The Humans vs Retirement Podcast

Summary Eric is the founder and CEO of BFG Financial Advisors a large financial planning business in Baltimore, USA that specialises in retirement planning. As well a writing his book Eric hosts a podcast by the same name and id a regular contributor to forbes.com and Sunday morning TV in Baltimore In this conversation Eric and I discuss the concept of retirement as a graduation and the need to redefine retirement as an opportunity for growth and exploration. Eric highlights the significance of having an abundance mindset and being open to reinventing oneself in retirement.  Eric shares the three secrets to the happiest retirees: being debt-free, taking care of your health, and having a sense of purpose. Takeaways Retirement should be seen as a graduation and an opportunity for growth and exploration. Financial independence is key to a fulfilling retirement, and it is important to plan for it early in life. Having an abundance mindset and being open to reinvention can lead to a more fulfilling retirement. Financial literacy is crucial in achieving financial independence and making informed decisions. The fear of running out of money in retirement can be alleviated by working with a financial advisor and having a well-thought-out plan. The three secrets of the happiest retirees include embracing a second childhood, cultivating wisdom and mindset, and finding purpose and identity in retirement. Being debt-free or adverse debt-free is important in retirement to reduce anxiety and ensure a peaceful retirement. Taking care of your health is crucial, as it is easier to stay healthy than to get healthy. Having a sense of purpose gives retirees a reason to get out of bed every morning and brings fulfilment to their lives. Retirees should plan and have intention in their retirement to ensure a smooth transition and make the most of their time. Chapters 00:00 Introduction and Background 06:03 Redefining Retirement as a Graduation 09:25 Embracing a Second Childhood 14:10 Compounding Mindset and Wisdom 19:25 Finding Purpose and Identity in Retirement 23:21 The Emotional and Psychological Challenges of Retirement 28:20 The Importance of Financial Literacy 35:25 The Fear of Running Out of Money in Retirement 37:47 Achieving Financial Independence without Being Good with Money 42:56 The Three Secrets of the Happiest Retirees 43:05 The Three Secrets to the Happiest Retirees 44:05 Taking Care of Your Health 45:01 Having a Sense of Purpose 46:44 Debt and Financial Freedom 48:29 The Importance of Good Health 49:26 The Value of Purpose in Retirement 50:23 The Inflation Rate for Retirees 52:13 Planning and Intention in Retirement 53:10 Finding a Sense of Purpose in Retirement 54:08 What Financial Freedom Looks Like Episode Links & Resource Buy Eric’s book Don’t Retire… Graduate! Listen to Eric’s Podcast Connect with Eric on LinkedIn WealthGPS – Lifestyle Financial Planning by TFP Download My FREE Retirement Toolkit Subscribe to my Super Sunday Retirement Roundup Newsletter  

Summary In this episode, Ed Coambs, a financial planner, and therapist, discusses the challenges couples face in managing money and planning for retirement. He shares his personal journey from being a firefighter to becoming a financial planner and therapist. Ed emphasizes the importance of understanding one's own relationship with money and how it impacts relationships. He introduces the concept of financial intimacy and explains how it can help couples navigate the complexities of retirement planning. Ed also highlights the role of attachment theory in understanding couples' dynamics around money. In this conversation, Ed and I discuss the challenges couples face when transitioning from work to retirement and how financial therapy can help. He emphasises the importance of creating a safe space for vulnerability and open communication. He also explores the influence of childhood experiences on money management and the challenge of spending money in retirement. Our conversation highlights the need for balance in money management and the role of financial therapy in helping couples live a happy and fulfilling retirement. Takeaways Understanding one's own relationship with money is crucial for successful financial planning and healthy relationships. Couples often have different expectations and visions for retirement, which can lead to conflicts and challenges. Financial intimacy, where both partners are actively involved in financial decision-making and have open and honest conversations about money, is essential for a harmonious retirement. Attachment theory can provide insights into individuals' behaviours and attitudes towards money and relationships. Couples often struggle to transition from work to retirement and may find it difficult to let go and enjoy the fruits of their labour. Creating a safe space for vulnerability and open communication is crucial for couples to navigate retirement successfully. Childhood experiences play a significant role in shaping individuals' attitudes and behaviours towards money. Spending money in retirement can be a psychological challenge, and finding a balance between spending and saving is essential. Financial therapy can help couples address their money-related issues and create a healthy and fulfilling retirement. Chapters 00:00 Introduction and Background 06:15 The Journey to Financial Therapy 10:35 The Healthy Love and Money Way 23:34 The Importance of Financial Intimacy 28:00 The Struggle to Transition from Work to Retirement 32:38 Creating a Safe Space for Vulnerability 35:12 The Influence of Childhood Experiences on Money 38:18 The Challenge of Spending Money in Retirement 44:07 The Importance of Balance in Money Management 51:08 The Role of Financial Therapy in Retirement Episode Links & Resources Go see Ed’s Website Buy Ed’s book The Healthy Love and Money Way Listen to Ed’s Healthy Love and Money Podcast Check out Ed’s Online Courses for Couples Connect with Ed on LinkedIn Connect with Ed on X WealthGPS – Lifestyle Financial Planning by TFP Download My FREE Retirement Toolkit Subscribe to my Super Sunday Retirement Roundup Newsletter