5 • 706 Ratings
🗓️ 3 December 2024
⏱️ 15 minutes
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0:00.0 | I gave some really simple advice to a client one time that completely changed his retirement |
0:03.6 | and also completely changed his quality of life. |
0:06.2 | Here was my advice to him. |
0:07.5 | I told him he should stop saving for retirement. |
0:10.2 | In today's video, I'm going to walk you through why that actually made sense for his specific |
0:13.7 | situation in the five instances where it might make sense for you as well. |
0:19.4 | This is another episode of Ready for Retirement. |
0:21.9 | I'm your host, James Cannell, and I'm here to teach you how to get the most of |
0:24.8 | life with your money. |
0:26.2 | And now, on to the episode. |
0:29.8 | So let's call his client Chris. |
0:31.2 | Chris came to me and he was burned out. |
0:33.1 | He actually kind of liked what he did for work, but he was really grinding because |
0:36.1 | he could not wait to get to retirement. He felt like he didn't get to spend enough time with his wife. He wanted to do things |
0:41.1 | that work was preventing him from doing because he was spending so many extra hours working and |
0:45.8 | grinding trying to save as much as possible, invest as much as possible so that he can reach the |
0:50.6 | promised land of retirement. So I ran some numbers for Chris. I looked at his projections. |
0:54.7 | He wanted to retire in a couple years and he was saving a lot of his paycheck. |
0:58.9 | Now after running some projections and looking at some different options, I came back to |
1:02.4 | Chris and I said, Chris, my advice to you is to stop saving for retirement. |
1:07.6 | And he kind of paused for a second, not really knowing what to take of that advice. |
1:10.0 | And I continued. I said, Chris, the reason you should stop saving for retirement is because what you are doing is you are burning yourself out as you continue to save and invest so aggressively. |
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