Les McDaniel, a certified retirement coach at Howard Bailey Financial, joins the discussion on how a lifetime of delayed gratification can become a hurdle in retirement. He explores the psychology behind postponement and the importance of shifting from saving to enjoying life. The concept of a 'joy budget' is introduced, offering tools to reframe spending and enhance personal fulfillment. Listeners learn about the balance between enjoyment and savings while uncovering strategies for personal growth and connection through tradition and heirlooms.
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Delayed Gratification's Double-Edged Sword
Delayed gratification is vital early in life but can become harmful if prolonged indefinitely.
It should be about trading something lesser today for something greater aligned with true value tomorrow.
question_answer ANECDOTE
Ant vs Grasshopper Perspectives
Les McDaniel prefers living in the moment, contrasting with Casey's disciplined saving approach.
The classic ant and grasshopper fable illustrates differing views on work and enjoyment.
question_answer ANECDOTE
Whiskey Heirlooms vs Wine Bottles
Casey collects some whiskey bottles as family heirlooms, intending them never to be opened.
In contrast, wine bottles are meant for special drinking occasions and eventual consumption.
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The Science of Retiring with Confidence; The Art of Living with Purpose
Casey Weade
Job Optional is a thoughtful and down-to-earth guide to retirement planning. The book offers unbiased, commonsense advice based on the author's experience as a retirement planning professional. It acts as a primer to the financial world, making complicated topics accessible, and provides a step-by-step guide to planning your own retirement. The book focuses on identifying a life purpose and creating a plan to organize assets efficiently to achieve that purpose. It covers various financial concepts, strategies, and terms, including purpose-based asset allocation, liquidity planning, income planning, growth planning, and estate planning. The author interweaves personal stories to make financial planning real and understandable, emphasizing that success is not just about money but about purposeful living.
You're encouraged to save, delay gratification, and be disciplined with your spending—but what happens when that mindset becomes a roadblock in retirement?
In this episode, we discuss:
The psychology of postponement
How to unwind a lifetime of discipline
The “Joy Budget” concept
Tools to reframe spending
Today's article is from The Wall Street Journal titled, The Downside of Delayed Gratification. Listen in as Founder and CEO of Howard Bailey Financial, Casey Weade is joined by Les McDaniel to discuss how to shift from saving mode to truly living in your retirement years.
📧 WEEKEND READING FOR RETIREES: Receive CFP® insight on 4 hand-picked financial articles delivered straight to your Inbox each Friday: https://bit.ly/3OEdGgu
📅SCHEDULE YOUR PERSONAL FINANCIAL REVIEW: Book a 15-minute call with Howard Bailey Financial to see how the topics discussed here apply to your individual situation: https://bit.ly/3T6oNDB
ABOUT HOWARD BAILEY FINANCIAL: Our mission is to help others gain clarity in purpose and elevate meaning in their lives through personal and practical financial strategies. Our Retire With Purpose™ Framework starts with establishing your unique financial philosophy — the true meaning and purpose for your money in retirement. Through continued education, one-on-one meetings, and a comprehensive team planning approach, we have helped retirees across the country secure their financial futures. And while we can't work with everyone, our goal is to provide value to everyone we meet. Our team of advisors and support specialists strive to deliver the very best experience in pre-retirement and retirement planning. Learn more about our process here: https://howardbailey.com/our-process
Retire With Purpose - The Retirement Podcast 