059-Exploring the Personal Finance Crisis w/ Elizabeth White Who Was 55 & Faking Normal

Journey To Launch

Jamila Souffrant

Finances, Business, Realestateinvesting, Entrepreneurship, Earlyretirement, Investing, Budgeting, Wealth

5 • 1.7K Ratings

🗓️ 22 August 2018

⏱️ 58 minutes

🔗️ Recording | iTunes | RSS

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Summary

Ideally, retirement is the event that allows for working men and women to shift their working lifestyle to a lifestyle of relaxation and enjoyment. The truth of the matter is that so many Americans, nearly one-third of those aged 55-64, have little to no savings and are unable to support themselves during their time of unemployment. Even with the median retirement account valued at more than $100,000, this is still not enough to maintain the living expenses of a person living the average lifespan of 80 years. Elizabeth White, an author and aging solutions advocate, shares this experience in hardship and has made it her mission to educate the world on the personal finance crisis.

Two years ago, Ms. White wrote an online essay that depicted the financial plight of boomer-aged Americans and her story resonated with so many. The overwhelming response to the essay led her to write her book, Fifty-five, Unemployed, and Faking Normal, which tells the story of the millions of older Americans who, despite a history of career choice and decent incomes, are facing the prospect of downward mobility in old age. Today, Ms. White has sparked a national conversation, has delivered an impactful TED Talk and has been recognized as one of the Top 50 influencers on aging.

In this episode we discuss:

Ms. White’s story and her famous TEDx Talk
Her financial mistakes and lessons learned
The individual isolated behavior vs systematic factors that have led us to this point of the retirement crisis. (The 7.7 trillion retirement GAP)
The 3-legged retirement income stool- (the savings, pension and social security) and why it is so wobbly/broken
Advice for older adults reaching retirement and advice for younger adults
Resilient circles and how people can form them in their lives
The concept of ‘Smalling-up’
What it means to have a richly textured life
The changes Ms. White would have made her to habits and choices pre-retirement
Her thoughts on the FIRE movement

At the end of the podcast, I also talk about the waitlist to the soft launch of my monthly membership program. Get monthly tips, tools, and classes to help you launch to Financial Freedom. Click here to sign up and be the first to be notified when the doors open in Summer/Fall 2018.

Other related blog posts/links mentioned in this episode:

55andFakingNormal.com
YouTube Video of TEDx Talk
Fifty-five, Unemployed, and Faking Normal Book
PBS Video and Profile
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Connect with Elizabeth:

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Transcript

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0:00.0	You're listening to episode 59 of the Journey to Launch Podcast.
0:06.0	An honest look at the personal finance crisis with Elizabeth White, who was 55 and faking normal.
0:13.7	T-minous 10 seconds.
0:16.6	Welcome to the Journey to Launch Podcast with your host,
0:19.7	Janila Sufrant, as a money expert who walks her talk.
0:23.6	She helps brave journeys like you,
0:26.0	get out of debt, save, invest, and build real well.
0:30.9	Join her on the journey to launch to financial freedom in five four three two one.
0:37.0	Hey hey hey Journeyers. Welcome back to another episode of the Journey to
0:47.3	Launch Podcast. I'm excited to bring you this conversation that I had with
0:51.9	Elizabeth White. Elizabeth I found actually through a TED Talk
0:57.6	I was mentioned or someone added me in her talk on Twitter. I went to it and I was just blown
1:06.5	away by her story, by her honesty about what she's been through in her life with her finances and the topic of
1:16.7	her TED Talk was called 55 and Faking Normal. Actually it's also had another name so when I want it to Ted Exe, it was
1:26.2	also called an honest look at the personal finance crisis and in this TED Talk Elizabeth tells a story that many of you who are listening
1:39.4	probably have either seen your parents go through or maybe you're going through, but she's talking
1:45.3	about how she ended up even after having a well-paying job, even after getting an education, she still ended up unprepared in her later
1:56.4	years for retirement, and she landed somewhere where she did not expect to be with her finances.
2:03.7	And she talks about that honestly in this TED Talk.
2:06.6	And I wanted her to come on the podcast and share this with us,
2:10.0	share all the information that she's gathered along the way and how she is now
2:15.4	helping other people bring forth their honesty with their personal finance and
	...

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