Full Transcript for Why Knowing Your Numbers Fixes the Gen X Retirement Mindset

with why do I want this goal, and then also how important is this goal to me, give it some shape. 00:03:07.603 --> 00:03:11.423 Give it some, details so you can start seeing it. 00:03:12.643 --> 00:03:31.242 As you begin to do that, you might wanna start pulling in some pieces, 'cause right now all your mind sees is a big goal with-- it's gonna have a big number, but you haven't defined that number, but before you dive into the number, you need to know why do you want this goal? 00:03:31.902 --> 00:03:34.812 How important is this goal for you to achieve? 00:03:35.462 --> 00:03:37.502 And then what does it start looking like? 00:03:38.272 --> 00:03:49.028 What are those pieces As you begin defining, defining the details and those pieces, you're gonna start seeing maybe where you can add some boundaries. 00:03:49.338 --> 00:03:56.508 And what I mean by boundaries is I can do it if it stays under this, or I can do it if it looks like this. 00:03:56.998 --> 00:04:01.079 And to give you an example, I want you to listen to episode fifty-eight. 00:04:01.378 --> 00:04:08.258 I did a guest episode with Steve Mullen, who shared how he thought about paying for his kids' college. 00:04:08.489 --> 00:04:18.028 That is going to give you-- y-you don't have to do it like Steve did, but it really opens up thinking about how that it sh- should look or how you should maybe approach it. 00:04:18.348 --> 00:04:26.338 And it doesn't mean that you should do exactly his or another one, but it just starts helping you see what boundaries and details can mean. 00:04:27.228 --> 00:04:27.548 All right. 00:04:27.559 --> 00:04:31.968 The next thing I want you to do is I want you to know your numbers. 00:04:32.428 --> 00:04:35.619 I really don't like that, but, it is true. 00:04:35.629 --> 00:04:38.238 You need to understand where you're at. 00:04:38.288 --> 00:04:43.548 Now, in this, there are two different views that I want you to start looking at. 00:04:43.778 --> 00:04:52.908 The first one is, if you don't have a budget, I really encourage you to make one because you need to know, what are my expenses? 00:04:53.278 --> 00:04:55.079 Where is everything going? 00:04:55.329 --> 00:04:56.749 What does my debt look like? 00:04:56.798 --> 00:05:01.588 And what is my savings appease me, what do I potentially have for saving? 00:05:02.129 --> 00:05:11.949 I talk about how you can calculate that with a very simple bills spending and a saving bucket, and then using that savings to create what you want. 00:05:12.408 --> 00:05:18.009 It's exactly what I do with my clients, and really getting detailed in, where's my money going? 00:05:18.009 --> 00:05:19.189 What does it look like? 00:05:19.879 --> 00:05:28.038 The next set of numbers that you need to look at is progress to retirement, are you on track? 00:05:28.288 --> 00:05:29.149 How does it look? 00:05:29.158 --> 00:05:32.298 Do you really need to find more retirement savings? 00:05:32.509 --> 00:05:49.738 Would this expense compete

with that, what does all of that look like, it's a whole encompassing… You have to look at the whole encompassing to be able to make the best decision for you For example, my client, we began working. 00:05:49.738 --> 00:05:57.879 We did a quick strategy session the very beginning, and, it helped her find out where her biggest hiccup was, and she did know where it was. 00:05:57.879 --> 00:05:59.519 It was in reti-- or debt. 00:05:59.918 --> 00:06:05.228 And so we were diving into that, building her a system that stopped the debt from being created. 00:06:05.658 --> 00:06:09.939 And now, as we've worked through that, that's beginning to evolve, still in the progress. 00:06:10.348 --> 00:06:31.519 We went to actually calculate her retirement progress using my Retirement Ready dashboard, sh-- I said, "Update everything that you have on there so that we can see, if you need to tackle your s-retirement savings more heavily as you're coming up on these payoff dates with your debt and shifting instead of continuing to snowball. 00:06:31.519 --> 00:06:39.499 What does that look like?" She says I remember when I first filled it out, I didn't have all of my information. 00:06:35.228 --> 00:06:41.689 I remembered some accounts." This is a very common when I work with clients. 00:06:42.069 --> 00:06:52.629 As they start doing more with their money and start doing more with their accounts, they remember what they have somewhere, and it becomes a very solid, complete piece. 00:06:53.178 --> 00:06:55.908 So as she updated that, she sent me a message. 00:06:55.908 --> 00:06:58.369 She says, "I've got that done. 00:06:55.908 --> 00:07:01.928 Let me know what you think." She's ninety-five percent there. 00:07:02.478 --> 00:07:11.369 She has twenty thousand dollars left through her projection and her retirement estimated expenses. 00:07:12.269 --> 00:07:16.129 Twenty thousand is nothing on the scheme of that she needs, two million. 00:07:17.269 --> 00:07:25.329 And so now she can actually look at,"How can I work with this money better?" She has some short-term goals as well. 00:07:25.348 --> 00:07:27.119 She wants to buy another house. 00:07:27.478 --> 00:07:36.028 She obviously still needs to pay off her debt, but there's, She's like, "We want to buy a camper or a motor home so we can travel around and see our kids." They're getting older. 00:07:36.028 --> 00:07:47.228 They're moving on, all of these plans, very similar plans to you, because we are reaching that empty nest, because we are getting ready for retirement, all of these things are happening. 00:07:47.629 --> 00:07:52.889 But really, for her, the power has come where she's actually got into her numbers. 00:07:53.309 --> 00:08:14.288 She's actually pulling everything completely into it and showing her that retirement savings isn't something that she needs to double down on, so she has freedom in that money because she knows she's still got, many years to work that she wants, and she will get raises, which

means employer will add some more to that as well. 00:08:14.649 --> 00:08:33.383 That little gap is going to close off, plus whatever the market does, it's a whole piece, and being able to look at that creates an empowerment that then you know the right decision to make, yes, you have all these goals, but how does it fit in? 00:08:33.602 --> 00:08:34.702 What does it look like? 00:08:34.952 --> 00:08:49.413 Now, I'm not saying that if you're in her situation, you can then achieve your goals, I remember starting my journey, and I was like, "Okay, 13 years, I wanna retire." And then I was like, "My daughter's eight. 00:08:49.702 --> 00:08:50.993 We're enjoying camping. 00:08:51.003 --> 00:08:53.153 We're riding…" They were riding motorcycles. 00:08:53.173 --> 00:08:55.182 I was riding a four-wheeler'cause you know what? 00:08:55.202 --> 00:08:56.363 That was my speed. 00:08:56.913 --> 00:09:12.582 And we really, at that moment that I s- I staked the claim of retiring in 13 years, I said, I would really like to buy a piece of recreational property." It was a dream for a while, and when I was able to do that, wow. 00:09:12.783 --> 00:09:17.602 But it was because I had done what I asked you to do at the very beginning. 00:09:18.513 --> 00:09:22.143 Why do you want these, how important is it? 00:09:23.092 --> 00:09:31.423 The pieces of having our camp trailer, the pieces of having our motorcycles and our four-wheeler, those were important, and those were small. 00:09:31.472 --> 00:09:41.293 Those were easy, but having that piece of recreational property so we didn't have to compete for a space and camping spots, being with, neighborhoods in the mountains as opposed to just peace. 00:09:41.883 --> 00:09:58.923 And so really looking at how that became a possibility was because of my system, because I knew I was doing one long term and one short term, and I went all in on both, now, you don't have to simplify to that, one and one. 00:09:59.513 --> 00:10:01.283 There are several things you want to do. 00:10:01.352 --> 00:10:03.332 Think about the priority. 00:10:03.363 --> 00:10:04.952 Think about what you want. 00:10:05.222 --> 00:10:07.332 Think about it in pieces, just like I did. 00:10:07.342 --> 00:10:10.452 We were able to do half of our dream, should I say? 00:10:11.072 --> 00:10:12.832 And being able to get through that. 00:10:12.972 --> 00:10:23.855 So What I want you to remember from this episode is I want you to lose the all or nothing mindset, it's not serving you well. 00:10:23.884 --> 00:10:28.975 It's causing you to feel overwhe-whelmed quicker, be frustrated more often. 00:10:29.335 --> 00:10:34.355 And I want you to dive into your numbers until you reach all of your goals. 00:10:35.184 --> 00:10:35.394 Okay? 00:10:35.414 --> 00:10:37.835 Those numbers are gonna guide you to your goals. 00:10:38.644 --> 00:10:39.745 You should have goals. 00:10:39.784 --> 00:10:44.004 You should be ach-achieving them, and that is how you do it. 00:10:44.304 --> 00:10:49.355 So if you want some help in getting started, book a money clarity call. 00:10:49.745 --> 00:10:55.134 We'll dive into where's your money go-going, and what can you do to reach those goals. 00:10:55.634 --> 00:11:13.174 I'll also share what it looks like to work inside the Retirement Ready Coaching and the process that, just like my client, we could find and resolve and really help you get rid of those things that I'm never going to be able to do 'em and achieve those things that you want. 00:11:14.245 --> 00:11:32.955 Most of the time, we are stuck because of something we are believing, and I hope this w- episode was helpful in freeing you from a belief that you were stuck in and recognizing that if you can just take small steps, you will be able to achieve retirement. 00:11:33.424 --> 00:11:35.575 Thank you for listening, and we'll see you next week.