#170-Learn From Your Mistakes To Create A Great Retirement
Welcome back to the Retirement Answer Man Podcast. My name is Roger Whitney and I am the Retirement Answer Man. On this week’s episode, I will be answering several listener questions about dementia, HSA’s, and next level investing. I’ll also outline the road to “brokesville” so that you can steer clear of catastrophe in your retirement planning. Come along with me as we discuss how to learn from your mistakes to create a great retirement. Stay tuned to this episode to hear it all!
The Road to “Brokesville”
Not many people choose to be broke, but we often walk down paths that lead us straight to “brokesville” and a stressful retirement. In this week’s episode of the Retirement Answer Man, I’ll outline 7 major mistakes that can lead you down this road. Listen up and take notes, you’ll want to make sure you avoid these pitfalls and learn from your mistakes.
Protect your retirement from dementia
As we get older our memory isn’t always what it used to be. For some, it can go as far as full blown dementia. How can you safeguard your investments or your parent's investments from lapses in judgment or memory? Well, a listener wrote in with this very question. I’ve got some practical tips for him to protect the security of his family's investments. Make sure you listen to this episode to find out how.
Work on your strengths, delegate your weaknesses
I’m sure you have heard it said, “Identify your weaknesses and work on them.” This is often a good idea in order to grow as a well-rounded individual, but in the area of retirement I say work on your strengths and delegate your weaknesses. Our strengths are what make us happy and keep us feeling fulfilled while our weaknesses often times do the opposite. If you can find someone who is strong in areas in which you are weak and delegate to them, you will find yourself feeling happier and more optimistic about your future retirement.
Ask yourself hard questions to protect your retirement.
This week I challenge you to have a hard conversation with yourself. Walk through each of the steps to “brokesville” and ask yourself if they are true of you. You may find that you are making some of these mistakes right now. Face the hard truths and make the changes necessary to build a better future. Make sure you listen to this entire episode of Retirement Answer Man to hear what to avoid.
OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN
[0:29] Looking back in life on our mistakes.
[1:30] Life is messy.
[1:30] Planning for retirement is like riding a bike.
HOT TOPIC SEGMENT
[3:47] The road to “brokesville.” The 7 biggest mistakes.
[6:03] Buying a big house.
[8:13] Taking an 8-year car loan.
[9:00] Flawed investment strategy.
[10:18] Paying Uncle Sam too much.
[11:11] Getting divorced.
[12:28] Keeping up with the Joneses.
[14:00] Cosigning on a loan.
PRACTICAL PLANNING SEGMENT
[17:00] Listener questions.
[17:00] How do I lovingly help my elderly parent with dementia let go of managing his investments.
[27:43] Is an HSA right for me?
[30:00] Advanced savings steps.
THE HAPPY LAB SEGMENT
[33:16] Work at your strengths and delegate your weaknesses.
TODAY’S SMART SPRINT SEGMENT
[36:00] Walk through the 7 mistakes that lead to “brokesville” and see which ones you need to work at avoiding.
RESOURCES MENTIONED IN THIS EPISODE
Roger’s YouTube Channel - Roger That
BOOK - Rock Retirement by Roger Whitney
3-video Series: 5 Minute Retirement Makeover
Roger’s Retirement Learning Center
The Retirement Answer Man Facebook Page