An Innovative – and Life-Changing – Way to Look at Retirement, with Dean Jackson - Replay
Common Sense Financial Podcast
Reducing Risk and Gaining Control in Retirement
Exploring the risks and uncertainties involved in retirement planning and the importance of gaining control over one's retirement outcome. The chapter suggests evaluating personal values and worst-case scenarios to ensure a secure retirement.
What comes to mind when you think about retiring? Is it enjoying your "golden years?"
That's an outdated approach, says today's guest Dean Jackson!
He joins host Brian Skrobonja to discuss a new way to think about retirement – and how doing things this way will change your life – the concept of "pre-tiring," two types of economy, and what "money hobby" and self-managing companies are all about.
- The idea of the conversation with Dean came to Brian as the result of conversations he has been having with clients, plus the increased longevity and the outdated models that are still presented as the tools to approach retirement planning.
- From an early age, Dean realized the difference between what Dan Sullivan calls the time & effort economy, and the results economy.
- In the first type of economy. you get paid a fixed amount for your time and effort, whereas in the latter. you’re paid by the results you create.
- Dean has been “pre-tiring” since 1999, splitting his time between Canada and Florida.
- For Dean, trying to define what success means to you and what your ideal lifestyle looks like are key aspects to reflect on.
- Society has been structured in a way where people worked with an eye on retirement, where they would spend their golden years. Now, things have changed.
- As Dean points out, there are billions of definitions of what "a perfect life" looks like, and "everyone’s in possession of what could be a perfect life in their definition."
- The key is filling the blank, using your own situation and words, in regards to the sentence "I know I’ll be successful when ____."
- Rehearsing for retirement is one of the things Brian has been helping clients with. Retirement is a transition, so being prepared for it is crucial.
- Dean believes that one of the important steps to take to prepare for the transition into retirement is what he calls "money hobby."
- Find something you’re truly passionate about and look at whether you can turn it into some kind of business, like the Ryan’s Toys YouTube channel, for example.
- Brian thinks that retirement isn’t an age but a mindset. You can retire at 65 or at 35 if you have the right mindset and path to run down to create passive income.
- Citing Dan Sullivan’s ideas and work, Dean and Brian touch upon the whole idea of life extender and making your future bigger than your past.
- For Dean, it isn’t about how to do something but who can get something done for your company.
- You should decide whether you want to find a who that can help you with a specific thing – you can then turn into a business – or become that who yourself, for someone else’s business, and do the what you really love.
- Dean talks about the so-called eight profit activators, a blueprint that’s universally applicable to all businesses. It’s about looking for opportunities to activate profits in any of the eight areas.
Mentioned in this episode:
Previous episode - Retirement is Not an Age
Dan Sullivan - StrategicCoach.com/our-team/#/people/dan-sullivan
Tony Robbins’ New Money Master program
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