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Highlights from this episode include:

  • Why the current economic situation represents the biggest opportunity of your lifetime (2:17)
  • Getting a stimulus check? Don’t waste it by making this common mistake (5:31)
  • Practice this habit to stop being broke and propel yourself to financial freedom (6:00)
  • These are the investments that you need to be looking at immediately (10:26)
  • These 3 components make up your ideal retirement plan (11:10)
  • Why retirement is the WORST time to stop working with your advisor (18:20)
Read Full Transcript

Do you hate the thought of working past 55 or 60? Do you hate not being able to live the life you deserve today? Do you hate not knowing what your financial future looks like? It's time to stop doing what you hate, here's your host, Mr. Harold Green.

(00:19): Oh, hello. Hi everybody. This is Harold Green of Brightree financial and it's time to stop doing what you hate. How's everybody doing today? I'm pretty good. I was up super early this morning thinking about recording this show and all the different things that are going on in the world. Righty? Right now we're still in the midst of the virus coronavirus covert 19 and it's wreaking havoc not only in people's lives, but also in people's minds. And if I can encourage you for just one minute, take a step back. A lot of us are being told to work from home to not come in. We're on lockdown, quarantine, you name it. I have never seen something. So I guess life altering other than being in the military and going to the Persian Gulf and dealing with that nine 11. I was supposed to fly out that day for a business trip, looked out the window, saw no planes flying, turned on the TV, saw the twin towers.

(01:25): It was just a devastating time. And right now in this country, it reminds me of that time. But I'm going to get into today's show. It's titled a the ideal retirement life. You know, have you ever thought about what you wanted retirement to look like? I know right now you're probably still working and you know, you're just trying to figure out how to, how to deal with the events up today. But I'm going to share some things with you guys that are very interesting. I think that we are living in one of the most interesting times ever, and we're about to be afforded one of the greatest opportunities to recover that you've ever seen a recovery that's probably never been seen by mankind. However, to participate, you're going to have to take advantage of that recovery. And so we're going to be talking about investments today and we're also going to talk about the rapid retire program a little bit.

(02:22): And so put out the disclosure to you. There can be no guarantees made that you will be in a position to retire seven to 10 years soon or any specific period. Results of my rapid retire program will vary by user and a past performance is no guarantee of future results. All investments including real estate are speculative in nature and involve substantial risk of loss. And I encourage my investors to invest carefully. I also encourage my investors to get personal life advice from a professional investment advisor and to make independent investigations before acting on information that we publish and also information that you hear in the newspapers on TV and from your friends. All right, so let's get into the show, the ideal retirement life. And I'm going to start with the $2 trillion stimulus package that was just passed by the Senate and I think they're voting on it in the house and then it goes to the president to sign and he said he will sign it.

(03:25): And I'm kind of torn because I hate to see anytime a bill of this magnitude or or a bill is passed, there's so many, what they call pork projects at it and pet projects and it, I just feel like everybody's hand is out. Everybody's pocket is getting aligned except for the people who needed the most. And I'm by no means a socialist or a Democrat or a Republican. I am an independent. I'm an independent thinker. I don't like being controlled. I don't like being told what to do. I don't like being told what I can and can't do. I believe in investing in me. And that was one of the things I've said a long time ago, even before I became a fiduciary advisor. I said, when you're investing in other companies, that's great, but you can guarantee your return by investing in yourself every single time.

(04:23): You know why? Because you can control your effort. You can control what happens to you. You can't control what goes on with everybody else, but you can control you. So in this bill, the things that got me excited was a couple of different things. If you don't make a lot of money, you're going to get a check to help stimulate the economy, which is great, and I have a piece of advice for you. If you're going to get a stimulus check and you're thinking about using it to pay bills or to get caught up on things, I'm going to encourage you to take a look at investing that money. All right, so I'm going to give you an example. Let's say you get $3,000 for the next two months, that's six grand. You're probably in line for your tax return, and if you have, you know a few kids and you don't make a lot of money, you're probably going to get another three or 4,000 depending on the tax credits and so on and so forth.

(05:21): And that could come out to be about $10,000 let's say for example, you could invest that $10,000 somewhere making you between 10 15 even 20 to 30% I would encourage you to highly take a look at that and not use it to pay bills. One of the things I find is when people come into sums of money more than they have currently in the bank, it tends not to last long because they're either behind on things or they spend it on things that they want to do. In order to become successful, you're going to have to practice something that I call delayed gratification. Okay? If somebody told me, Hey, I'm going to give you, I don't know, say $100,000 or whatever, and you can spend it on whatever you want me, I'd invest that $100,000 and get 10% of it every single year. It's the seed that continues to keep on giving.

(06:20): A lot of times we eat our seed, and if you can put yourself in a position to 98 year seed, okay, and to plant that seed in good ground, man, I tell you, it's going to be one of the best things that you ever did, and I was in a situation some years ago where I had to make the difficult decision to sell a place that I had. It was costing me quite a bit of money every single month and I freed up about $3,000 I think between two and $3,000 a month just in cashflow. I took back cashflow and I reinvested it in my business. I reinvested him in my firm. That's one of the best financial decisions that I made, was reinvesting that money because it allowed me to stay in business and allowed me to be here right now, talking to you on this podcast, show about not doing what you hate.

(07:15): In other words, stop doing what you hate. Well, back to the $2 trillion stimulus bill. Again, I'm excited because you're going to receive funds to help stimulate the economy. There's some other things in there for you too, like the student loan interest or student loan forgiveness. If you own a small business, you'll be able to take out loans to keep your employees employed even if they're at home. Those loans are going to be forgiven over a period of time. That's exciting. Also, if you need monies out of your IRAs or your 401ks, you're going to be able to pull funds out without that 10% penalty. I forgot how long they're going to defer that for, but you're going to be able to pull funds out prior to 59 and a half. And you know what? I would highly look at doing something like that, pulling those funds out, putting them to a Roth IRA or, or some other type of investment because you get out, you get it out of that IRA status, you'll still pay your taxes on it.

(08:16): But for one, I understand those taxes are also going to be delayed or deferred or postponed for a period of time. So there's some pretty neat things that they're putting in here that if you take advantage of it, you know, as the average consumer, just trying to do what's right, you're going to be super successful when this is all done. I'm telling you guys right now, we're looking at one of the greatest recoveries, potential recoveries that we've ever seen, and you're gonna have to catch the ride back up to the top. Now as for those who are nearing retirement, we're talking about the ideal retirement, but before I kind of get into the ideal retirement and it's going to be a real quick and simple one, you're going to have the opportunity to catch this ride back up and I'm going to encourage you to look at whether or not once we fully recover and even go greater, okay?

(09:09): If you haven't lost a lot, and let's say you make 50% and this recovery, let's say you make 60% as a recovery. Let's say you have $1 million in your 401k right now and you invest it the right way inside of that 401k or inside your TSP, and by the way, if you're listening to me and you have a TSP and you're 59 and a half, you are able to pull funds out of that TSP and put them an outside an outside IRA. I guarantee you if you do that and you invest wisely, your returns are going to knock the socks off of whatever they have in that TSP. Okay? Now I'm not supposed to guarantee investment results, but here's the deal. If you invest wisely, okay, you have other options outside of your TSB, outside of your current 401k that could potentially give you far, far, far greater results than the funds staying inside of that account.

(10:08): Okay? What you're going to have to do your research and you're going to have to invest wisely and I would say look for things that are bargains that are just beat down so bad that they have a, you know, they're trading very low, you know they're at their 52 week low or even bottomed out of that and there are 52 week high was really high and company has strong fundamentals and different things like that. You want to look at those and if you don't know what you're doing, feel free to give me a call. I would encourage you to give me a call, go to my website, www, retire now, retire wow.com download my rapid retire brochure, take a look at that, fill out the game changer form and then get in contact with me and then I'll walk you through what your options are.

(10:50): Okay? Again, I'm not guaranteeing future results, but I'll tell you honestly from the bottom of my heart and from all the research that I've been doing and what I've been seeing in this market, you're going to have a great opportunity and it's going to be up to you to take advantage of that. Okay, so just some points in regards to the ideal retirement life and it's only going to be three things. Okay. First of all, the ideal retirement life ensures that you have five years of your income set aside in a conservative bucket. It also requires you to have the next 10 to 15 years of your retirement set aside and a moderate to moderate aggressive bucket. It also requires you to have the next 20 to 30 years of income set aside and and aggressive bucket. And if you haven't built your portfolios out like that, seriously, you have to give us a call.

(11:51): Okay. Also, the ideal retirement life ensures that you have the appropriate amount of cash reserves. How much money do you need to have in cash reserves? Is it, well, if you're retired, that's going to be subjective. It's based on your needs in which you need every single day. Some of the things that you want to do. Maybe if this year you're taking a trip, you may want to put that aside and put that in your cash reserves. Also, it requires you to have the right type of cash reserve vehicle, whether that be in a life insurance policy. To me, that's my number one thing is making sure I have enough cash reserves set aside in my life insurance policy because it's a double benefit to me. I get the benefit of the cash value growing in there. I get dividends on my, my plan and also gives my wife a death benefit in the event.

(12:40): Something happens to me now. If I'm just sitting in that money in a bank account, what does that, it's there. I can see it, I have access to it, but there is no dual purpose benefit to it. I call it DPD. Dual purpose dollars. It's money doing more than one thing for you at the same time. Okay. So if I have $50,000 in my life insurance policy or I have probably about four or five, we have, you know, I can't say how many we actually have, but we have quite a bit of life insurance policies that we started when I was in my thirties we have life insurance policies on our kids. I am a strong proponent of life insurance. I highly recommend it. I love it. I'm also an investment advisor and I invest wisely. Okay? So I believe that I do retirement should have a well balanced financial plan, a well balanced financial attack.

(13:31): You shouldn't just be all in life insurance. You should not be in annuities, all in annuities and you shouldn't be all in the market. Okay? Then you must have balance if you want to be successful because somewhere you're going to end up paying for something that you didn't think about. Like say estate planning or estate taxes. If you're not, if you haven't planned appropriately for your state, there could be surprised. Taxes in there when you're gone. So there's a lot of different things you're going to have to think about. But the ideal retirement plan, you want to make sure that you do have the appropriate cash reserve vehicle. Let's talk about lifestyle for a second. I was on the phone with a client of the day and she was talking to me about, I mean, she's a teacher and they're, they're being told not to go back to school and teach for, for 30 days now.

(14:21): 30 days is a whole long time. And she said, you know, I was going to retire in June, but I'm probably going to retire in December. And this is giving me a rate opportunity to see what retirement life would be like. This is, what are you doing? And she said, well, I'm in the yard every day. I'm gardening, I'm baking, I'm doing all the things that I couldn't do while I was working. And so if you are in a situation right now and you're close to use this as your practice, okay, think about the kind of lifestyle that you want. Yeah. I also think that ideal retirement life should be no stress. Okay? There should be no stress and your retirement life while you're working, you're going to have to figure out how to put yourself in a situation when you retire, where there's absolutely no stress.

(15:14): You know why? Because stress basically shortened your retirement life and other words, if you retire from a stressful job and you go into a stressful life, that just adds more and more, you know, medical problems, relational problems and things of that nature. So you definitely want to make sure that your ideal retirement lifestyle or your ideal retirement life is stress free. Okay. There's also some other things that you should kind of look into prior to retiring. And I think I talked to you guys about this before, about what you want your retirement life to look like and some cases in the rapid retire program we have, we actually, we have two phases. Phase one is where you retire from your current job and you find something else to do. I call that phase one, and that may be a great, a great stress reliever because an inactive mind can be filled with all different types of things.

(16:13): Okay? So if you're not working and and your mind is not active, it's also has been shown to keep Alzheimer's away, delay Alzheimer's. If you're working in your mind is active. So now is a time to kind of think about, Hey, if I do phase one, what else out there is it that I enjoy to do, that would reduce my stress. And then in phase two we talk about permanently retiring and doing absolutely nothing. And that may come at 70 it could come at 80 it depends on how healthy you are and what your other goals are. So again, you really want to make sure that you are setting yourself up to have the ideal retirement life. If we look at things like lifestyle, like I said in the rapid retire, cashflow management, cash reserve systems, income generation, making sure your portfolios are squared away and also in your retirement life, it's not time to start dabbling in things that you probably shouldn't be dabbling in.

(17:19): And again, you're going to have a lot of time on your hands. And that's why it's very important to make sure that you protect your assets. You know, you build a great financial plan and I've had one client, you know, I, they said, thank you very much. I'm retired now and so I no longer need your services. And I scratched my head and said, what, what? I said, the same plan that got you into retirement is now no longer good enough to keep your retirement. That was a head scratcher for me. But again, you know, when you have on your hands, you start researching and sometimes the grass looks greener on the other side and you go to a seminar too and you start hearing all these different things and you know, it starts to cast out on what you're doing. And so I encourage you to make sure that you have a great relationship with your planner.

(18:08): Make sure that your plan encompasses all, all the years of your life from while you're working, until you retire, until the day you die. If anything changes, you're going to have to communicate that to your advisor. Don't just step out on, I'm like that. Especially if they're a good advisor and they've been working with you for many, many years. And they've helped you accomplish your goals and your dreams and your objectives. You know, I think stepping out like that, sometimes the grass is not greener on the other side. So again, I encourage you guys to go to my website, retire now, retire while.com download the rapid retire brochure, download the game changer form. Send that in to me and I want to help you guys take a look and see if you qualify for some of the things that we've been, that I talked about earlier.

(18:51): We'd talk about what to do with your STEMI risk checks. Talk about, you know, if you do have a retirement plan, you can take the draws out where to put that money, you know, can we put it in a place that makes it grow faster for you? If possible. If you have a thrift savings plan and your age group, your not and a half and you're able to take funds out, let's look at taking some of that money on and reinvesting it in things that you can't get inside your TSP. I talked about a think, thinking about another show. We talked about 10 reasons why your 401k sucks. I don't know if that that is aired yet, but if it hasn't aired, it's going to air soon. And one of the reasons why your 401k could suck cause your investment choices now is a good time to take a look and see if I can pull funds out of my 401k and put them somewhere else where I can invest in things that are not in my 401k. It's time to take a look at that stuff. So, all right, give me a call. Okay. Get in contact with me and let me help you stop doing what you hate RA folks, it's been exciting talking to you. And until next time, one, two, three, let's get it.

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