fee only financial advisor just Google one I keep saying fee only financial advisor because they have a fiduciary obligation to you and that's important so I hope this video has been helpful if you've enjoyed this one I know you're going to enjoy this video up here that talks about the average income for retirees in America and this video down here that talks about five reasons to retire as soon as you can thanks for watching bye bye

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