Episode Transcript
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Speaker 1 (00:00):
A few weeks back, I
issued on this podcast
encouragement you might evencall it a challenge to do the
most important thing you can dothis year with your money.
And no, that has nothing to dowith Roth conversions or
investing or the way that you'repulling money out in retirement
.
It had everything to do withhow you're spending money.
And today's a follow-up episodeto that, because in that
episode I asked you thisquestion.
(00:21):
I asked the simple question ofwhat's one thing you've always
wanted to do or buy but, forwhatever reason, haven't gotten
around to doing it.
And by the end of that episodehere was the challenge I asked
you to write that thing down,whatever it was, on a scrap of
paper by the time that theepisode was over.
I then asked you to write downa date by which you would make
that purchase or do that thing,as well as write down where
(00:43):
exactly funds would come from,whether it's bonus, stock sale,
cash flow, whatever the casemight be and by the end of that
I asked you to share with me.
I said please email me yourresponses to this question, and
I got some really incredibleresponses.
This is another episode of Readyfor Retirement.
I'm your host, james Canole,and I'm here to teach you how to
get the most out of life withyour money.
(01:04):
And now on to the episode.
So what I want to do in thisvideo is actually share some of
the responses you all shared,because the most important thing
we can do with our money isalign it in the way it's
actually being spent.
As I mentioned before, it doesnot matter how impactful your
tax strategy is, it doesn'tmatter how much your portfolio
grows.
It doesn't matter how much yourportfolio grows.
It doesn't matter if you'veoptimized social security, if
(01:25):
you can't actually get to aposition where you're using this
success.
You're using this strategy toenhance your quality of life, to
enhance the things that youvalue, by spending money on the
right things.
So what I'm going to do is Iwant to share with you some
feedback that I got.
Go back and listen to thatepisode if you haven't already,
but here are some responses thatyou all shared with me Thank
you for doing so that I now wantto share with the audience so
(01:47):
we can get some inspiration onwhat are those things that we
can do to align our spending,align our money with the things
that we actually value.
This was a YouTube comment.
Daryl says James, I think thisis the most powerful video
you've ever done.
I recently retired and I justspent a month ice fishing with
my son.
The memories made while stayingwith him in northern Wisconsin
are priceless.
Love that example.
(02:08):
Thank you, daryl.
Another comment said this mywife and I traveled with our son
from Arizona to see our firsthome Washington Commanders
football game in October of 2024.
We're huge fans.
The game was on our son's 21stbirthday.
What a way to celebrate.
I can commit to another trip inOctober of 2025, where the
three of us will again travel tosee our favorite team play
(02:28):
another home game.
The memories from the 2024 tripare priceless.
I love that sentiment becausehow many of us have ever taken a
trip with family or withfriends and regretted it?
Very few occasions thatactually happening.
It's very easy to put off thosetrips because of the cost,
because of schedules, becausewe're busy, because we have to
coordinate, but very seldom dowe actually regret taking those
(02:49):
trips, because the memories madethere, the experience we have
there, is the reason that weultimately save and invest and
put ourselves in a position tobe able to do the things that we
want to do.
This next story speaks to theurgency that all of us should
have when it comes to doing thethings today to take advantage
of the time that we havetogether.
This is a YouTube comment andthis individual says I am
starting my third year ofretirement.
(03:09):
My wife and I are taking manybucket list trips every year.
We are currently booking two tothree trips per year into 2027.
My brother-in-law was recentlydiagnosed with brain cancer and
my brother with Parkinson's.
You never know what your nextdoctor appointment might find.
We're exploring the world andvisiting with our grandchildren
at every opportunity.
How easy is it to get in thetrap of working one more year,
(03:32):
waiting for one more bonus,hitting one more milestone when
it comes to your portfolio value, only to realize that one day
we have a health event, a familymember has a health event, a
friend has a health event, andwe're never going to get to
create those experiences, thosememories that we would have had
we taken the time to do what wewanted to do when the time was
right to do it.
So I really appreciate thatcomment coming through.
(03:53):
This next story comes from Ron.
Ron says I had always dreamedthat we would host a family
vacation for our adult kids andmy mother when I retire in 2028.
However, my mom is nearing age80 and I'm fully aware that we
only have so many opportunitiesleft.
So we upped our family vacationto March of 2026 at our family
timeshare in Puerto Vallarta.
The funds will come throughsavings and working overtime.
(04:14):
In our discussions with family,everyone is so excited to do
this and we'd look forward torepeating it in 2028 as well.
So perfect example of sayingyes, it's easy enough to plan
that in three years, but can wedo it earlier, when mom's here,
when family's here, when peopleare healthy to do it?
So, ron, thank you very muchfor submitting that.
This next one comes from Harvey.
Harvey says amazing timing,James.
Last month, a dive buddy askedif I wanted to go on an
(04:36):
adventure.
Last week I booked the trip andtoday I booked the flights.
Where am I going?
I'm going to Egypt to dive theRed Sea for a week and to visit
the pyramids in Cairo Museumthis May, at 72, to answer some
of your questions, the time isnow so great example of getting
on it and doing that thing asopposed to pushing it down the
road.
This next comment comes fromJerry and, just as a reminder.
(04:57):
These are the comments I'mgetting of asking people please
tell me, share with me thethings that you're committed to
doing today, the things whereyou're spending your money on
things that align with yourvalues.
These are the responses thatI'm getting, and this next one
comes from Jerry.
Jerry says this year we'retaking our immediate family on
an eight-night cruise all 12 ofus.
Plans are made and tickets arepurchased.
We also started sharing our twosons' inheritances with them
(05:19):
early, about six years ago.
We give each of them about$15,000 per year and we enjoy
watching them use it.
So another wonderful examplewhat are your values?
If that's family, what doesthat look like?
Looks like for Jerry.
That's both time with family aswell.
If there's going to be aninheritance, if there's going to
be some financial money left tothe children at the end of it,
(05:39):
why not accelerate some of thattoday?
Why not enjoy getting to seethem use those funds to do
whatever they're doing with them?
So, jerry, thank you forsharing that.
This next one comes from Lois,and this is more of something
that she did previous year, butshe said I thought you'd be
interested in knowing what I didthis past year.
I bought a puppy.
I knew it was going to beexpensive between accessories,
doggy daycare, food and vetbills and I'm still trying to
(06:00):
save for retirement.
But I went for it and itcompletely changed my life.
Walking her and snuggling withher on the couch has been so
rewarding.
Below is a picture of me withLulu.
She included a picture, ofcourse, for dog Lulu, who just
turned one years old.
So this is a great example.
We can get so caught up and Ineed to save for retirement.
I'll do this when I have thefunds, I'll do this when I have
the resources and, of course,there's a balance here because
(06:21):
we can't spend recklessly.
But what price tag would Loisput on that puppy?
What price tag would Lois puton her experiences with Lulu in
just the first 12 monthstogether?
Lois, great example there.
This next example comes from Lee.
Lee says this is our first yearin retirement and we had
budgeted and we were planning totravel quite a bit.
The one thing we hadn't reallyconsidered was how exactly to
(06:43):
optimize that travel.
But after a little thought, wewanted to put more focus on
trips with our grandchildren,who are now four and seven years
old.
With that in mind, we just gotback from taking them to Disney
World last week, and it was anunforgettable week filled with
smiles and with laughter.
In our next adventure, we'vebooked a Disney cruise in July,
which we think is something theyshould also really enjoy.
Our grandkids are only at thisage for such a short time, so
(07:05):
making the most of it is the onething we're doing this year to
make it special.
What I like about this commentthat Lee submitted is he had
mentioned that this is our firstyear of retirement and we had
budgeted and were planning totravel quite a bit, so that was
already something that's part ofthe plan.
But he went one level deeper.
He said how do we optimize thattravel?
Sure, travel is great.
Everyone wants to travel, mostpeople want to travel, but can
(07:26):
we do something different tomake it as special as it
possibly can?
And it sounds like Lee and hiswife they thought about this and
said well, how do we do this ina way that aligns with our
other value, which is spendingtime with grandchildren?
So it'll be very cool there.
Thank you for sharing that.
Now here's the final story thatI want to share with you, the
final response that I want toshare with you, because I fully
recognize.
We can still hear this and saythat's great, but I'm going to
(07:48):
do this later.
I'm going to do this at anothertime.
This comment came from aYouTube listener and this
individual says this video mademe cry.
My wife and I were making plansfor a retirement when she
passed.
Even though she was very sick,we still thought we had time.
I've been implementing our plan, but I wish she was here to
enjoy the plan with me.
(08:09):
Now we have no idea how long wehave, how long our spouse has,
how long our family has, and ifwe know we have a long time, how
much of that time are we goingto have our full health, our
full energy, our full vitality?
So as we do this, this isn'tjust some nice thing that we
should be doing.
There should be an urgency witha message like this, an urgency
that we are not promisedanything.
(08:30):
And if you were to passtomorrow, what would you look
back on and regret having notdone?
My guess is, for so many ofthese listeners that are
submitting these questions iftomorrow they were to know that
was our last day, they wouldlook back on some of these
things they shared, on some ofthese football games on some of
these cruises, on this time withgrandchildren, they would look
back on these things as some ofthe fondest memories of their
(08:52):
life.
We don't ever want to be inthat position where we're caught
looking back on our livessaying what do we all do it for?
We have the money, we have thetax strategy, we have all that
good stuff financially, but wemiss out on these things along
the way that actually matter.
So as we wrap up, I want you tounderstand the key difference
here.
There's a very big differencebetween just believing that
making more money and spendingmore money is automatically
(09:14):
going to make you happy.
That is not true.
However, if you can identifywhat you value most, what's most
important to you, and thenspend money in a way that aligns
with that and supports that,that is where that true joy and
contentment and purpose inretirement comes into play.
So, to all of you who submittedresponses to that previous
episode, thank you very much.
I did not get a chance toreview all of them or go over
(09:36):
all of them on this episode, butI did want to share some of
these responses, both toencourage you, to give you a
sense of what this could looklike as well as to caution you
of we're not promised tomorrow,and as that listener shared
again, I'll read it one moretime.
My wife and I were planning tomake plans for our retirement
and then she passed.
We need to make sure that we'reenjoying what we've saved and
(09:56):
what we've worked for today, aswell as playing prudently for
the future.
So I hope this is helpful forthose of you looking to align
your spending with what youvalue most.
Thank you for all of you whosubmitted these stories.
Thank you for listening andI'll see you all next time.
Not provided any compensationfor and has not influenced the
content of any testimonials andendorsements shown.
(10:18):
Any testimonials andendorsements shown have been
invited, have been shared witheach individual's permission and
are not necessarilyrepresentative of the experience
of other clients.
To our knowledge, no otherconflicts of interest exist
regarding these testimonials andendorsements.
Hey, everyone, it's me againfor the disclaimer.
Please be smart about this.
Before doing anything, please besure to consult with your tax
planner or financial planner.
Nothing in this podcast shouldbe construed as investment, tax,
(10:40):
legal or other financial advice.
It is for informationalpurposes only.
Thank you for listening toanother episode of the Ready for
Retirement podcast If you wantto see how Root Financial can
help you implement thetechniques I discussed in this
podcast, then go torootfinancialpartnerscom and
click start here, where you canschedule a call with one of our
advisors.
We work with clients all overthe country and we love the
(11:03):
opportunity to speak with youabout your goals and how we
might be able to help.
And please remember nothing wediscuss in this podcast is
intended to serve as advice.
You should always consult afinancial, legal or tax
professional who's familiar withyour unique circumstances
before making any financialdecisions.