We continued our speaking tour at Toronto Public Library branches. These presentations have been a great opportunity to share the Victory Lap Retirement message. We are humbled by the lending activity that the book is getting at the libraries and the number of people that make their way to our events, many after a long day at work. Thank You.Again this week during question period we had questions around individual financial plans. We have said it before but it is worth repeating, less than 1/2 of Canadians have a financial plan (FP). As you think about retiring whether it is in 2 years or 20 years you need to have a financial plan! There are great financial experts and advisors out there to help you on your way to financial independence, so get out there and find one. The choice of a financial advisor is an important decision so interview and make sure you find a compatible advisor. Look for a financial services company that offers a variety of services, because your requirements will change with an increase in your net worth and changes in your personal circumstances (marriage, children, etc.). You may find it more convenient when a change is required to move within the same organization. In the end a personal connection, comfort and performance of the advisor are key considerations. As you review your financial plan each year review the performance of your portfolio and your advisor. Don’t be afraid to ask questions and hold the advisor accountable for fees and performance. After all it is your money!
We continue to preach that the traditional view of “full stop retirement” no longer works, we also believe a financial plan without a lifestyle plan does not work. Create a lifestyle plan (LP), which is a living document one you refresh and change as you get closer to retirement. The LP helps you understand what your “retired” life will look like. A FP and LP will give you a better understanding of when you can retire i.e. financial independence and what you will do when you do take the plunge. Having a LP will allow you to better articulate to your financial advisor what your victory lap might look like. It will give you a plan for travel, potential income, major purchases, memberships, etc.. This plan will help your financial advisor set appropriate financial goals to make it happen. Finally, a lifestyle plan is invigorating as it shows you what is in the realm of the possible, when your financial plan comes to fruition. It isn’t money that brings you joy in Victory Lap it is the experiences!
We tweeted an article from The News & Observer this week that you might find interesting. The article is about Mike Williams, a former 30 + year employee of IBM who became a hypnotist. We always like to say that anything is possible in Victory Lap, but I have to say this is the first hypnotist I have seen. I guess this just proves that we are only limited by our own creativity. As a hypnotist Mr. Williams helps people deal with bad habits like nail biting smoking and deal with other issues like self confidence. What a great way to help people.
The other part of the article that I wanted to share was a new term I saw, “work-life integration”. The term is used to show how we adapt our life to support our work. You are no longer trying to achieve “work-life balance” but instead you are adapting your life in order to support your career aspirations. Sound familiar?
My two take aways from this article, first don’t limit your dreams in VL, truly anything is possible, and if you are able to help people and make some money, jackpot. Second, the idea of work life balance will always be a challenge most of you will at one time need to dedicate more time to work over the course of your career, to prepare a presentation, make the big pitch, fill a big order, or travel to a customer or conference. If you are still building your career like everyone before you, you have to do the work, and that is ok. Just make sure you are working towards balance, what ever that looks like for you because remember when you retire or leave the company, it will be your friends and family that will be with you in Victory Lap.
We constantly talk about how joyful VL can be, but don’t forget to enjoy the ride on the way there. Live every day to the fullest.