#22. What Besides Money Do You Need In Retirement?
Updated: Jan 22
Due to my love of personal finance, someone asked me the other day what they would need in retirement besides money. After explaining that I am no expert and cannot give specific advice, I still discussed this question with them. In a nutshell, this is what I told them.
What I Shared With Them
I strongly believe the main thing you need, other than money, for retirement is to know your “why”. At first glance I know this can sound cheesy, but it will help you from feeling FOMO (“fear of missing out”) during retirement. The deeper your “why” can be, the greater chance you have to land smoothly during retirement.
One way to find your “why” is by answering the following question, “why do I want to retire?” If you have a gut-reaction, superficial answer at first, dig deeper. The most obvious answer might be, “so I do not have to work again.” This is great, but why do you not want to work again? Do you want more TIME in your life to do the things you want? If yes, what specific things do you want to do more of?
Once you narrow down your “why” as much as you can, start figuring out whether you need a traditional “retirement” to achieve your “why” in life. You may find you can be truly happy in a non-traditional “retirement” where you work ten hours a week, or half the year, and still have time to do what you want, when you want.
My Additional Thoughts Since The Above Encounter
A powerful "why" will get you through a lot. When finding your "why", you cannot be lazy. You have to dig deep to find out what makes you tick and what you enjoy. You need to know why you get out of the bed every morning. Everyone has a "why" deep down, even if it may be hard to find.
This entire seven-year time challenge is all about finding my ultimate "why", and then figuring out how to get there as quick as possible. My current why in life is to be able to do things on my Top 13 List whenever I wish.
Be open to changing your "why" over your lifetime. My "why" changed dramatically once I met my wife and now that we have a child. Being willing to change your "why" (or your current purpose in life) will help you deal with the unnecessary stress of not achieving prior goals that do not align with your "why". If a prior goal does not align with your new "why", remove that goal from your list of priorities.
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