You know, it’s never too late to come visit Your Survival Guy. Thank you to those who have and will be soon. It’s been a busy couple of months for us. Not to mention Newport’s buzzing with more activity and visitors than I have seen in years. Don’t let that keep you away. I have a primo parking spot saved just for you.
My meetings with you offer us a chance to visit and talk about the bucket list trips you just returned from and the ones you’re looking forward to taking. We talk about generational wealth, succession planning, estates, and the like. We also talk about spending. That’s a big one. Because spending isn’t as easy as it sounds. Let me explain.
We spend a lifetime saving ‘til it hurts, working ‘til we almost drop, and now we have more money than we ever expected to have. Nice job. But here’s the issue, it’s wicked scary spending money. It’s hard to stop your habits. You’re used to doing without in order to have more down the road. But here’s a word of caution: you want to enjoy the road while you still can. I understand how psychologically painful it is to make the transition, but do it. I’ve got your back.
The fear of outliving your money surpasses most others when it comes to your retirement life. And it can be paralyzing. If I don’t keep saving, you think, what will happen? In my conversations with you, you tell me you’re ready to start spending and might spend more at the beginning of retirement’s three phases. As you put it: the go-go, the slow-go, and the no-go years. But how?
First, don’t let the fear of missing out on market gains override the regrets of getting to the no-go years, missing the boat on the go-go, and slow-go ones.
Second, take your spending as seriously as you have your savings. In other words, learn how to spend like you learned how to save.
Three, yes, there’s a formula out there that will work just fine for you.
Four, yes, there are ways to do it more efficiently than others, which is why we visit. Let’s build that plan together.
Action Line: A Spending Warning: Caution, this isn’t for everyone. Some are too good at spending. If that someone lives under the same roof as you, do not share this piece. Let it be our little secret. When you want to talk about it, I’m here.
Originally posted on Your Survival Guy.
