This is the fourth in a series, illustrating the process used in Purposeful Planning. The previous posts can be found here, here, and here. Today we’ll be going over Step #4 . . .

Gathering all of your information together in one place — Known more commonly as “Yer kiddin’ me, right?”

First off is your age(s).

This is crucial for many of the Captain Obvious reasons you’d suspect, but for some, other reasons as well. Under 40ish? The world is your oyster if you have at least starting capital, a reliable income, and reasonable financial discipline.

40-50? You can still kick major bootie in the arena of retirement income. You’ll just hafta get on your horse and hit the trail with serious intent. Regardless of those who’re constantly tellin’ us otherwise, real estate investing for retirement is definitely a contact sport. Never forget — one of the most important ingredients in every Purposeful Plan is FLEXIBILITY.

Over 50? That age group must pay rapt attention to three factors.

• You have access to investment capital

• You have the will to use it

• You realize that pesky birthday keeps showin’ up every dang year

If you’re already retired, but are deeply dissatisfied with your current income, you can probably count yourself among the younger age ranges. This is due to the real life fact that you are likely sportin’ a sizable amount of cash and/or equity in one form or another. It simply means you’ll be rearranging your net worth in order to better enjoy your many trips. That’s code for you hate your income now, and will move Heaven ‘n earth to double it if you could. If that hint wasn’t broad enough, that means you’re in bonds.

Under 30? At any one time this group represents around 10-15% of my clientele. Their potential for a magnificently abundant retirement is almost always virtually unlimited. Their weapons of choice are time and an almost always increasing income.

Next up — Make sure you completely understand what’s possible with your current 401k/IRA/Pension at work. For many this can prove pivotal. What can you borrow? CAN you borrow? Are they convertible to something else you’d prefer?

What about any annuities you may own? What are the terms — exactly? When do they kick in? Have they already kicked in? Is the income gonna be taxable or tax free? Is there a ‘cash value’ involved?

What do ya think of your current job?

This where the conversation can sometimes take a real turn into the Twilight Zone. They love it, but it doesn’t pay as much as another job they wouldn’t like as much. Or, it pays great, but I’m bored to tears, or worse, hate goin’ to work every morning. There’s a buncha different answers.

You should ask yourself the question if only to find out if you’d even consider making a change, if that change would enhance your actual retirement income, shorten the time ’til retirement, or both. It’s amazing what we’ll put up with when we’re focused and motivated. I’ve seen clients not only change jobs, but industries — then move to another state to boot. Ask yourself the question if only to check the box.

Are your retirement goals doable — are they realistic?

Here’s something I learned long ago that surprised me big time. About 30-40% of folks completely underestimate what’s possible. It’s understandable. After all, how is the average person supposed to know and understand all this stuff? Once you learn what’s possible, I’m bettin’ your approach will change too.

When I ask, “So, when would you like to retire?”, many quote me right back — “Oh, around 4:30 yesterday afternoon sounds about right.” If you’re 33 and can afford to start your plan modestly, retiring by 40 may be a tad ambitious. It’s all about playin’ the cards you’ve been dealt as wisely as possible.

Age can matter a lot, or not much at all. In the end though, age combined with beginning assets does matter when figuring the approximate distance to your personal finish line.

Then there’s ‘Whatever else pops up’

When you’re gathering information, it’s pertinent to include the fact that Uncle Henry will be gifting you $50,000 upon your 40th birthday. Or, that you and your three sibs plan on selling the house Aunt Frieda left you five years ago. There’s a million and one things that qualify as grist for ‘Whatever else pops up’. The point, is to include it if only to learn if it matters or not. You’d be surprised how many times my clients begin sentences with, “Oh, by the way, Jeff . . .” which have radically changed their entire Plan, or sent it happily careening in an entirely different direction.

BawldGuy Takeaway: I made Gathering Information a separate step for a good reason. More times than not a piece of that info can change an investor’s Purposeful Plan. It matters not whether it’s a huge change or not, cuz when you’re measuring time in terms of a decade or three, even small changes can result in wonderful results at retirement.

If you’d like to gather some info from me, it’s as simple as calling 619 889-7100. Rather jot me a note? Love to hear from you — just click the Contact BawldGuy button up top. Have a good one.