Category: Intermediate (40-50)

In this lesson, we want to talk about:

• What is the difference between Getting Rich and Living Rich?
• Why people have different mindsets?
• How to balance between means & meaning?
• What are the consequences of imbalance between pursuing means & meaning?
• What is ROL and why this is more important than ROI?

A meaningful retirement consists any 1 or more of these intangibles.

They are:

1. Happiness – wanting what you already possess
2. Fulfillment – optimizing the use of your capability
3. Balance – threading the line between too much and not enough
4. Satisfaction – improving the quality of effort & relationship
5. Sense of security – freedom in pursuing your goals
6. Significance – making the best use of your time
7. Success – satisfaction of reaching your goals

The lesson below elaborates in detail.

Many people got it wrong when planning and anticipating retirement.

They think that as long as you have a sufficiently huge retirement nest egg, retirement will take care of itself.

The thing is – having a substantial retirement nest egg with no vision of how you want to do during retirement is just like having a First Class ticket to…nowhere.

The better solution?

1. Have a Vision.
2. Have a Balance on how to spend that 168 hours in a week.
3. Have a Meaning in your Retirement Pursuits

The details are explained in the lecture below.

This is your chance to plan & pen down the 3 important non-monetary aspects in retirement.

They are:

• Vision: What you want to do after retirement
• Balance: How to spend time weekly to be a balanced person
• Work evaluation: Identify work that unites your Mind, Heart & Hands

======================================================

FILE>DOWNLOAD AS…

FILE>DOWNLOAD AS…

FILE>DOWNLOAD AS…

Most people overestimate their expenses need after retirement.

Huh?

Yes, I said “overestimate”. Not “underestimate.”

You may retort – how can one overestimate?

All this will make sense after the lesson below.

Going through this lesson also gives you much clarity and hope.

In life, there is only one thing we can predict with certainty – is that things rarely happened as planned.

And they said – life is what happens when we are busy making plans!

Because things which occur beyond our expectation may cause financial mishaps; therefore the more prepared we are, financially, to face these adversities, the more secure we are,

This is more important in retirement when income generating ability is lower for most.

The fact is, even normally optimistic things like longevity can be the risk which threatens retirement financial security.

Or even natural disasters like flood or typhoon.

The term ‘financial freedom’ is over-used in the financial planning circuit, and the concept has been glamorized as the nirvana in wealth accumulation.

The fact is, financial freedom means very little unless one can achieve financial survival and then financial security first.

But to stay at this level, you need to be very disciplined, lest you fall back into Level 1 and Level 2.

Learn what are the discipline needed to stay at this level.

The thing about financial freedom is that it is selfish.

Obviously financial freedom is about me-me-me.

But to attain another level higher if you’ve achieved financial freedom is by having the financial resources to give your blessings to others.

If you believe that the ultimate usage of wealth is to give back what was accumulated to improve lives and meet real needs in the world, then you will be enlightened to learn this lecture.

The highest level one can achieve is what is known as financial self actualization.

Popularly known in the pop culture as the Bucket List.

This is possible when you still have financial resources to spare after attaining financial blessing.

For some people, however, they skip Level 4 – financial blessing because they are not naturally charitable. So it is perfectly possible if you attain Level 5 while skipping Level 4 in the process.

I would not judge you for that 🙂

By now, you should have better clarity on the difference levels of financial preparation for retirement.

Therefore, we need to quantify each and every of the anticipated expenses associated with all these 5 levels, or at least up to Level 3, and if you have children, Level 4 is almost compulsory.

This step is important because it will be the inputs to the next Advanced section, where we use Scenario Modelling Analysis (SMA).

To download the embedded sheet, go to FILE > DOWNLOAD AS…

================================================