5 retirement planning distractions that will leave you with less money to enjoy in retirement

“I’ve been out here too long”

Muttered my doubles tennis partner…

We were in a tough battle with our opponents on a mild Saturday afternoon.

As I glanced at him, I was wondering what was wrong…

After every point, there was a little grunt or sigh of disgust.

We were 3-5 down in the first set at this stage and my partner was becoming frustrated at every point.

You see, I’d consider myself a pretty average tennis player. My game at times can be inconsistent but when I’m on, I can play a good game of tennis.

My partner on the other hand was a pretty handy tennis player, highly skilled. In the summer he plays in a much higher division.

He does not like losing…besides the fact his two previous games that day were done and dusted pretty quickly.

But this was not the case in this game.

We’d managed to send the first set to a tie breaker. My partner was clearly frustrated.

So much so, it rattled me more than I had expected. I didn’t want to be the reason he lost.

It started to put pressure on my game. I could feel it impacting my ability to focus…

There I was serving for the set…still a little rattled…

I felt the pressure…what if I didn’t win this point, how would he react…I didn’t want to be that guy…

I had to take a moment to settle myself before serving. It was a good serve. So much so it put pressure on the receiver and we won the first set…

A sense of relief came over me as we walked off to change ends.

However, my partner was still frustrated things weren’t going quite the way he thought.

In the end I had to focus. Put out of my mind what was going on in his world. For one I had no control over that.

To some extent, I stopped looking at him and focused on what I could do. Remain calm and hit the ball cleanly…and do nothing too stupid.

It worked and we ended up winning both sets…to the relief of my doubles partner.

Everyday we sit in front of clients and potential new clients. It’s the distractions they get caught up in that holds them back. Most of the time this leads to inaction, waiting for the right time.

But these very distractions can have a massive impact on how you are positioned financially when you retire. Whether you have less or more money in retirement…

In a world where everywhere we look there’s something seeking our attention. The skill is to work out what you need to take on board and what you can ignore.

It’s not easy…

Today, we discuss five distractions that may be leaving you with less money to enjoy in retirement…

Focus on products not outcomes

The financial services companies sole focus is to sell you a product. There’s a mismatch here.

The products and investments you chose to use are there to serve the outcome you are trying to achieve.

Start with the outcome first…

Recently, I’ve taken up training with a tennis coach. I train every Thursday afternoon. I would consider myself an average player.

My coach is constantly telling me to stop trying to hit the cover off the ball. You don’t need that much power, he tells me. Focus on hitting through the ball with more consistency and form.

You’ll win more points that way, he says…

Focus on what works and avoid what is perceived as the pathway to success.

You see, the financial services industry is all about products. The more products you buy, the more money they make.

Want to manage your own money? You need a Self Managed Super Fund.

Want 10% on your money? Invest in this property trust that guarantees 10%. Not sure what planet these guys are on, but little is guaranteed these days.

Invest in this new ETF (exchange traded fund) in crypto.

As a financial planner who helps people within 7 years of retirement build a robust retirement roadmap. It frustrates me that most financial services products are there to serve the company that sells them.

Far too often I’ve seen too many sold a furphy and end up in a product that doesn’t deliver the outcome they are looking for.

Perhaps it’s that many people don’t know the outcome they are looking for. Or are ill equipped to select the best financial product to deliver the outcome they are trying to achieve.

Here’s the thing, the financial services companies that sell these products have massive marketing budgets.

Perhaps it’s great marketing. Perhaps it’s a result of an industry that makes investing complex. Or maybe its success comes down to instilling fear into consumers.

Any successful plan relies on getting clear about what you are trying to achieve. For instance the lifestyle you want in retirement and how much you’ll need.

• Work out what’s needed to achieve the outcomes you want.
• Keep it simple and invest based on the weight of evidence.
• Avoid the kryptonite of successful investing.
• Stop chasing returns and trying to time markets.
• Leave enough safety margin.

Don’t let the sounds of the financial pornography networks sway you…

Get your PDF copy of ENOUGH? here…

Distracted by financial news…

News channels are pumping out negative news every single minute of the day.

Imagine if they spent their energy on good news stories? They’d go broke…

Unfortunately the negative news sucks us in. The fear of losing money. The fear of taking action. The fear of getting it wrong.

It stops so many from achieving so much more…

A recession is coming…we stop investing thinking the share markets are going to crash. Looking for a better time to get into the market…which never comes…

You stop putting money in super…afraid of what the government might change.

Here’s the thing, no one knows what the future is going to hold.

Waiting for the right time is going to kill your chances of a comfortable retirement..

Consistently implementing the right actions over a long period of time. While avoiding wealth destroying news headlines will see you win the day…

It’s not easy, but it can be done if you know what to focus on…

Thinking you are the new Warren Buffett…

If you’ve never heard of Warren Buffett. He’s one of the world’s most successful investors. Still working at the right old age of 91.

The investment industry hangs on his every word. So much so, thousands make the trek to his local town, Omaha for his yearly Berkshire Hathaway annual meeting.

People buy one stock in Berkshire Hathaway just to attend these meetings. Mind you that would set you back around a cool 435,000 USD for one share.

Let’s say this guy knows a thing or two about investing. He’s been doing it for over 70 years…

Everyday we see people who are trying to pick the next hot stock. The next industry that’s going to make them rich. Thinking they are the best stock pickers in the world.

But yet, one of the world’s best investors has this advice for the average Joe…

“Invest in low cost index funds”

Not direct shares…not crypto…not the latest fad…

But to buy the market…let that sink in for a little…

Yet we see too many get sucked in by the financial pornography networks.

While it’s great to entertain the best of news headlines.

We’d prefer to work with the facts and the evidence. It hasn’t changed that much. The only thing that’s changed is the offers from the well financed financial companies trying to sell you a new toy…

Keep it simple, know why you are investing and use the weight of evidence to make informed investment decisions.

Waiting for the perfect time…

Are you waiting for the perfect time to invest or plan your retirement?

Do you know when that perfect time will be?

TIK TOK…TIK TOK…

I have a secret to tell you…

Come closer…

Closer…

If you’re waiting for the “PERFECT TIME”, that’s never going to happen.

One of the BIG mistakes we see people make is waiting too long…

In fact, there’s one phrase that I’ve never heard from any client EVER: I really wish I would have waited a little longer to do this

Look, I get it…life gets in the way…

Planning one’s retirement can seem a little boring…a little hard and maybe a little overwhelming.

But the results are life changing.

It’s kinda like getting fit, there’s never a perfect time. You’ve just got to start…

If you want the results sometimes you’ve got to suck it up and get it done.

Not seeking professional planning advice…

I get it, perhaps you’ve had a bad experience in the past…

If you have it’s highly likely you sought advice from someone who had their self interest at the forefront of their list. Not yours…

Maybe someone who had super secret powers…you know the ones…the ones that can predict what the market is going to do.

At times the financial services industry has not served the public well. With the focus centred around products and investments. Not you…or the goals you want to achieve.

While you need investments to generate a return and products to facilitate them. They won’t change your life…

Nor will they give you the confidence and peace of mind you’re looking for.

Whether you’re thinking about retirement or achieving financial independence. There are only a few questions everyone want answers too:

#1 How much money do I need to retire?

#2 Will I run out of money in retirement?

#3 How much money can I spend without fear of running out of money?

#3 When can I retire?

Did you notice something there?

There’s no mention of products or investments mentioned in any of those questions…

But more importantly, real financial planning is about answering one BIG question, “how much money do you need for the rest of your life?”.

You may also want to read “Is $2 Million Enough To Retire Comfortably In Australia?”

It’s a question our process and advice framework is based on answering and showing you how you can live your best life with the money you have.

Sure, it’s a little different than many financial planners out there in the financial planning profession.

But there’s one thing we know you don’t want…

“To live a lifestyle less than what you currently have”

So what are you waiting for?

Every day you don’t have a plan, is less money you’ll have in retirement to enjoy.

There’s never going to be a perfect time for you.

Start today by booking in for your Retirement Clarity call on the calendar below…

Glenn Doherty – CFP – Financial Planner | Retirement Planning Made Simple for aspiring grey nomads and avid travellers within 7 years of retirement 

We work with people in Adelaide and around Australia via virtual meetings!

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