Beyond Retirement

Radon explains how POM Wealth focuses on helping people prepare for retirement in terms of financial and lifestyle planning. They work to help their clients make the plan they need and get into the mindset required to really be "retired".

Financial preparation is fairly straightforward, and provided by most financial planners, to make sure that the funds are in place to allow retirement (remember that this is when you start to SPEND the money you've been SAVING all these years!)

Lifestyle preparation is a big part of retirement; there are cycles to retirement and not everyone is prepared for them:

1. Year 1 is busy, getting everything sorted out, so there's not too much time to worry about "what you're going to do in retirement";
2. Years 2-5 are fun, with the expected/anticipated activities (golf, travel, grandkids, etc) and life is good!
3. After about year 5, things start to settle down as a rhythm is developed and people start needing "something" to do; this is the stage when a passion project might come into the picture - something that you always thought you'd like to do but it wasn't a feasible income-producing activity, so it got put by the wayside. NOW is the time to pull those out of the closet!

Radon and POM Wealth Management will help you get some of your ideas down on paper, so you have the framework for the activities you'll be doing in retirement.

To help people prepare for retirement, Radon offers a FREE 4-part video course on their website. Check it out here: https://pomwealth.net/blog

Radon can be reached through his website, https://pomwealth.net/

Email: [email protected]

Phone: 919-787-8866

Or on social media:

Twitter: @rnstancil

Facebook: radon.stancil

Instagram: radonstancilcfp

LinkedIn: in/radonstancil/

TRANSCRIPT:

As you know, if you’ve been listening along, after each guest episode, I reflect a bit about what we discussed, trying to figure out how to relate the information or ideas to retirement life or preparation for retirement. Today is no different. Last week I talked with Joseph Hogue, who discovered early in his 9-5 career that he didn’t really want to spend the next 30+ years doing a job that he hated. It wasn’t so much that he didn’t want to work; he simply wanted to do work that he enjoyed. So he set about figuring out how to ensure that this happened. If you haven’t listened to Joseph yet, please go back and listen to that episode, either now or after this episode. He’s got a lot of interesting information to share.

This episode is primarily for people who want to do something – they’re looking to fill up some of their time with a productive activity that may eventually lead to an income, however meagre it may be. Joseph’s main advice was “Just Get Started”. The longer you wait, the less likely you are to do anything and the more you think about what you’re going to do, the less likely you are to do it. So just get out there, find a hobby and do something!

Before I go too much farther, I want to say that I know not everyone wants a side business, and not everyone wants to earn money from their hobbies. That’s okay! You still need to get started – some of you will be wondering what to do with yourself all day every day when you’re retired. So Joseph’s advice of “just get started” is true for you too.

This is something that I am attracted to – the idea of “just do it”. Me and Nike, right? Seriously, though, that’s the only way to accomplish anything in life. And starting a hobby is a great time-consumer. Of course, you’ll want to make sure it’s something you’re interested in, because ultimately you’ll be spending time at it at least every couple of days. So spend a bit of time now thinking about what you enjoy doing.

Do you like to write? Maybe you can start a blog, writing about the Netflix shows you’ve seen lately, or maybe you’re a great gardener and you can share tips about what it takes to make the plants grow. I know that’s something I need to read about!

Joseph’s suggestion was to start a YouTube channel. I think that’s a marvellous idea, because YouTube is certainly one of the major search engines these days, right? You can find videos on just about anything. It doesn’t matter whether you want to make money at it or not; if you want to, you can, but it’s not a necessity. There are YouTube channels and blogs out there for any topic or idea you can think of. Joseph’s point was that regardless of whether you start out aiming to monetize whatever you’re doing, at some point you’ll be able to make money at it. And why not do that, if you can? Who’s going to turn down a little extra cash? If you REALLY don’t want the money and someone is trying to force you to take it, you can always give it to charity.

Another great idea for either a blog or YouTube is a journal of your life – just record what you do each day. It’ll be a great keepsake for your grandkids. I wish I had some stories about my grandparents’ lives, because I didn’t really know them very well. I was quite young when they all passed away and they lived in a different part of the country, so we didn’t visit often.

So, how do you figure out what to do and if it fits into your post-retirement life? I guess first you have to decide if you’re really interested in pursuing a hobby that can turn into a side business. I’m going to assume that you are, because there’s no point in taking this topic any further if you aren’t. Then you have to figure out what it is you’re interested enough in to want to pursue so doggedly, because to be quite frank, having your own business isn’t for the faint of heart. This should be a real passion, or at least something that you are willing to

Joseph Hogue is an investment analyst and an online entrepreneur. He travelled the same road as many people, getting a good education and starting to work in a solid job. He figured that's the way life goes - get an education, get a job, work till you've saved enough to retire, then retire.

But then he decided that this couldn't be all there is to life... there are other ways to make money that allow one to avoid working as an employee at a job you don't like, just to save money and get out of it someday. And so began his Work From Home journey.

He quickly learned that retiring early wasn't what he wanted - he just didn't want to hate what he was doing as a 9-5 activity. After all, if you're going to spend a third of your life doing something, you should enjoy it, right?

He started with blogs and learned how to monetize them. Then a chance encounter with a YouTuber brought more traffic to his blog than he'd ever seen and he realized that YouTube was a great way to publish and get traffic. Thus his YouTube channel, Let's Talk Money with Joseph Hogue, was born and he's never looked back!

He's working more hours than most people do at their 9-5 job, but he's loving it. He's found the balance he wants and has created the lifestyle he was searching for.

Please reach out to Joseph at any of the following links:

https://www.youtube.com/c/LetsTalkMoneywithJosephHogueCFA/

https://myworkfromhomemoney.com/work-from-home-blog/

https://www.instagram.com/lets_talk_money_josephhogue/

In this episode, Jacquie does a little deep-dive into the ideas that were brought up last week by Mitche Graf during their conversation. She discusses the Time-Value Pyramid and the overarching idea of "working smarter" instead of "working harder" to get where you want to go.

Mitche Graf is a best-selling author, a public speaker and an amateur gardener. He has been a passionate serial entrepreneur for over 3 decades; from selling used bicycle parts out of his garage in the seventh grade to running three companies today, he prides himself on knowing how to squeeze every drop of potential out of his endeavors.

He also knows that life is short - too short not to make every minute count. He's figured out how to work with what he calls the 24/7 Mentality... not the 24 hours per day, 7 days per week that most of us think of, but rather 24 hours per week, 7 months per year. The rest of the time is HIS, to do whatever he chooses. It may be to work on a new hobby, or maybe to bump up some of his existing projects a bit, or it could be to spend time with his family, because they are the reason for all that he does.

According to Mitche, the way to do this is through "systems efficiency". Knowing that the Pareto Principle states that you derive 80% of your results from 20% of your activity, he's pushed that a bit further and he's discovered the 90/10 rule. The efficiencies come from identifying the 10% of activities that you HAVE to do, and delegating the rest or otherwise removing them from your day. You do this by designing your lifestyle first and your work activities around that lifestyle.

His advice for success: Follow the Ivy Lee method for productivity. At the end of each day, write out 6 activities or tasks that you want to complete the next day and prioritize them in order of importance. At the start of the next day, work at the first task until it's completed, then move on to the next. Any tasks left unfinished at the end of the day are moved to the list for the next day.

To get in touch with Mitche or to find out more about him, please visit his website:

https://powermarketing101.com/