3 Classic Early Retirement Mistakes To Avoid
Early Retirement - Financial Freedom (Investing, Tax Planning, Retirement Strategy, Personal Finance)
Ari Taublieb, CFP®, MBA
4.7 • 583 Ratings
🗓️ 8 April 2024
⏱️ 19 minutes
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| 0:00.0 | I've seen lots of people make lots of mistakes when they retire early, but today you're going to get to thank them because we are going to get to use their advice so that you can live your awesome early retirement. These are the classic mistakes that people make over and over again that I'm constantly hearing about. And so I want to make one video where I just talk about the three classics. What are the main things that you need to think about? There's a lot out there and it becomes overwhelming very quickly. What are the things that you need |
| 0:24.6 | to think about so you never make these mistakes? So when markets go down, you go, yep, I don't care. |
| 0:28.3 | I've got a plan for that. Or if you go, you know what, I don't know what tax strategy I should implement. |
| 0:32.6 | How do I even think through that? What am I going to do in retirement? All those types of things. I want to make sure that you have total clarity on. So today I'm going to give you those answers right off the bat. I know a lot of you are very busy people and you want to listen to the podcast to get that answer. And then if you want the logic behind every single thing I talk about, you can make sure to stay tuned for the whole episode where you are going to get that as well. So I want both of you to be happy if you |
| 0:54.6 | can put yourself in one of those boxes there. I know some of you will shoot me a note saying, |
| 0:59.3 | Ari, very busy. Appreciate the podcast. I want to make sure that I get your information, but time is |
| 1:05.3 | of the essence. So if you can consolidate some of these episodes, be really helpful. Then another person |
| 1:09.7 | send me a note saying, hey, any chance you can go in more detail so try to balance for both of you the podcast i don't want to make |
| 1:15.9 | them too long where you go here we go again another guy making a tv show by as a podcast and that's why |
| 1:21.0 | i don't do advertisements and other stuff like that i had the one advertisement for just three weeks |
| 1:25.6 | of a holistic physical therapy only because |
| 1:28.5 | I felt it was really applicable, where if a lot of you have tons of assets but don't actually |
| 1:33.0 | feel like you're able to do what you want in retirement because your body's not in a position |
| 1:37.0 | to do so well, that's a problem. |
| 1:38.6 | So I'm only trying to bring you guys what I feel is the most helpful content so you can go |
| 1:43.2 | live your best life. Now let's hop right in. So what are the three classic early retirement mistake? So number one is feeling like you should be running. What on earth does that mean? What that means is a lot of you have been working very, very hard for many, many years, you retire and you still feel like you should be running. Oh, I'm not being productive enough. Oh, I'm not doing this. Oh, I'm not. You're allowed to put yourself first. And sometimes doing that means not doing other stuff. What does that mean? The client came to me, said, Ari, I don't know what to do with my time anymore. I know I should be playing golf, but I feel guilty playing golf. I feel like I should be doing more. Other people go, oh my gosh, are you telling me? |
| 2:18.7 | There's people that are having these problems. I'm loving my retirement. I've got my community. I know exactly what I want to do. Like I just, this is, I can't believe people have this problem. It's very real. So you might be listening going, hey, I've got no issues. Financially, you tell me when I'm in a good spot to retire early, I'm making it happen. |
| 2:35.2 | Other people go, yeah, I think I'm in a good spot, but I'm actually very concerned because I think I might know what I want to do, but I retire and I'm worried about being bored. And I saw my neighbors be bored. And I saw their coworkers and I'm debating an early retirement. So there's the financial aspect of can I make it happen. I think once you have that answer, that's when you can start to actually think about, hey, what am I going to do? The truth is a lot of you are not going to retire because you're going, oh my gosh, what am I going to do when I do retire? And I have clients that tell me you can't perfectly plan out your retirement until you are retired. And what they're trying to say is as long as you're still working and very, very busy, you don't really have the time to go pursue these other things that you might really love. You don't know if you'll love them until you do them. So this client financially knew they were in a good spot to retire early, but did not know what they wanted to do in retirement. They retired anyways. And they did a lot of planning, and it does take a lot of work to understand what they wanted from a purpose, a fulfillment perspective, and they were like, hey, it turns out I really love gardening and I haven't had the time to do it. And so then all of a sudden, they joined a gardening community, and they loved it a whole lot more. Then all of a sudden, they went, you know what, what if I traveled and started teaching people about gardening? Then they started thinking, you know what, should I make videos and help my local community? Oh, and then it turns out they loved a charity nearby. So they started doing charitable giving. That talked to their tax plan. So they started to really kind of put themselves into true retirement mode, but they couldn't have done and all that stuff while still working. And sometimes people feel like they should have their retirement |
| 4:01.1 | mapped out. So tip number one is feeling like you should be running when in reality, I want you |
| 4:06.8 | to walk and jog. And if you want to go for a sprint, you get to go for a sprint, but think about |
| 4:11.3 | going for a sprint almost like, hey, let's assume you really love |
| 4:14.4 | what you do. Okay, go do part-time work that you think you'd really enjoy and all of a sudden you might find, wow, I really miss the fulfillment aspect of work. But you know what? I've got it at this job and it's way less stressful. This is awesome. Other people go, I don't want to work ever again. I work so hard, just make sure I'm financially never going to run out. |
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