#198 - What a 34 Year-Old Can Teach You About Retirement
This may surprise you, but there are youngins out there that we can learn from! My guest today is only 34 years old, but he knows quite a bit about retirement. Deacon Hayes is the author of a new book called You Can Retire Early and he has a fantastic website full of resources that can help you start planning your early retirement. Don’t let his age fool you, Deacon is full of great retirement advice. Listen to today’s show to hear about some innovative ways to prepare for your retirement.
Find your why
It’s not just me! I’ve been telling you guys all along that you need to find your why. Deacon Hayes agrees that finding your why is so important. Deacon advocates early retirement, but having a reason to get out of bed and have a goal is important to everyone. Whether you're 35 or 65 you need to focus on your why to help you stick to your financial goals. Without your why behind you, it’s easy to lose focus and get off course. Listen to this conversation to hear Deacon’s point of view on finding your why.
Retire towards something, not away from something
Do you have antiquated ideas about retirement? Just like workplaces, retirement is evolving. These days retirement doesn’t mean that you stop working and sit on your couch watching the news for the rest of your life. Like me, Deacon feels that retirement is an opportunity to live your life with purpose. He says that you should retire towards something, not away from something. Deacon shares with me a wealth of excellent information on today’s show about how retirement is changing and the traditional way of spending our golden years may be a thing of the past. I think you’re going to like what he has to say, so listen in to hear more!
Do you really need millions of dollars in the bank to retire?
So now that we know that you won’t be spending your retirement the same way that your parents and grandparents did, how will you fund this new form of retirement? Maybe you don’t need to have millions of dollars saved up in your 401k. I love talking to Deacon since he really thinks outside the box. Listen to this discussion to hear about some innovative ways of making money in your twilight years.
How to deal with life outside the paycheck
Since Deacon advocates early retirement and finding different ways of making money, how does he deal with the instability of not having a steady paycheck? It’s tricky when you are living life outside of the box, but by diversifying your income streams you can find a bit more stability when hard times hit one sector. Listen to our discussion to find out how to handle your finances without a biweekly paycheck. Deacon has some great strategies that you can use to transition into a life without a steady paycheck.
OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN
- [1:22] Welcome Deacon Hayes
HOT TOPIC SEGMENT
- [2:44] The webinar replay is available, email me your questions and comments
PRACTICAL PLANNING SEGMENT
- [4:03] Let’s meet Deacon Hayes
- [4:32] How does Deacon define retirement
- [11:32] Build a nest egg but also build skill set
- [12:01] What will Deacon’s retirement look like?
- [13:29] How do you deal when you don’t have a consistent income
- [17:12] Understanding the choices that we make that impact your long-term financial goals
THE HAPPY LAB SEGMENT
- [22:58] Turn things off and be with the people you love
TODAY’S SMART SPRINT SEGMENT
- [23:54] Sit down and write 5 things that you are going to stop doing in 2018
Resources Mentioned In This Episode
Deacon’s website - WellKeptWallet.com
BOOK - You Can Retire Early! By Deacon Hayes
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
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