Retirement Answer Man

The end of days is coming! Well, at least the end of days in 2018. This can be a time of year of frantic holiday spending, but you shouldn’t let holiday shopping blow the budget. On this episode of Retirement Answer Man, you’ll learn how not just to rock retirement, but to rock the holidays as well. In the Hot Topic segment, I’ll give you some strategies on how to control your holiday spending. And in the Practical Planning segment, we’ll go over an end of year checklist to help you plan for the end of the year. If you’re ready to rock the holiday season listen to this episode for tips on how to prepare for the end of days in 2018.

You can’t let Christmas shopping blow the budget

Not surprisingly, Americans will be spending more on Christmas gifts than they did last year. The average holiday spending amount is between $800-900 per family. We seem to spend more and more on the holidays every year. There always seems to be the next new thing that you just have to buy. People (especially kids) have gift expectations that can really blow the budget. Do you have a Christmas budget? How do you plan your holiday spending? Listen to this episode to hear 5 ways you can prepare your budget and rock the holidays.

5 things you can do to prepare for the holidays and save your budget

  1. Avoid temptation. When you are out shopping a lot you tend to see things you want to buy. Shopping online and staying out of stores can help ease the temptation to buy more.
  2. Think personally. just buy to give, a random gift. Try and think of a gift that is meaningful for the recipient.
  3. Avoid the fallacy of the deal. Black Friday, Cyber Monday, the day after Christmas sale--these are all just ways to get you to spend more money. You’re not saving any money if you weren’t planning on buying that thing to begin with.
  4. Pick one splurge. The splurge will depend on your specific financial situation. Choose where to spend your money. You can splurge, but do it in a meaningful way specific to your financial situation.
  5. Make a list of people you want to buy gifts for. Once you know who you’re buying for then set a dollar amount that you want to spend this year. Deposit that money in a separate account for Christmas. And be intentional on how you spend the money.

An end of year checklist to take advantage of time-sensitive opportunities

The end of the year is a wonderful time to take advantage of time-sensitive opportunities that can save you money and leave you more financially prepared for retirement and the coming year. This is the perfect time of year to revisit y our retirement contributions to your Roth IRA, 401K, and HSA. Analyze whether you can add a bit more. If you have a student in college now is the time to reimburse yourself for those approved college expenses from your 529 plan. You’ll also want to take advantage of your flexible savings account dollars. You need to listen to this episode to hear the entire checklist and learn more about donor-advised funds, tax harvesting, and tricks for the self-employed.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

HOT TOPIC SEGMENT

  • [1:56] Gift giving expectations can really blow the budget
  • [3:03] What can you do to control your budget and still rock the holidays

PRACTICAL PLANNING SEGMENT

  • [7:43] Time sensitive opportunities for the end of year checklist

THE HAPPY LAB SEGMENT

  • [14:56] What can we do to make interactions with people more enjoyable

TODAY’S SMART SPRINT SEGMENT

  • [17:32] Create a list of those to buy for and preplan what you want to buy

Resources Mentioned In This Episode

Roger’s YouTube Channel - Roger That

BOOK - Rock Retirement  by Roger Whitney

Ask Roger a question

Work with Roger

3-video Series: 5 Minute Retirement Makeover

Roger’s Retirement Learning Center

The Retirement Answer Man Facebook Page

Direct download: RAM249.mp3
Category:general -- posted at: 6:00am CST

Is thankfulness the key to a happy life and retirement? It seems like everything I read about happiness contains the common theme of gratitude. Being a thankful person can greatly increase your happiness and the Thanksgiving holiday is a wonderful opportunity to give thankfulness a try. So this Thanksgiving edition of Retirement Answer Man focuses on being thankful to help you create your best life and retirement. If you are trying to maintain a thankful perspective in this harsh world, this is the episode to listen to because I’ll give tips on how to be more thankful. So listen in while you prepare that holiday dinner or get ready for the onslaught of holiday guests.

3 forces that pull us away from the spirit of thankfulness

You have to maintain constant vigilance on your spirit of gratitude. Society always seems to be pulling us away from thankfulness by encouraging us to want the next best thing. Marketing messaging constantly tells us that we are inadequate in some way. The news media exposes us to the horrors of modern society which can lead us to be less appreciative of our own good fortune. Social media compels us to compare ourselves with others in a way we can never measure up to since people only post the best version of themselves. Although it can be challenging there are ways to become more thankful.

Tips on how to become more thankful

Surrounding yourself with positive people makes it easier to maintain a thankful attitude. I know it can be hard to be thankful if you are truly depressed, but sometimes if you fake it until you make it, this can lead to an attitude of gratitude. Volunteering or attending a group activity where people share information about themselves is a wonderful way to gain perspective of what others go through and can really increase your level of gratitude. Journaling is a powerful way to channel your thankful thoughts. As a matter of fact, you can go to RogerWhitney.com/thankful and tell us what you're grateful to enter to win a free journal.

What are Nichole and I thankful for?

Nichole joins me to discuss thankfulness and share what she is thankful for. We both have God at the top of our lists. I have so much to be grateful for including family, health, and an amazing work life that I don’t have to separate from my home life. My work gives me a way to connect with wonderful people and gives me a creative outlet. Plus I get to work with Nichole! Nichole is also grateful for family and work, but she has a female spin on her gratitude list. If you’re curious to hear her gratitude list listen in to this Thanksgiving edition of Retirement Answer Man.

What are you grateful for in your life and retirement?

As you prepare for the holiday madness try and maintain a spirit of gratitude. Really give a thought about what you have to be thankful for not just on this Thanksgiving, but throughout the year as well. One important key to happiness is maintaining a spirit of gratitude. Let us know what you are thankful for at RogerWhitney.com/thankful and you’ll have an opportunity to win a free gratitude journal.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

HOT TOPIC SEGMENT

  • [1:55] Thankfulness seems to be the key to happiness
  • [3:43] 3 forces of anti-thankfulness
  • [6:55] 5 Tips on how to be more thankful

PRACTICAL PLANNING SEGMENT

  • [12:10] Some things Nichole and I are thankful for

TODAY’S SMART SPRINT SEGMENT

  • [19:58] Don’t beat yourself up about what you eat today

Resources Mentioned In This Episode

Roger’s YouTube Channel - Roger That

BOOK - Rock Retirement  by Roger Whitney

Ask Roger a question

Work with Roger

3-video Series: 5 Minute Retirement Makeover

Roger’s Retirement Learning Center

The Retirement Answer Man Facebook Page

Direct download: RAM248.mp3
Category:general -- posted at: 6:00am CST

November is that time of year when we gear up for the holiday season. Although the season seems to start earlier and earlier each year. Now that we’re in full consumerism mode, it’s great to have some gift ideas to help ease the stress of the holidays. So this year, we’ve come up with 10 gift ideas for gifts that keep on giving. They are not too expensive and have a personal touch that you can apply. I have found that the best gifts aren’t the ones with a high dollar value but that are personal or have experiences attached to them. Listen to the Hot Topic segment to hear our 10 gift ideas for gifts that keep on giving then stick around to hear the answers to listener questions in the Practical Planning segment.

10 personalized gift ideas that keep on giving

  1. Fracture Me is a company that mounts pictures on glass. It is a beautiful way to display photos, you could send photos of a race or event, or maybe a vacation memory. Just send them your high-resolution photos and they will mount it directly on the glass.
  2. The Yootech wireless charger can wirelessly charge your phones. It works with both Android and iPhones. Your loved one will never have to look for their charger again.
  3. Cutco knives are a lovely gift for anyone that appreciates a quality knife set. You can add a personal touch by having them engraved.
  4. Do you know someone that is approaching retirement? My book, Rock Retirement, is a great gift to help guide their transition.
  5. Tom Podnar from Tennessee makes gorgeous barn wood signs. A handmade personal gift is always something special.
  6. Do you have a meat lover in the family? Perini Ranch has an amazing mesquite-smoked peppered tenderloin that you can have delivered to your door. Try it out, you won’t be disappointed.
  7. Booking an experience like tickets to a show, a weekend getaway, or a golf outing is always meaningful for the recipient as long as you consider their tastes and you actually book the experience. (Don’t simply give them a note that you plan to do it!)
  8. Board games are fun for the whole family. Board games are ta great way to spend time with those you love. Stick with simple ones that everyone can enjoy like Sequence, King Domino, or Stockpile. Even a deck of cards with a book of card games is a fun gift idea.
  9. Do you always mean to go on a date night with your partner but never find the time? One idea is to buy a gift card to a favorite restaurant and plan regular weekly date nights. If you have already spent the money on the experience then you’ll be less likely to skip it.
  10. Are you curious about the last one? It’s really a good one and a gift that keeps on giving. Nichole joins me to share this fantastic idea to share with your family. Listen in to hear the best one on the list and let us know what you think. Which one is your favorite?

On the Practical Planning segment, I answer listener questions on social security, how to withdraw your money, and leveraged ETF’s. You’ll want to listen in as I describe how retiring early can affect your social security benefit and how to plan the best way to withdraw your yearly expenses during retirement.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

HOT TOPIC SEGMENT

  • [3:22] 10 personalized gift ideas to help you through the season
  • [15:56] Nichole joins me for the last awesome gift idea

PRACTICAL PLANNING SEGMENT

  • [19:42] A social security question
  • [22:10] A question on withdrawal rules
  • [26:15] An aggressive investor wants to know more about leveraged ETF’s

THE HAPPY LAB SEGMENT

  • [32:23] Less materialistic gifts are more fun to give and more fun to get

TODAY’S SMART SPRINT SEGMENT

  • [33:17] Share your gift ideas

Resources Mentioned In This Episode

BOOK - When Genius Failed by Roger Lowenstein

Social Security Administration detailed calculator

Story Worth

Perini Ranch - the mesquite smoked tenderloin is the best!

Tom Podnar The Furniture Guy - he makes beautiful barn wood signs

Cutco knives

Yootech wireless charger

Fracture Me

Roger’s YouTube Channel - Roger That

BOOK - Rock Retirement  by Roger Whitney

Ask Roger a question

Work with Roger

3-video Series: 5 Minute Retirement Makeover

Roger’s Retirement Learning Center

The Retirement Answer Man Facebook Page

Direct download: RAM247.mp3
Category:general -- posted at: 6:00am CST

With the holidays coming up shortly it can be a troubling time of year for many as they gather together with family that they may not see often. One way to make family time less stressful is by trying to understand differences in personalities. Everyone approaches life differently and it can be a challenge to understand why some people make the choices they do. Gretchen Rubin is the author of the book The Four Tendencies and joins me on episode 246 to discuss the four personality types that she outlines in her book. Understanding these can help you understand family around the holidays and even help prepare you for your retirement planning.

What are the 4 tendencies?

There are many personality tests that people and organizations use to help understand personal behavior. These can be great tools to help inform us of our own behavior and that of others. Gretchen Rubin has laid out 4 tendencies that help explain why people behave the way they do. The 4 tendencies are the upholder, the obliger, the rebel, and the questioner. Upholders meet outer expectations and inner expectations they set for themselves. Obligers meet outer expectations but struggle to meet inner expectations. Rebels resist both inner and outer expectations, and questioners question all expectations, even their own! Listen to this episode to help you understand which tendency you are.

How do the 4 tendencies differ from other personality tests?

Each personality test is different and can teach you something about yourself and others. They all have their own vocabulary and pinpoint different aspects of people’s nature. Each one can tell you something about yourself. They will all tell you something but none of them will tell you everything. Understanding your tendency can help you understand how to achieve a goal or decide what type of accountability you need to get things done. When creating your retirement plan you can use your tendency to help you harness your strengths and understand your weaknesses.

How can understanding the 4 tendencies help your retirement planning?

Planning your retirement is really planning a change in your lifestyle. Attaining more time freedom leaves you time to pursue your dreams. But having more time freedom doesn’t necessarily mean that you will achieve all of your hopes and dreams. Understanding your tendency can help you meet your retirement goals. For example, obligers often feel that they will be able to tackle everything once they have more time. But then they find that they disappoint themselves because without external accountability they often have a hard time attaining their goals. Have you ever set a goal for yourself that you didn’t achieve?

Should you moderate your tendency or own it?

Each tendency comes with its strengths and weaknesses. Understanding your strengths and weaknesses as well as those of your family members can help you relate to others. Learning how to harness your strengths can help you achieve your goals. Once you understand more about yourself then you can find tools that help you move forward to achieve your goals. You will still have weaknesses but knowing how to navigate them and create solutions will help you do all the things you want to do. Listen to this episode to hear how to apply the 4 tendencies to your life and relationships and rock retirement.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

HOT TOPIC SEGMENT

  • [3:24] People approach life and their problems differently
  • [5:45] Nichole and Roger took the personality test

PRACTICAL PLANNING SEGMENT

  • [9:49] How do the 4 tendencies differ from other personality tests?
  • [13:37] What are the 4 tendencies?
  • [15:47] Understanding these can help you better yourself
  • [17:43] How can understanding the tendencies help someone navigate change?
  • [22:08] Should you moderate your tendency or own it?
  • [24:53] Know yourself and your partner

THE HAPPY LAB SEGMENT

  • [27:48] What are you going to do to be happy over the holidays?

TODAY’S SMART SPRINT SEGMENT

  • [29:56] Learn more about yourself and your spouse

Resources Mentioned In This Episode

The Four Tendency Quiz

BOOK - The Four Tendencies by Gretchen Rubin

Roger’s YouTube Channel - Roger That

BOOK - Rock Retirement  by Roger Whitney

Ask Roger a question

Work with Roger

3-video Series: 5 Minute Retirement Makeover

Roger’s Retirement Learning Center

The Retirement Answer Man Facebook Page



Direct download: RAM246.mp3
Category:general -- posted at: 6:00am CST

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