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Show highlights include:

  • How changing your “definition of OK” lets you become wealthy enough to drink champagne on jets every day (2:55)
  • Why having a financial advisor lets you ignore stock market downturns and profit when it rises (3:37)
  • How monetizing your “needlepoint skills” adds zeros to your portfolio (4:41)
  • The “Gym Studio” method that increases your net worth (5:13)
  • Why having cancer doubles your life insurance policy (8:51)

Ready to stop doing what you hate? Go to https://calendly.com/bright-tree-financial/rapid-retire-assessment-appointment?month=2021-05  and schedule your free 20 minute Rapid Retire Assessment!

You will know on a scale of 1-10 your Rapid Retire Financial Fitness! After the assessment you'll receive a free copy of my book Paying for College in the 21st Century!

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.

(00:20) Oh, hello everybody. This is Harold Green and it is time to stop doing what you hate. I hope you are doing fantastically well today, today is Friday for me. I call it a hill good Friday. And I'm extremely happy. We need to be bringing you guys today. Show for all the Burren clients out there. I want to say thank you and give you a big shout out. I appreciate you being on board with me and just trust me to help you guys with this whole financial planning, retirement planning, investment advising process, and, you know, helping get your kids through college and just helping you with this whole thing.

(00:58): And I'm extremely excited and thankful for that. And if you're not yet a client and you've been listening to me for a while, I want you to just get on my calendar and or give me a call 8 0 8 5 2 1 4 4 0 1. And let me see what I can do to be of assistance to you. All right. So I want to get into today's show the title is running out of money. That's right running out of money. And that's one of people's biggest fears when they go into retirement and that's running out of money. And I want to talk about why people think that way and and it has a lot to do with the mindset, but I don't want to say you guys something real quick before I get into that, I got back from, from Florida a couple of weeks ago and apparently about a week or so or more now.

(01:49): And it was a very interesting trip because you know, being in Florida and being in Hawaii is it's like being in two different countries when it, when it comes to what we're experiencing here and the way, you know, the public officials are going about handling the coronavirus type of deal and the difference and how they're dealing with it in Florida. It's just, it's, it's crazy. Florida is wide open. You know, people can get vaccinated if they want, if they don't want to get vaccinated, they don't have to, if you know, they don't want to wear a mask, they don't have to, if they want to wear one, they can. It's just different. When you have the ability to choose the way you want to live. And I'm going to go into this. It's the same thing in regards to how people think about money and how much of it they should have, or how much of it they can get.

(02:39): But running out of money is an issue. And I want to say something straight up. There's always more where that came from. What do I mean by that? There's always more money where that came from the challenge I see for a lot of people when we're their planning. And that's the biggest question that I get is Harold, am I going to be okay? Well, the question is, is what is your definition of, okay, you know, do you want to have enough money to do the things that you want to do in your life and not have to worry about things? Or do you want to ball out, you know, drink champagne every night and fly in private jets on the weekend? I mean, like you, you have to determine the level of lifestyle that you want to have and you want to be able to enjoy when you retire.

(03:28): And so if we can get that part figured out, then we don't really have to worry about whether or not you're going to run out of money. Okay. And along those lines, not only running out of money, people also have a big fear of, of losing it all. I had somebody ask me that the other day with the stock market being as crazy as it is and things going left and right up and down the push and pull the rotation, the rotation, the retracements, all of this other crazy stuff. And it's enough to kind of give you a nightmare, but I got to tell you, that's why you have a fiduciary advisor on your team, helping you figure these things out, to be able to help you ride over these rough spots, to ride over the bumps and to ride over the waves, to help you get to where you need to be.

(04:16): It's it's going to take time. It's just going to take us some time. So just kind of be patient chill out, sit back, relax. Everything is going to be fine. Okay. It may not happen right away, but over time, things are going to work out. They always do. Okay. And that's why you have the right people in your team to help you with that. But running out of money is a real fear. And one of the reasons why people feel running out of money is because they really don't know like what it takes to make money. And I think I shared with you guys at my last show about your gifts and your talents and how you can turn your gifts and your talents into or use your gifts and talents to add extreme value to other people's lives. And by doing that, I call that monetizing your gift.

(05:03): And so therefore you don't run out of money, but a lot of people are afraid. They're scared to monetize their gift. And I'll give you guys an example. My trainer, I'm going to have him on my show. One day, John, shout out to John, big, big shout out to John. He's done an amazing job, helping get my butt in shape. I'm down another 10 pounds, like in the last week and a half, two weeks, you know, and that's maybe the last three weeks. And that's a pretty big, that's a pretty big drop for me. So I'm super excited about that. Thanks John. But years and years ago, when I first met John, he was working for somebody else. And John is an extremely gifted and talented person and talented trainer dude and put together plans like crazy and get results. If you, if you follow the plan, ask the most important part, you got to follow the plan.

(05:52): So John and I were talking, and one day he was, you know, busting my butt, you know, and just kind of with me, different things about, you know, the owner of the company that I worked with, which I knew. And you know, just saw how things are being ran. And, you know, I knew John was probably responsible for bringing in a lot of the revenue or whatnot, just because I saw how hard he worked. And I said, bro, look, you need to start your own gym. And he's like, yeah, I don't know if I can, you know, and I don't know if I want to do that. And I said, bro, look, you're, you're busting your tail right here. You're doing a phenomenal job. You know? And if you open up your own gym, you'll be able to make more money than you can ever believe because you, you got what it takes in order to make it happen.

(06:33): I see it. And it just took a while and it took a while and it took a while and it took awhile. And finally, one day I got a text message from John. I hadn't seen him in awhile. And he said, no, dude, it's it's happening. I said, what? He's like, it's official. I'm starting my own gym. And every, since John started his, his own gym, his own studio with his wife, they've never looked back. I mean, they've been running and running and running and running and they're successful and they are not looking back. So I want to thank John for, for monetizing his gift for stepping out and doing what it takes to add extreme value and tremendous value to the lives of other people. Yeah. The training sessions aren't cheap, but my God, I'm getting so much value out of it and not just the training itself, but also the relationship that I building with him and that I have with him and it's, and it's helping me quite a bit.

(07:26): So if you're out there and you're thinking, look, you know, I have these gifts and I have these talents. Let's sit down and figure out how to put something together, how to put together some kind of plan for you and point you in a direction that will help you monetize your gift. You got what it takes. Okay. And if you do what you need to do, you're never going to run out of money. See the problem is, is a lot of people aren't willing to monetize their gift. They're not willing to put their gift to work. A lot of people, what I see, they trade time for dollars. That can be a sad way to live. Now, if it's a fulfilling and you enjoy doing what you do by all means, continue doing it. But if you're trading time for dollars, you never going to get that time back.

(08:10): And you're going to have a life full of regrets. So don't bury your talent and the ground. There's a story in the Bible about the parable of the talent said, you know, when the master came back and he said to the one servant, he said, you wicked and lazy servant. You could at least put my money in the bank and earn some mentors, but dude, you buried it in the ground. And a lot of people, they are going to run out of money in retirement because they are bearing their talents in the ground. So I want to give you a big warning, do not do that bigger out. How is it put your talents to work? Okay. Another fear people have is getting sick and you know, having to go into a long-term care situation and not have money to cover that kind of stuff or being a burden to their family.

(09:05): I just got off a call and a client. That was, that was his concern. Harold, what, you know, I'm seeing my friends and I'm seeing them deal with their parents. And I'm seeing, you know, people not have enough money to cover their long-term care. So I banged up a couple of different solutions with them right there and send them to him to show him how to cover and to take care of that issue. And basically, basically what it is. It's a dividend paying life insurance policy with critical illness, riders attached to it. And that's one of the ways we accomplish dual purpose dollars. You got money sitting in the life insurance policy, if you need it. It also has critical rider and long-term care insurance attached to it that doesn't cost the client. Anything it's a benefit designed inside the policy, phenomenal things that are there that can help cover these types of situations.

(09:52): You just have to dig into them or ask for, ask for help. Okay. And don't be afraid of, of paying money for things or don't be afraid of cost. Okay? Because again, going back to running out of money, people not using their talents because maybe it costs them a couple, a thousand dollars for a training course or something, or 10, 15, 20,000 to, you know, it could a business started or whatnot. It's going to cost you something, right? No risk, no reward, right? The greater, the risk for the most part, the greater the reward, but getting sick, sick is a concern, but there are things out there that we can put in place to take care of it. The getting sick issue, the last biggest fear people have when it comes to money and life and things like that is dying. A lot of people, quite frankly, are afraid of dying.

(10:44): And as I talked to my clients and we have this conversation, some days it's going to come to an end, that that is a true reality. The question is, is what position will you leave your family? And if it comes to an end sooner or later, or whenever, what position are you currently in? Are you, are you ready for it? Right. Have your trust set up? Okay. We will set up, have your advanced healthcare directive set up. Do you have your life insurance policies set up? What type of life insurance policies do you have, right. Is your crust written with the proper language inside? What does all of this look like? Right? What is going to happen to your retirement account? Is it going to be gifted to charity? So your family reduces their taxes. What does that situation look like for you? And if you don't know, I'm going to challenge you to get on my schedule and go through a rapid retire assessment.

(11:44): And basically, I just want to check your rate in us and see where you are. If something like this were to happen, like, you know, are you going to run out of money at one point? What happens if you get sick? What if you die? What happens? You know, when you have to pay for college, how well prepared are you or these things that I'm going to grade your rapid retired shuts men. And I'm going to give you a number from one to 10. How ready are you? Anything less than a seven is a failure. You must be ready. So you can go in there and click in the show notes and click on the rapid retire assessment and get on my calendar and let's get that done. I do them on Fridays because it's a feel good Friday. And we, we want to know what we're dealing with.

(12:28): So we can go into the weekend with things to think about that way. Monday, when we hit the ground running, we can start to make something happen. So running out of money, that's a concern, getting sick. That's a concern, dying. Those are all concerns, but those things can all be managed and taken care of if we just take the time to do so. All right. So thank you everybody for allowing me to share with you today, show running out of money. Let's make sure that that don't happen. All right. So until next time, 1, 2, 3 less.

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