Had a great conversation in Starbucks yesterday. Their wifi wasn’t workin’ so I began to leave. A couple guys in their late 40′s sittin’ at the next table had heard me say the phrase ‘income property’ on the phone. They asked what I did for a living. It doesn’t take a modern day Sherlock Holmes to figure out what happened next. 
“How long ya been doin’ this?” An hour later I left.
Some Questions
Turns out they were brothers. They told me to ask ‘em anything, so I proceeded to do just that.
• What’s your current financial picture?
Cash reserves? Available investment capital? Assets convertible to cash without muss ‘n fuss? Gross annual income from work? Any real estate investments? Etc.
• Outside of housing expenses, how much debt do you have?
• Are you currently contributing to a 401k or IRA? How much? Balances?
• When do you want to retire?
• How much income is the minimum for you to feel comfortable?
• How much capital — not touching generous cash reserves — is available for real estate investing?
• How much money, if any, can you comfortably afford to add on a periodic basis to any cash flow toward the goal of debt reduction?
There were many more questions, but you get the gist. Turns out they’re in San Diego visiting their mom, Dad having passed away some time ago. They promised to get in touch once they’ve returned home. One thing they said though, caused me to pause and reflect.
They said the phrase with which I’d begun, Purposeful Planning, gained more meaning as I asked each successive question. One of ‘em put it this way.
Heck, most people make out a plan to retire, even if it’s only in their head. But there’s a difference between planning — and doin’ it with a clearly defined purpose. It’s not like we haven’t had a purpose, we do. But after today, I can see how it makes a big difference when the plan itself is done as deliberately, detailed, and methodically as you’ve suggested.
That’s a loose but accurate paraphrase of his observation. He was so painfully honest, it made me wonder if I’ve underestimated how many out there are truly analagous to a cork floating on the ocean, going wherever the current takes ‘em. Betcha they had retirement plans too.
Take both words in Purposeful Planning literally. Take them that way separately and together. The older you get the more crucially important it becomes that your plans for retirement succeed. The more nebulous your plan’s origins, the more likely it will disappoint.
BawldGuy Takeaway: A detailed, methodically mapped out plan for retirement with a concisely stated end game — read: purpose — will virtually always generate superior results. I see it every day. Find out where you are now, financially, then proceed from that point.
It’s also critical to note that Purpose should always be viewed both as a noun and a verb. It’s one thing to have a purpose when mapping out a plan. It’s quite another to execute that plan ON purpose. Corny? Maybe. But true just the same.
Sure, it gets complicated once you arrive at the ‘how to’ part of the plan. The multiple strategies necessary for complete success must be understood to be executed properly. (Duh) Your retirement will prove far too pivotal in your life to be approached in any other way.
Don’t you agree?
Hey! Let’s agree on something else. You, calling me at 619 889-7100. You’d rather write me? Click on the Contact BawldGuy button at the top of the page. We’ll go into Purposeful Plan mode together. Have a good one.
Related posts:
- Retirement Dreams — The Old Mare — Purposeful Planning
- Clearin’ Up Your Own Retirement Picture Through Purposeful Planning
- Purposeful Planning Your Retirement Requires A Hitter’s Sense Of Timing
- The Funny Side Of Real Estate Investing For Retirement Through Purposeful Planning
- Retirement Income –Real Estate Investment — 1031 Exchanges — Purposeful Planning
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