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In this episode you’ll learn:

  • Why only 3% of Americans can retire the right way (2:30)
  • The shocking problems that are draining your retirement accounts (2:38)
  • The surprising link between mental health and your retirement (3:52)
  • Why marital stress will keep you working until you die (5:22)
  • Is your largest asset destroying your retirement savings? (7:33)
  • Why you won’t just “figure it out” at retirement and what to do instead to avoid spending your golden years in poverty (9:36)
  • Why most financial advice leads to an empty bank account (11:40)
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 Welcome to the show everybody. This is Harold Green and it is time to stop doing what you hate. Tis the season to be jolly though, and an amendment. We're going to talk about your holiday season and how it's going. But for now, I want to talk to you about America's retirement crisis. Believe it or not, our country is headed into one of the biggest retirement disasters we've probably ever going to see. And as it stands about, a 3% of the people in this country will have more than enough to last them their entire lives. Now, I'm not making this stuff up, but imagine this, you retired today and 10 years later I tell you as your advisor, sorry, but I would never do this. But you only have about five years of money left. Now, I don't know about you, but I would absolutely freak out anyway.

01:05 How was your holiday season going? How's the holiday stress? I know for a lot of people that's one of the most stressful times of the year. You have the family get togethers, you got to do your shopping, you gotta do your gift giving. You worried about gaining weight because you're eating too much and then you're thinking about that gym membership. But so far my holiday season is going just fine. I went shopping the other day for myself and I've heard it said you always have to get yourself something. So I hooked myself up with a little Neiman Marcus. But anyway, is your holidays derailing your retirement plan? If so, no worries. You can get back on track. Also with rapid retire, rapid retire will help put you in position to retire seven to 10 years sooner than the average Joe. And no offense to you, if your name is Joe, about rapid retire will also allow you to breeze through the holiday season with no financial stress.

01:58 You know why? Because you're going to have a plan that actually works and rapid retire not only allows you to retire sooner, but it also covers college. Getting on a debt and a lot of other stuff. By the way, it's a strategy that I've used for years to help people stop doing what they hate and you know what? It also helps them to live the life that they deserve. Now back to America's retirement crisis. Why is it that only 3% of people can retire the right way? I believe there are many issues plaguing us when it comes to retirement, but I'm, I'm going to uncover some of them for you today and they're going to be quite shocking. And so it's time for my favorite saying. All right, one, two, three. Let's get it now. The number one thing based on my experience that I see hating on her retirement, hating, hating on our retirement is mental health.

02:54 Yep. That's right. Mental health. Now down the hall from me is a company, can't say the name of it, but they specialize in helping people with mental health concerns. By the way, it's well documented that North America consumes most of the world's mental health drugs. Now that's a big one. This issue has become so bad that many people, they simply decide to check on a life and they end up on the streets. Now here in Hawaii we have a horrible homeless problem. Hawaii used to be one of, it's still is a very beautiful place, but you know our, our streets are filled with homeless people and my heart goes out. I don't, I don't think this is your situation though. What mental health affects us in all different kinds of ways and if we don't get it handled properly is going to lead to some major problems.

03:46 Now some of the ways mental health affects people when it comes to money is decision making. That's a big one. Sometimes I see clients that they just cannot seem to get a hold of their numbers and I think the reason is is that there are some what embarrassed to talk about some kind of addiction that, that they have and for the most part our clients do pretty well with keeping up with things. And keeping them on track. But every so often I'll see this kind of a thing pop up. Now either they're spending too much on things they don't need, paying more for things than they should, or they give money to family members, which now I'm not belittling giving money to family members, especially, you know, if you have it in your heart to help your help, to help your family, or I see people simply spoiling their kids when they should be saving money now.

04:36 Now don't get me wrong, if you have money to help your family again or spoil your kids and knock yourself out, more than likely that is not your situation. And if you're spoiling your kids with money you ain't got, then chances are you're probably doing something that you probably hate and it's time to knock it off. But if you're out there and you're struggling with some sort of mental situation, please talk to someone about it and get the help you need ASAP. It could affect your life, your money, and quite frankly, every thing else. Now, the number two thing that is hating on our retirement is marital and relational health. That's a big one. A pretty big one. There is a saying that if mama ain't happy, then no one is happy. I don't know if that's like that in your house, but you know, I sure I grew up like that now.

05:24 Not sure if I believe in that kind of thing. As well as we're all responsible for our thoughts or happiness and our wellbeing, different strokes for different folks. However, having a happy and stable relationship is a big, big plus. And when it doesn't go well, things tend to get a bit messy. So let's talk about money and marriage or relationships. What does it look like in, in your life? Start off with a big question. Who makes more money? Do you make more money to your spouse or your, your girlfriend, make more money? And do you guys have issues around who makes more and things like that? Who's responsible for what? We all have different roles in our relationships. And is there one account or do you operate on a two pocket system? Some people say, Harold, that's my money. I made that money. My spouse, they have their own money.

06:19 We combine our wallets at the end of the day in regards to, you know, helping pay the bills and things like that for the most part. But you know, what I make is what I make and what they make is what they make. And sometimes that can cause a little friction in the relationship because one person may make more and they may be living the kind of life that they dreamed of. Maybe you're not, maybe you're struggling a little bit. What? What does the lifestyle plan look like? Who, who's the spender, who's the saver? Things like that. Is that causing you stress and the relationship. And the number three thing that I see right now that is hating on the retirement plan is quite frankly, money Hill right now. Most retirement plans are sick. I mean, quite frankly, sick. Many people don't even have half the money they need to live on in retirement the day they retire.

07:10 Now, according to a recent retirement study, most retirees have about 66% of their network taught up in their homes. Now why is that? I think it's the fixed income position or the fixed income mentality. What is the fixed income position? What is the fixed income mentality and, and where did it come from? I think it came from a time in history where most people believed that if they didn't have a mortgage, their pension and social security would be enough to live on. So all of a sudden there was this mad rush for people to start paying off their homes. Now of course this is well before the days of taking out a second mortgage and getting kids through college and things like that. Back in those days, quite frankly, college wasn't all that bad. The price wasn't that high. And I've heard of many clients in their sixties telling them how they worked.

07:57 A couple of different jobs to put themselves through college. But sometimes, you know, we have kids who, you know, they may feel entitled and some parents say, you know, I just want my kids to focus. And to, you know, study, get the best grades they can because it's going to lead to a great job. And you know what? I tell parents all the time, my son went to MIT and he still had time to go to frat parties and and things like that. So you know, and he had some part time jobs. So again, I'll, I'll talk more about this in my paying for college series, but having a house or paying off the homesteads from having a fixed income mentality and it comes from the mindset that you're living, your living allowance is fixed and there's nothing you can do about it. And I don't think that's true.

08:45 Some people think they're too old to do anything about their situation and it's too late. Now I have a quiz for you real quick and let's assume that your mortgage was $2,000 a month and I'm going to present you two options. Number one, I'll pay off your entire mortgage of $500,000 or number two, I'll give you a check for $3,500 per month after taxes for the rest of your life. Which one would you choose? One or two, but why is it that so many people walk out the door to retirement in this shape? I'll answer that in a second, but on my next show, don't be stupid. Save for retirement. I'll provide you more insight on this issue, but I think they're very optimistic. That's why people walk out the door and that shape. They think they're gonna figure things out. Things are going to work out somehow and they'll just piece things together as they go.

09:32 Now, let me back up. Who the heck am I kidding? With this bogus stuff, people don't walk out the door and that shape voluntarily. Truth is they're usually forced out by some sort of situation, a circumstance, company changes, race structuring, new boss, downsizing, can't keep up with the job. Health reasons, health of a family, caring for aging parents. Sometimes there's loss of ventures. You've been doing the same job for the last 2030 years and you're just quite frankly sick of it. Now I'm going to give you a bonus here real quick. The number four thing that is hating on your retirement plan is bad financial advice. Number four, bad financial advice is everywhere. The internet, the grocery store, the barber shop, the bowling alley, you can find bad advice everywhere you go. I hear crappy financial advice everywhere I go. It seems like people are addicted.

10:28 I'm sorry for saying this, but it seems like people are addicted to saying stupid stuff when it comes to money. Now I take issue with this. If you have a grocery cart full of crap that you probably can't afford, you probably shouldn't be telling people about how to save for retirement or anything else for that matter. Anyway, let me calm down cause I'm kind of getting on a soapbox here, but what's the definition of bad financial advice, advice that is not in your best interest when it comes to you and your family's overall wellbeing today, tomorrow and forever. Most financial remedies are bandaids and what do I mean by that? It just seems like every piece of advice I hear these days being regurgitated as some sort of short term solution, it goes like this. Maybe you can't really afford this, but you know what, do this for now and it's gonna work out.

11:17 It's gonna be okay. But how does doing things like this now affect you later? Truth be told, people don't have the ability to think in terms of future. We're always being told not to worry about the future, right? Things are going to work themselves out. No offense, but have you ever seen a baby change its own diaper? Not me. The problem is not looking to the future and creating a solid plan is down, right? Irresponsible. That's a big one. Irresponsibility is rapid in some parts of our society these days, and from my vantage point, there's a lot of that going around. Now, the good news is this, you're not helpless and doing something about your situation. You've got options. There's help out there for you. You simply have to find a process that works in your favor. However, there are some roadblocks that you could be facing, especially when it comes to your mental health and wellbeing.

12:17 Here's a survey that was out there. A report, an estimated 26% of Americans age 18 and older. That's about one in four adults. They suffer from a diagnosable mental disorder and any given year. Now, many people suffer from more than one mental disorder at a given time and particular depressive illnesses tend to co-occur with substance abuse and anxiety disorders and that was Hopkins medical Hopkins medical.org. Now if you're struggling, please seek the help you need as your life and your money depends on it. Now it's probably affecting your relationships as well. According to Pew research center, divorce amongst people 50 and older has roughly doubled in the last 25 years and I think that is horrible. Now when I meet with my current clients, I tend to notice that those who are often on the same page have more success than their counterparts who are not on the same page.

13:17 I want to talk about my marriage for a second. I'm married. I'm going to have two kids. One's 24 one's 20 me and my wife, we too, like a lot of people have differences. I don't think they're irreconcilable. Just simple, simple differences. Now I travel for work sometimes and it can be horrible preparing for meetings when you're sitting in coach. I find it much more comfortable opening up the the the the desk type of thing they have. They're in first-class and just being in a way, you know my notes and preparing for my meetings. Now my wife on the other hand could care less about sitting in first-class. She just wants to go from point a to point B and just get it over with. She doesn't like wasting money on things that she thinks have no value. Now one of the ways I relieve stress is on the drive home.

14:04 I like nice fast cars and my choice for that is Audi. My wife only used the hand she could care less about the kind of car she drives. Again, point a to point B and she's good to go. Now in order for us not to make our differences into a point of contention, we've had to reach an agreement. I said, okay, I'll fly first class for business, but coach for vacation and I get to drive whatever car I like after my Jeep leases up so you know we're good, but most people have crisis and values that have never been resolved. Now, I'm not a marriage counselor or expert. I just see the positive or negative effects that marriage can have on your money. It's always best to sit down and figure out, you know how to get on the same page. Now it's definitely gonna improve your money.

14:50 Help solving the crisis of values is important. The earlier you do it, the more financial stability that you're going to have along. As you let these things linger out there, the worse it's going to get. Now we can get over some of the things that are holding you back. Things like paying off the house before retirement or simply investing. They put you in a position to have enough income for health or retirement. Lifestyle and debt. Servicing. Solving the crisis of values issue will always help you stay away from taking bad financial advice. I tend to see more people are open to bad advice when they're behind the eight ball or they have some kind of pressing issue to be resolved, like people that are going to retire in five years and haven't saved a lot and so now they're after every kind of get rich quick scheme and I've seen people lose a lot of money and so they be, they tend to become impatient, hasty and I've seen that blow up so many financial plans that it's, it's unreal and I'm sure that's something that these folks are going to regret for a long time, but there is no time like today to start planning and to stop doing that.

15:55 It means you hate. Do you hate not having enough to live the kind of life you deserve? Well, let's figure out how to stop that. Hate the thought of having to work until you die. Let's figure out how to stop that. Hate buying presents and gifts. You can't afford less. Figure out how to stop that. Go to retire now, retire while.com and download a rapid brochure today. Click on the game changer form. Get me your information and request a meeting and I'll be in touch to help you stop doing the things you hate. Now, some in Orton disclosures on rapid retire, there can be no guarantees made that you will be an in position to retire seven to 10 years sooner or any specific period. Results for follow Brembo vary by user. Past performance is no guarantee of future results. All investments, including real estate, are speculative in nature and involve substantial risk of loss. We encourage our investors to invest carefully. We also encourage our investors to get personally advice from their own professional investment advisor and to make independent investigations before acting on any information that we publish. That's all I have for you today. Thanks again for joining the show and until next time, one, two, three.

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