Retirement Answer Man Show

Today’s episode of The Retirement Answer Man debuts a brand new format that will help you make even more of your retirement and financial planning. From here on out all episodes of RAM will be consist of 3 segments – The Hot Topic, where Roger addresses current issues on the financial horizon – The Practical Planning segment, where Roger gives you practical, actionable tips to help you get your retirement planning headed in the direction you desire – and the Listener Question, where Roger answers YOUR questions about retirement related issues. Listen in to get a feel for the new format and to hear how Roger can help you get your retirement planning well in hand before it’s too late. HOT TOPIC – A market correction or a bear market? Last week’s market closed with some alarming numbers and as always, many people are speculating what it means. Is this nothing more than a natural market correction? It could be… it’s been a very long time since the market corrected. But it’s always possible that it’s the beginning signs of a “Bear Market” that could turn things in a very negative direction. Which is it? Nobody can say for certain but the advice Roger has for you in today’s show applies no matter which it turns out to be. Don’t miss this solid, practical tip. THE KEY to being a great investor! Nobody invests their money to get small returns. We all want our investment dollars to do the very most for us possible. In this episode of The Retirement Answer Man, Roger addresses the current market situation by advising you how to become the great investor you want to be, no matter what the economic climate. Listen in to find out what Roger believes to be THE KEY to becoming a great investor. The retirement planning center is available for you – free of charge. Whether you’re a seasoned investor with a solid track record of investments behind you, or you are just getting started on the retirement investing journey, Roger has compiled a treasure trove of resources for you in his free Retirement Planning Center. It’s a quick and easy resource from an experienced retirement advisor that will get you moving in the right direction. If you’d like to gain access, listen to this episode to find out how you can! What is a Community Foundation and how can it help you with charitable giving? In today’s main segment, Roger has a very informative conversation with Nancy Jones of the Community Foundation of North Texas. Nancy’s experience in dealing with both donors and charities, as well as her interest in finding worthy and trustworthy charities for the foundation’s members, make her a great resource for the topic of today’s show. In this episode you’ll learn what a community foundation is and how it can help you identify charities in your own community that may be the exact fit for your charitable desires. //   OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN [0:32] The theme of today’s show – giving to others without worry. [1:12] Thanks to Allen for the great review. [1:42] A new structure to the podcast – Hot topic – Practical Planning Tip – Main Segment THE HOT TOPIC SEGMENT [3:35] A market correction or the next phase of a Bear market? [8:47] The key to being a great investor. [10:08] Roger’s seminar to help you plan out your investing goals – 8/27/15. Text “RAMWebinar” to “33444.” PRACTICAL PLANNING TIP SEGMENT [12:00] The basics of giving to causes and people. [15:18] Get a free retirement planning learning center – text “Planning” to “33444.” TODAY’S LISTENER QUESTION [16:13] What are ways I can find a “good” charity to support? [17:08] Roger’s introduction of his conversation with Nancy Jones from “The Community Foundation of North Texas.”

Roger starts the show off with a bang today by answering a listener question: “I’m a smart guy. So why do I make such stupid decisions when it comes to money?” Feel familiar? We’ve all made our share of mistakes in the financial areas of our lives, and that pattern never really changes unless we come to grips with the REASONS we make those decisions in the first place. As you listen to Roger’s response to the listener’s question, see if you can pick out the main reason dumb financial decisions are made and a handful of ways you can put safeguards in place to keep yourself from making them.   What worries you most about retirement? Have you given that question much thought? In today’s episode of Retirement Answer Man, Roger speaks with Darryl Lyons, author of “Small Business, Big Pressure” and asks him that very thing. Darryl’s answer is reflective of many people in our day, concerned about whether or not he’ll have the amount of retirement funds set aside to truly achieve the things he wants to do in his “life pivot” (Darryl prefers to think of retirement that way). It’s a refreshing interchange between two swell guys, and you can hear it on this episode. Is a college education really an important thing for your kids? In modern America, it’s almost heretical to even ask a question like that, but Darryl Lyons not only asks it, he’s come to a definitive “NO” answer. It’s not that Darryl is opposed to education,  he just believes that education is not the most important thing to him, especially as he considers the amount of money he’ll have to save to put his 3 girls through college. He’s not at all interested in paying that kind of money for an education that is top notch if the environment of the school isn’t supporting and promoting their character at the same time. Hear Darryl’s thinking on that and many other issues on this episode of Retirement Answer Man. Is paying tens of thousands of dollars for your kids’ college education equipping them or enabling them? That’s the spirit of a question Roger asks his guest, Darryl Lyons, on this episode of Retirement Answer Man, and Darryl’s answer is very intriguing. He’s convinced that much of the money spent on education today is wasted, and he’s got very strong reasons why he says that. Listen in to the conversation as Roger asks Darryl about that topic and many more, and see if you agree with Darryl. // Would you like to know what your Money Style is? Roger’s been learning that when he helps his clients know themselves better, they are better able to know what they want and need in their retirement. That mental picture is what Roger is calling their “MY Money Style Profile,” and Roger’s created a tool to help people (even you) get a clearer idea of what they value in retirement, and what is just wishful or romantic thinking that has no basis in reality. Click Here to Get Your Money Style Profile    OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN [0:27] Welcome and introduction to the episode. [1:37] Introducing the Retirement Personality Profile! Take yours today! [8:33] A listener question: “I’m a smart guy. So why do I keep making stupid financial decisions?” [17:30] The retirement journey of Darryl Lyons – Darryl’s story. [19:20] What does retirement mean to you? The most important question. [20:42] Darryl’s greatest area of excitement about his future retirement. [23:03] What worries you most about retirement? Have you considered the question? [24:23] Where is the line between supporting your kids and enabling your kids? [26:28] Darryl’s thoughts about why his kids’ education is not the most important thing. [27:11] Where Darryl is on the retirement road. [28:13] How a business that is growing can be a form of retirement.

Retirement planning is as much about additional sources of income as it is about investments. Roger’s guest today, Matt Miller, has built a company that offers savvy retirement planners a legitimate way to add an additional stream of income to their current situation – either on the side or with hopes of it moving toward a full-time business. It’s entrepreneurial to the core; becoming a business owner, making your own rules, living the life you want now, instead of waiting for retirement. But it builds toward retirement as well. Matt’s story is inspiring… and you’ll hear it all on this episode of Retirement Answer Man. From the military to corporate, to entrepreneur – Matt’s story Matt Miller was a pilot in the U.S. Military, and when he decided to step out of that life the transition was more difficult than he thought it would be. Though the government had spent plenty of time and money giving him outstanding skills, potential employers seemed hesitant to give him a chance because they weren’t sure he’d stick with them. They thought he was likely to return to the military instead. As Matt dealt with the corporate politics and the difficulties of achieving the freedom and levels of success he wanted, he realized that his future retirement AND the life he wanted now were things he’d have to go for on his own. Get more details on this episode. Retirement planning is about more than just amassing a pile of cash – it’s about making a meaningful life That’s a mindset that many people planning for their eventual retirement don’t cultivate enough. Your life after retirement can be, and should be rich with activities that make a difference in the world. Matt Miller (today’s guest on the Retirement Answer Man) says he could never see himself sitting on a beach doing nothing. He doesn’t want to be that person. He’s got to be busy investing himself in causes that are important to him, no matter his age or degree of physical stamina, and he’s built a business that makes it possible for him to do that, and empower others to have the same opportunity. If you’re tired of the rat race and want something different for your future, you should check out Matt’s great opportunity. Find out more by listening to this episode. A listener question: Can I contribute to my ROTH IRA even though I’m not eligible to do so? ROTH IRAs do have some limitations on when and how contributions can be made, especially if you’re single and make over a certain amount of income in the year you want to make a contribution. In this episode of Retirement Answer Man Roger fields a question from a listener who is in that exact situation and in doing so sheds light on the ways contributions can be made in that situation, and whether they will be tax free contributions or not. If you’ve got questions about your ROTH IRA, you should listen to this helpful Q&A with the Retirement Answer Man. Do you have a question for Roger Whitney, the Retirement Answer Man? Roger would love to hear from you and answer your question on an upcoming episode of RAM. You can easily submit your question in one of two ways: 1) Visit the website at www.RogerWhitney.com/retirementanswers . You’ll be able to leave your own voice message for Roger, asking your retirement related question. Or if you prefer to send in your question in writing, you can email roger at Roger@wwkllc.com . He’d be happy to hear from you! OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN [1:20] The revamp of the Retirement Answer Library – easier to use and to find what you need – www.RogerWhitney.com/learn [3:35] How you can leave your question for Roger – www.RogerWhitney.

I’ve been hacked!!!! To prove that talking retirement planning doesn’t have to be dull, Joe Saul-Sehy from the Stacking Benjamins Show hacked into this week’s show. We were all set for another super serious retirement planning show when Joe from Stacking Benjamins hacked in and took over. Evidently Joe thought I was getting a bit too serious and wanted to lighten up the show a bit. Although he made every attempt to suck the wisdom from the show, I was able to sneak in some great retirement planning lessons as he told stories, ranted and joked about personal finance. If you listen closely, you’ll see there’s some great lessons about: * Financial Pornography: The dangers of listening to financial news. * How everyone is marketing something. * Everyone presents themselves as financially savvy. * Why not to believe your friends investing stories. * Don’t count on your advisor to predict the future. * The true role of an excellent financial advisor. * Why humility is key to making good financial decisions. * Joe admits his worst financial decision. * How to judge the competency of your financial advisor. As light-hearted as Joe is, he really knows his stuff. If you’re looking for an entertaining personal finance show, check his out here. Tell Me What You Think Joe thinks I’m too serious in my show. Joe’s a good friend and I respect him. You’re a friend to so I’d love to get your feedback. * What do you like most about the show? * What would you change? * Is my show too serious? * Would you like to hear more about current events and the markets? * Is it too long (or too short)?

It’s easier than ever to become a terrible husband. Our connected world has caused the outside world of news, work and friends to compete for the limited attention we have when we’re at home.  If you’re not careful, e-mails, status updates and the internet can rob your wife of her rightful place as the center of your life. This year my wife and I will celebrate our 25th wedding anniversary. I’m happy to say our relationship has never been stronger. This wasn’t always so. For much of our marriage, I was a terrible husband. I allowed the pressures of work and the outside world to dominate my attention at the expense of my wife. Luckily, I woke up, got my priorities straight and can now say we have an awesome marriage. I want this for you, too. In this week’s episode, Nick Pavlidis shares his journey from terrible husband to husbandly awesomeness. (He wouldn’t say this, but I will.)  We discuss: * Signs you could be a terrible husband. * The importance of taking inventory of your actions and priorities. * How to apply workplace leadership skills at home. * Ways to make your wife your top priority. * Why it all starts with you. * How to walk your talk. * The benefits of investing in your marriage. * The magic of continually asking yourself,  “What is the next right thing?” Join Nick in Becoming a Better Husband Nick is, admittedly, a work in progress. If you’d like to join him on his journey towards being more intentional in marriage, here’s how: * Read Nick’s new book Confessions of a Terrible Husband: Lessons Learned from a Lumpy Couch. * Listen to his podcast. * Connect with him via: * Facebook * Twitter Question What is your best advice for improving your relationship with your spouse? Tell me here [arrows style=”arrow-5-2.png” align=”left”]

Many say the American dream is dead. That getting married, starting a family and building for the future is no longer possible. Even worse, many others believe it when they hear it.  All the while, though, there are people with “normal” jobs building the American Dream step by step. One such person (or couple) is Molly and her husband. He works as a teacher. She works part-time. They have a home and young daughter but still save 15% of their gross income. From our conversation, they don’t seem to do anything magical. They simply work at being intentional with how they spend money. Lessons I Learned From Molly’s Story * The word retirement is changing. It’s becoming more about working on your own terms than leaving the workforce. This is significant, and if you share this vision you can use it to plan more intelligently for your future. * It’s important to be careful about what you spend on your education. According to Career Builder, over half of college grads are in jobs that don’t require a degree. Education is important, but it may lead you to work you hadn’t considered. * It is possible to start a family, build a life and save for the future in “normal” paying careers. It takes being very intentional about your spending and working together. * It’s important to learn about the time value of money and investing early. Although parents and schools generally do poorly at this, there are lots of great resources for those that want to learn. In fact, today, I had a perfect example. A 19 year old called me to discuss how to start saving for the future. This young man is working, going to school and has extra money he wants to start saving and investing with. Where’d he learn this attitude?  Books and podcasts! * It’s so easy to buy things that we forget about the great free resources available to us. Whether it’s on the internet or at the local library, there are free resources to help you learn about nearly anything. Molly gives a great example of this in her quest to learn Spanish. Rather than buy a expensive (highly marketed) language program, she found free resources at the local library. Molly * Early 30s * Married 5 years * A toddler daughter (20 months) * Registered nurse What Does Retirement Mean to You? “In my 20s, it was this nebulous way in the future concept that happens to other people, but would never happen to me because I’m never going to grow old.” “Retirement to me would be a continuation, where I’m able to work just the amount that I want to. Maybe some of that is paid. Maybe some of that is volunteered. ” “I think of retirement as the point that we hit financial independence, so that I’m not just working because I have to. I’m working because I want to.” What Are You Most Excited About Retirement? “The flexibility to do whatever I want to do with my time.” “I would love to live close to my children when they have children.” What Are You Most Worried About? “Unexpected future expenses (home remodeling, more kids) could push back the date of our financial independence.” “I spend most of my time focusing on what I can control.” How Do You Think You’re Doing on Your Journey Towards Retirement? “If you’re looking at the average American in their mid-30s, I think we’re ahead of the curve.” “We’re saving about 15% of our gross income towards retirement.” Do You Use a Financial Planner? “I took a Retirement Planning class today at a local community college.  They offered a free consultation. It was very sales oriented.”

What do you think the midyear outlook for the market is? Greece is all over the news (What is it with Greece, anyway?), markets in China are crazy and here in the U.S. everyone is freaked out about when interest rates will rise. What is an investor to do? In this episode, we’ll discuss the midyear outlook for the markets as well as the importance of managing your assets in a consistent well thought out way. Your Investment Assets Should Be Aligned with Your Financial Priorities. All too often, we collect investments over time just like we collect “stuff” in our closet. As we walk through life, we see an interesting investment, buy it and repeat again and again. Over time, many end up with an investment portfolio that looks more like a storage closet than a well structured portfolio laser focused on helping achieve goals. Over the years, I’ve seen some horrendously constructed portfolios (by advisors as well as individuals).  I recall one IRA that had over 45 different managed portfolios! All actively managed by an advisor.  Geez!!! Collected portfolios pose some serious risks to your long-term investment experience. Such portfolios make it very difficult to evaluate: * the individual and the aggregate risk you’re taking; * whether each manager is performing adequately; * the appropriateness of the fees you’re paying; * whether you’re portfolio allocation is aligned with your family’s priorities. Much better, in my opinion, to have your portfolio and your balance sheet laser focused on helping you achieve things you know you care about. In short know: * what you own; * why you own it; * how to evaluate it; * how it helps position you to achieve your family’s priorities. It is Essential That You Stick with ONE Well Thought Out Investment Process. This is such an important point I need to do an entire show on it. If you switch from process to process you really don’t have any process at all. This can be DISASTROUS to your long-term performance. Decide on a well thought out strategy and stick to it. Stick to it even when it feels uncomfortable; especially when it feels uncomfortable. Stay tuned for a future show focused on investment process. Highlight’s From LPL Financial’s Midyear Outlook In this week’s episode, I speak with LPL Financial’s Anthony Valeri, C.F.A. about LPL’s midyear outlook for the world economies and markets. Anthony and the entire LPL team are sharp cookies. More importantly though, because LPL does no investment banking or selling of proprietary products, their investment opinions are not tainted by the normal conflicts of interest you see at major firms. Anthony is a Senior Vice President, Investment Strategies and sits on LPL’s tactical allocation committee. Get LPL’s Midyear Outlook for Investing * The economy has helped deliver six consecutive calendar years of positive returns for stocks since the end of the 2008 – 2009 Great Recession, as measured by the S&P 500 Index; however, constructing a strategy for the remainder of the economic e...

You’d never intentionally make a stupid investment for your retirement. Yet, most of us do everyday. We invest or should I say digest horrible things into our body. Over time these bad “investments” rob us of the most important thing in retirement, our health, and potentially give us a huge negative return in the form of high health care expenses. Luckily, there are some simple things you can do now to create a healthy retirement. Simple Investments to Create a Healthier Retirement. Pharmacist, Phil Carson of carsonnatural.com has counseled patients for years on medications to treat their health problems. Over those years, he’s seen the long-term effects of treating symptoms and not the causes of common health issues. In this episode he shares his simple advice to create a healthier retirement. Highlights From Our Conversation  “I want to help those that are half living to learn that they can live fully alive.” “You get to that point when you’re retired and you don’t want to end up spending all of your money on health care. You have this nice nest egg and they start to see it dwindle away because they have to spend so much on healthcare because they didn’t do what was necessary before hand.” “Be proactive. Don’t wait until your dealing with a health issue like high blood pressure or cholesterol .” “What I see a lot are people at retirement age that have been working to build up that nest egg, waiting to retire. When they finally retire and then they get sick because they’ve pushed themselves so hard. They failed to stop to think and be proactive in taking care of their body.” “When your talking about health and being proactive and taking care of your body, I look at that as an investment in your future.” “It’s not just about the quantity of life, you’ve got to think about the quality.” “A lot of medications are designed to just treat symptoms. They’re not designed to treat the underlying cause.” “Don’t just look at treating symptoms, treat the cause.” “The majority of people with high cholesterol issues, it’s because of their lifestyle problems.” 5 Simple Health Investments to Make Now * DRINK WATER (one half your body weight in ounces). * Get source minerals from spring water or supplements. * Replace electrolytes. * Eat more food instead of food products. * Exercise. Diagnosed with Diabetes or Pre-Diabetes? Facts From Dr. Phil Carson * 29 million diagnosed with diabetes * 86 million diagnosed with pre-diabetes * Statistics show that if within 5 years, these folks don’t make some type of lifestyle changes they will be in a diabetic state. * Making lifestyle modifications can help turn things around for most that have been diagnosed with pre-diabetes. * A health coach can make all the difference in helping you make lifestyle habits. * A lot of times we need that person to come along side us to give us that nudge and help keep us on track. [button_2 color=”blue” align=”center” href=”http://www.carsonnatural.com/ram” new_window=”Y”]Connect with Dr. Phil Carson Here[/button_2]

Do you remember your high school sweetheart?  I remember…..all of them. Young “love” is exciting, but how often does it turn into true love that lasts into retirement?  I found my true love, Shauna, in college. This year we’ll celebrate our 25th anniversary. When did you meet your true love? In this week’s journey to retirement story, we hear from true high school sweethearts, John and Patti. Free Report: Financial issues as Retirement Draws Near Lessons Learned * Your story matters. It’s great to hear couples have conversations based on the stories you share on this podcast. * Retirement is more about having flexibility in what you do than simply not working. * Fixing things yourself can save a lot of money and keep you engaged. * Not knowing when retirement is possible and what it could look like are central issues people struggle with. * You and your retirement goals will evolve over time. It’s important you have a nimble process to help you make good retirement decisions along the way. John and Patti * Patti is in her early 50s and has worked for the same company for 28 years. * John works in the technical field. * They’ve dated since age 17 (how sweet is that??). * Two grown daughters. * Gearing up for retirement. What Does Retirement mean to you? * Patti:  Retirement means doing a lot more things, doing the things I want to do. I don’t think I could not do something. It’s flexibility at an age when you can still enjoy it. * John:  I’m kind of a do it your-selfer. There’s really a lot of money to be saved by fixing things yourself. Retirement for me is going to be doing the things I want to do, on my terms. That in a nutshell is what I’m hoping for. I’ve got a laundry list of things I want to do. What are you most excited about? * John:  Right now I commute an hour each way. I’ll have 2 hours of my day back just like that. There are some things I’ll probably be doing in my 70s that I could never think I would do. * Patti:  Moving to a warmer climate in the winter. Maybe downsizing our main home. What are you most worried about? John: Do I have enough money? Am I going to run out of money? That kind of thing.  I have a lot of things I’m planning on doing. Am I going to be able to do them?  Is my health going to be okay? Patti: The worry for me would be managing the money properly so we have enough. We always worry about the health care costs. I think that will be a major cost that’s hard to predict. How do you think your doing? Based on the calculators we’ve run, I guess, we’re not panicking. We’re doing the best we can. If it means working longer, that’s what we’ll do. If it means retiring earlier, that’s what we’ll do. Do You Use a Financial Planner? * We do a lot ourselves. * What I’m looking for is someone to help me with a plan to move forward, give us recommendations and Patti and I execute them. * A lot of the places say we need to transfer all our money to this financial institution in order for them to manage it.

IS ANYONE THERE???  I ask because no one wants to talk about dying or end of life costs. Seriously, when do you bring it up?  At a family dinner??  Maybe on your Saturday date night???  Most likely you only think about it when you see the devastating effects it has on someone you know. The Emotional and Financial Costs of End of Life Care I’ve learned a lot about the devastating costs of end of life care lately. Over the last year, there’s been a lot of death in my family. Last year my sister, Barbara, passed away at age 51 and my aunt Nicola passed, too. Now, at age 96, my grandmother is tiring out and is in hospice. When someone you love is dying, it takes a toll on everyone close to them. If you’re not careful the emotional and financial toll can be devastating. In this episode, We’ll discuss: * How to manage the emotional cost of end of life. * The role of family in end of life. * The average cost of end of life care. * The uncertainty of the end of life process. * Ways to plan for end of life costs. * The importance of good estate planning documents. * How to write a family love letter.   Get 9 Important Estate Planning Steps Listener Question [testimonials style=”10″ margin_top=”” margin_bottom=””] %3Cp%3EAfter%20listening%20to%20episode%20%2369%20I%20have%20had%20a%20question%20I%20have%20needed%20answered%20for%20a%20while..%20.%3C%2Fp%3E%0A%3Cp%3EQuick%20background%3A%3C%2Fp%3E%0A%3Cul%3E%0A%3Cli%3EI’m%2033yrs%20old%20have%20no%20retirement%20working%20on%20life%2Fwork%20balance.%3C%2Fli%3E%0A%3Cli%3EMarried%203%20kids%3C%2Fli%3E%0A%3Cli%3EBuilt%20my%20own%20business%20for%20last%208%20years%20best%20profits%20have%20come%20last%202%20years%20and%20current%20year.%3C%2Fli%3E%0A%3Cli%3EI%20have%20no%20debt%20personally%20besides%20my%20mortgage.%3C%2Fli%3E%0A%3Cli%3EI%20have%20some%20business%20debt%20im%20paying%20off%20over%20next%202%20years.%3C%2Fli%3E%0A%3Cli%3EUp%20until%20age%2030%20I%20have%20had%20the%20mindset%20that%20ill%20invest%20in%20my%20retirement%20later%20and%20building%20the%20company.%3C%2Fli%3E%0A%3C%2Ful%3E%0A%3Cp%3E%3Cstrong%3EMy%20question%20is%20how%20much%20should%20I%20start%20investing%20in%20retirement%20vs%20reinvesting%20into%20my%20company%20to%20help%20it%20grow%3F%3C%2Fstrong%3E%3C%2Fp%3E%0A [/testimonial][/testimonials] Great question!  I struggled with this question, as well, and work with many owners that have the same issue. We business owners tend to be very confident in our abilities and company. Most business owners have the majority of their assets tied to their business. Makes sense, since typically the best return on investment is investing in themselves. If we’re not careful, though, we can become addicted to fueling our business and fail to diversify our assets outside our business. We’ll discuss: * The difference between a cash flow business and enterprise. * How to decide when to start diversifying your assets outside your business. * The difference between wealth creation and wealth preservation and growth.

You may die tomorrow. You may get sick. There’s no way to predict it and there’s nothing you can do about it. Yeah, It sucks, I know. I’ve got the same deal. As important as planning for retirement is, it’s just as important…no, more important….you make the most of the only life you have. The one that’s happening right now! The frailty of life is so easy to forget. We’re so busy planning, worrying and doing we can miss enjoying the here and now. Lately, I’ve had lots of reminders of how important enjoying today is. Last year, my sister and my aunt passed away, my grandmother (age 96) is in hospice and a old neighbor was just diagnosed with MS. I think of events like these as taps on the shoulder. God reminding me that I was created to live NOW. Don’t just plan a great retirement. Not at the expense of living today. To create a great life, you need to find that balance between living well today AND planning for tomorrow. I know, it’s a hard balance to achieve. It might be impossible. You still need to try though. And don’t wait, as many do, for a health issue to force your hand. Start today to: Dream up, plan out and begin living an amazing life. In this week’s episode, we hear Amy’s journey to retirement and how health issues helped bring into focus the need to find better balance between living today and planning for retirement. Lessons Learned From Amy’s Story * Don’t postpone living. Tomorrow is promised to no one. Health issues can hit at any time. * Resist the urge to inflate your lifestyle as your income rises. Society has trained us to be consumers and it can rob us of our financial security. * Even after financial ruin, you can have a great life. Who is Amy? * 46, married 15 years * Two children, 19 and 20 * Owned her own business, CPA * Teaches part time at a local university * Shares the same financial philosophy as her spouse * Very debt adverse What Does Retirement Mean to You?   “I enjoy working. I consider being a professor being retired from being a CPA.” “I don’t see us ever not doing anything.” “We envision traveling and work camping to help pay expenses.” “I am disabled and my mobility has gotten worse as I’ve gotten older.” What Are You Most Excited About Retirement? “Not having to worry about the money” “Being able to travel” “Retirement means being able to go do what I want to do.” What Are You Most Worried About Retirement? “My health.” “It (health issues) kinda opens your eyes that you’re not promised tomorrow.” How Do You Think You’re Doing? “My grandparents were always a good role model.” “Being a CPA and seeing a lot of people struggle. I didn’t want to struggle.” What’s the Worst Financial Decision You’ve Ever Made? “One thing we both regret, as the careers were lifting off…you always think you’re supposed to have that next big thing. The Cars the boats, the house…So we traded in this really nice house for this big mammoth..house. We got into it thinking that is what we were supposed to have.” What has been the Hardest Thing to Deal with Personally in Managing Your Finances? “I think telling myself that we have enough….because we had nothing and I never we want to go back there.” “For the past 40 years we’ve been accumulating and accumulating. It’s hard now to decompress and flip that switch.” What Resources Have Had the Most Impact in Your Life? * It comes from your multitude of experiences. * Mr. Money Mustache * Financial blogs How Do You Want to Be Remembered? “Just a good mother, wife and someone that gave back.”

If you’re working to build a great retirement, stop listening to weekend investment talk radio. The economics of these local shows encourage the sale of investment products rather than offering sound investment advice. In this week’s episode, I answer listener questions and talk about the difference between investment and investment products and why too much worry will rob you of your life. Brenda asks: “What do you think about those weekend radio shows where they talk about “no risk investing” and how their clients “never lose money”? Are they legit?” In my answer I discuss: * The economics of weekend investment talk radio. * Why you should be careful in responding to messages playing off your fear or greed. * The differences between investments and investment products. * How to make smarter investment decisions. Janie Asks: Question: My husband and I are both self-employed. (I am 35, he is 40). I am paralyzed with stress about retirement. We save about $20,000 per year, max out Roth, remainder in mutual funds. In addition. we also save for college funds (3 kids) and paying $350/month extra towards 30yr fixed mortgage. (Really have only been able to save like this for past 5 years–prior to that paying off student loans, building business etc.) We have no credit card debt and no car payments. What stresses me out, is that I don’t have a traditional 401K so I don’t know what is “normal” amount saved. I guess my question is. . . . . is 20% the right amount? Is it  WAY low?  Way high? Frankly, I want to be safe. I had a very uncertain, unstable childhood. I’ve built a great life for myself but I find myself not being able to enjoy my efforts because I’m constantly worried about the what ifs. (Are you a financial planner and a shrink. . lol). In my answer I discuss: * Why Janie needs to STOP worrying and start living more (I say it with love). * Why Janie and her husband should be PROUD of their progress. * The dangers of constant financial worry. * How having a sound plan can help lessen financial worries. * How a good financial planner might bring needed perspective and structure to their financial life. Want to Make Smarter Financial Decisions? Get free access to resources to help you: * Create a net worth statement * Manage cash flow if you hate to budget * Understand the basics of Social Security * Plus many more. [button_2 color=”red” align=”center” href=”http://www.rogerwhitney.com” new_window=”Y”]Click Here and Sign Up[/button_2]

Have you noticed how these Journey to Retirement stories have little to do with money? Each listener’s story has focused on freedom and experiences. This week’s story is no different. Favorite Quote From This Week’s Story [Tweet “”It (retirement) means the freedom to do what we want, when we want and where we want.””] Lessons Learned. * It’s important to think about what financial situation your spouse will be in when you pass. * Pay attention to fees and make sure the fees paid are adding value to your financial life. * Brake the habit of using consumer debt. It can be a major drag on building wealth. Who is Harold? * Age 56 * Retired Air Force * Current civil servant * Married 23 years * Goal to retire in 6 years What Does Retirement Means to You?   “It means the freedom to do what we want, when we want and where we want.” “Our big hold up is not having the time to do the things we love.” “Our time is limited and everything we want to do feels rushed.” What Are You Most Excited About Retirement? “I’m excited about…well, see above answer.” “Traveling is our big thing.” What Are You Most Worried About Retirement? “My main worry is…if something happens to me that she is taken care of.” “I used to assist widows and widowers upon the death of their spouse. I saw so many times when the main breadwinner died and they were in horrible financial straits. I want to assure my wife is not in the same boat.” “I want to make sure she knows where everything is because I don’t want her to feel paralyzed if something happens to me.” How Do You Think Your Doing? “I’m feeling very good.” Who Do You Use in Your Life to Help Make Smart Financial  Decisions? “I have not and I’ve come close on three different occasions.” What Has Been Your Worst Financial Decision? “I really don’t have a big financial mistake, but I have several small ones.” “Prior to my wife coming into my life, I was not at all bothered by carrying debt. After she came into my life, she put a stop to that quickly.” “I never used to pay attention to fees on the mutual funds I would get into.” What has been the Hardest Thing to Deal with Personally in Managing Your Finances? “The 2001-2002 and 2007-2008 markets were very hard to watch the bottom fail out of the market.” “Putting money in is easy to me. Taking money out (in retirement) I think will be mentally a little more difficult.” What Resources Have Had the Most Impact in Your Life? “The Truth About Money” by Ric Edelman “Buckets of Money” by Ray Lucia How Do You Want to Be Remembered? “Well, Roger, I’d like to think of myself as a loyal, kind family 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 intentional life. This was the message I heard loud and clear from this week’s listener’s story. Favorite Quote From This Week’s Story [Tweet “”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 over think 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 of late 40s * Both retired What Does Retirement Mean 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, it’s 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.”

“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 me, 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. [button_2 align=”center” href=”https://attendee.gotowebinar.com/register/2818602821725961217″ new_window=”Y”]Click Here to Claim Your Spot[/button_2] Favorite Quote From This Week’s Story [Tweet “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 being 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 Mean to You?   The idea of 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? 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.