loader from loading.io

65: Self Employment + Retirement: Life in Retirement

Wealth by Design

Release Date: 03/28/2019

MINISODE: Hurricane Hiatus - An Update on the Wealth by Design Podcast show art MINISODE: Hurricane Hiatus - An Update on the Wealth by Design Podcast

Wealth by Design

Hello, loyal listeners! We wanted to let you know that we have a quick update on the podcast and a few things that are happening over at Toujours Planning right now. As you may know, we are a Lake Charles-based business and family, and our community, homes, and offices were devastated by Hurricane Laura in August.

info_outline MINISODE: Do You Need a Financial Advisor or a Certified Financial Planner™? show art MINISODE: Do You Need a Financial Advisor or a Certified Financial Planner™?

Wealth by Design

Do you need a financial planner? A financial advisor? An investment professional? A money coach? And what are those initials after their names?!

info_outline MINISODE: Are You Falling into This Stock Market Trap? show art MINISODE: Are You Falling into This Stock Market Trap?

Wealth by Design

In this minisode, Dustin breaks down the Sir Templeton’s quote: “Bull markets are born on pessimism, grown on skepticism, mature on optimism, and die on euphoria.”. He also discusses timing the stock market, why it’s a bad idea, and what you should do instead.

info_outline MINISODE: Should You Have a Joint Account with Your Partner? show art MINISODE: Should You Have a Joint Account with Your Partner?

Wealth by Design

We’ll keep the intrigue to a minimum. In our opinion, the answer to this question is a resounding yes. Sharing your finances with your partner builds trust. Keeping them separate can breed suspicion and worry.

info_outline MINISODE: When Stock Markets Dip and Bounce Back show art MINISODE: When Stock Markets Dip and Bounce Back

Wealth by Design

In this minisode, Dustin recaps what a stock actually is and how stocks are bought and sold. He discusses how people’s emotions cause those peaks and valleys in the stock market, and how you can avoid that dangerous herd mentality when it comes to your own investing.

info_outline 112: Growing a Business & Wealth with Katell and Jon of Reverielane show art 112: Growing a Business & Wealth with Katell and Jon of Reverielane

Wealth by Design

Katell and Jon, a husband and wife design team, are founders of Reverielane, a purpose-driven brand and web design firm.

info_outline [Summer Remix] 102: Net Worth is King show art [Summer Remix] 102: Net Worth is King

Wealth by Design

We talk about fear a lot on our podcast. Fear is natural and, TBH, necessary. But fear can also make you focus on the wrong thing when it comes to your net worth. Paying down debt rather than building up your assets, to be specific. And that’s what we discuss in this week’s episode: where our fear of the “debt boogeyman” comes from, our three-step strategy on how to overcome it, and what part of your finances you should be focusing on instead.

info_outline [Summer Remix] 101: Robo-advisors: Your New Best Friend or Your Worst Enemy? show art [Summer Remix] 101: Robo-advisors: Your New Best Friend or Your Worst Enemy?

Wealth by Design

The robots have taken over. Just kidding. But, they have taken over a major chunk of the financial industry in the form of robo-advisors. But the truth is, we think robo-advisors are actually pretty useful. Of course, there’s a time and a place to use them, which is exactly what we cover in this episode of Wealth by Design.

info_outline [Summer Remix] 100: High Yield Savings vs. Stocks: Who Wins? show art [Summer Remix] 100: High Yield Savings vs. Stocks: Who Wins?

Wealth by Design

There are a lot of misconceptions about investing in the stock market, thanks to fear-mongering in the news, horror stories from family and friends, and a lack of education about the stock market in general. Your fears may also be why high yield savings seems like the better option for your money. In this episode, we talked about the differences between high yield savings and stocks. We know you’re probably a big fan of saving because it’s “safe,” right? Well, we’re about to rock your world.

info_outline [Summer Remix] 98: Leaving Behind the “Punch Clock” Mindset show art [Summer Remix] 98: Leaving Behind the “Punch Clock” Mindset

Wealth by Design

The concept of a punch clock — punching in to start a shift and punching out when it ends — is ingrained in many of us, even as business owners who write our own checks and make our own schedules. But it doesn’t have to stay that way! On this episode of Wealth By Design, we talk about how you can start changing your mindset and your life right now.

info_outline
 
More Episodes

What’s the first thing you think of when you hear the word “retirement”? For some, it conjures up images of golf courses, RVs, and days spent measuring blades of grass. And for many people, especially those from younger generations, those images are enough to keep them working forever.

But Dustin and Danielle don’t think retirement has to be like that. In fact, on this week’s episode of Worth It, they’re asking listeners to reframe their definition of retirement altogether. Then, once you have a better idea of what retirement really looks like to you, you can plan for the future you really want.

WHAT YOU’LL LEARN

02:57 The difference that Bill Gates has made

05:31 What Oprah is doing in retirement

08:42 Why you don’t need to be a billionaire to make a difference

08:58 What life in retirement can look like for you

11:01 The misconceptions of retirement

11:44 How concerns over Social Security affect this generation’s perception of retirement

15:32 What you can do to prepare for life in retirement

16:09 The definition of revivement (instead of retirement)

18:03 Why people are focusing on building a legacy now

18:50 How to lay the foundation for your revivement now

21:00 The importance of exploring your interests before your revivement

25:06 How to replace income in your revivement

25:38 The importance of starting to save now (not later)

28:14 The rule of thumb for retirement/revivement savings

CHANGING DEFINITIONS OF RETIREMENT

While there are plenty of concerns about saving enough for retirement and the possible end to Social Security, most people today just don’t view retirement the same way previous generations did. While older generations worked hard until retirement and then spent their time traveling or relaxing, younger generations are taking trips, start families later, and generally doing more of what they want now rather than later. Because of this, many Millennials aren’t thinking of retirement (two-thirds have approximately 0% saved for retirement!), but Dustin and Danielle want to change that.

How? By changing how you review retirement. As Danielle puts it in the episode, “Don’t think about it as retirement, think about it as revivement.” In “revivement,” you can:

  • Explore new interests
  • Make a difference in the lives of others
  • Continue working if you want
  • Stop working if you want
  • Build a legacy

Essentially, you can do whatever you want when you hit retirement/revivement. With all that in mind, Dustin and Danielle then dive into how you can prepare for this phase of life.

PREPARING FOR ‘REVIVEMENT’

In this episode, Dustin and Danielle explain the power of shifting your mindset from “doing nothing in retirement” to “doing whatever you want in revivement.” But of course, doing whatever you want means that you’ll need income to support your lifestyle. So how do you plan — and save — for that?

Dustin and Danielle dig into 3 ways to prepare for revivement:

  • Change your definition of retirement. Really dig into what you think retirement will look like for you and what you want to do (the sky’s the limit!).
  • Start laying the foundation for your revivement. Explore what you want to do, try new things, learn as much as you can. (Dustin is a fan of juntos and finding your ikigai to help you build this foundation.)
  • Figure out how to replace your income in revivement. This is where the math comes in, but don’t worry! Dustin walks you through it in the episode.

SAVING FOR ‘REVIVEMENT’

If you’re digging the idea of ‘revivement,’ you’ll want to start planning for it. Savings and investments, business income, and even real estate may be able to help you collect what you need for your retirement/revivement, but there are a lot of variables that come into play. In the episode, Dustin shares his equation for finding your “revivement number” — or what you need to save up to live that work-optional lifestyle. But basically, it’s:

Your Required Yearly Income x 25 = Revivement Number

For example, if you want to live on $100,000 a year in retirement/revivement, you’ll need $2.5 million before you say “Adios” to work. Sound like a lot? It might be, but it’s not impossible with the right plan.

Listen to this week’s episode of Worth It to hear what Dustin and Danielle say about retirement, savings, and leaving a legacy. They give a few actionable tips to help you get the retirement/revivement ball rolling, as well as some things to think about for your own future.

If you want help preparing for your revivement, this is a great episode. And if you are curious about saving for “revivement” but don’t know where to start, you can contact Toujours Planning. All you need to do is answer a few simple questions to see if we’re a good fit for each other!

RESOURCES & PEOPLE MENTIONED

CONNECT WITH DANIELLE AND DUSTIN