Later will be here before you know it...
In this issue, we’ll address the bucket strategy to approaching retirement and the activities that lead to long term wealth.
The Wealth Minute
Now, Soon & Later
Last week we discussed the importance of understanding and planning for the red zone of retirement. Those are the five years leading up to retirement and the first five years of retirement.
But that's only a portion of what we teach our clients.
Another incredibly important part of the planning process is insuring that you are ready for Now, Soon & Later.
A mistake that many retirees make is to have all of the income they'll need for retirement in an investment account, where it is accessible to the ebb and flow of the market.
Ask anyone who was planning to retire in 2008 how painful it is when the market takes a downturn just as you're ready to retire.
To prevent that level of exposure, we recommend our clients take a slightly different approach.
The only money that is wide open in the market is money in the "Later" bucket. It will have time to recover if the market is flowing in the wrong direction.
"Now" money and "Soon" money is placed in other vehicles, based on risk levels.
Creating such a balanced approach to retirement allows my clients to maximize
Wealth Move
While not this month's book of the month, The Bucket Plan book is one I recommend to all of my clients who are starting the retirement planning process.
Register to attend the FREE Financial Forecasting webinar where you'll learn all about this amazing tool and how it will benefit all of your financial planning endeavors.
The Freedom Path
Getting to wealth
I have a secret to tell you...
Building wealth is not about the money.
Fact.
You can ask any lottery winner and you'll discover that 70 % of them lose their big prize within five years.
Why?
Because they never learn the mindset behind the money.
Without this all too valuable piece to the money puzzle, you will never win.
But good news!
My job to to help you learn what is needed to build wealth. And you don't have to win the lottery to do it.
Below are some ways to get started:
Acknowledge any negative money thoughts that are hindering you from moving forward.
"I'm horrible with money", "I can't ever seem to get ahead financially", and "I missed out yet again" are all examples of poor money thoughts that can keep you from building wealth.
Replace these thoughts with positive money thoughts.
"Wealth constantly flows into my life," "I am worthy of financial abundance," "I attract lucrative opportunities with ease," "I have a clear financial plan," and "I am capable of achieving financial success" are great ones to start with.
Why not make a daily habit of repeating these as a way to retrain your thoughts?
Click here for a download of these and other positive money thoughts for you to ponder.
Wealth Move
What we think about, we bring about.
Make a decision to speak positive money thoughts to yourself every day.
Click here for a list of activities to help you transition to a mindset of wealth.
My Money Mindshift sessions are a great way to get to the root of what's blocking you from building wealth.
Book of The Month
The February 2025 book of the month is "Take Your Seat at the Table" by Anthony ONeal.
So many nuggets in this one. Read it with a notebook handy.
Coffee Chat Question
If we were to meet for coffee, what would you want to know?
Feel free to email me questions that will anonymously be added to this section during each edition.
“Friends are taking a cruise in the fall and asked me to go. I just committed to getting out of debt, but I really want to go. What should I do?”
I have been on both sides of this one.
I went when I couldn't afford to go and I also dug in and stayed the course on the financial goal.
The question to ask is what will bring the most satisfaction not just today, but long term.
We chose to delay vacations until we were out of debt. Plenty of our friends stayed in debt longer so they could vacation.
There is no wrong answer.
I would caution against using debt to cover the cost.
If you can pay cash, at least you only bring home memories and not the financial baggage associated with more debt and more payments.
Either way, trust your instincts and stay true to you.
I hope that helps.
