Elections Matter But Life Transitions Are More Important


Many folks are feeling as much anxiety about the end of this contentious presidential election as they were feeling during the long months of campaigning. It’s impossible to predict with 100% accuracy what a new president and a new Congress are going to do. That feeling of uncertainty can send out ripples through our financial and political systems until we get a clearer picture of the agenda for the next four years.

As important as elections are, we believe that a solid financial plan gives you the tools to keep improving your Return on Life no matter what’s happening with our nation’s politics. Instead of fretting about what may or may not happen starting in January, try to focus on these three areas of your life that will help you control major transitions.

  1. You can’t control the economy … but you can control your career.

Elections sometimes spark short-term volatility in the financial markets. But the economy is bigger than any one president, especially while Covid-19 continues to change everyday life and  global business.

As companies continue to adapt to the pandemic landscape, job opportunities are becoming less centralized and more diverse. You might be able to take your dream job on the other side of the country without leaving the home your family loves. Or you might spot an emerging market in the middle of all this displacement where you can open your own company.

  1. You can’t control taxes … but you can control your saving and spending.

Presidential candidates talk a lot about their tax plans on the campaign trail. The need for Congress’ cooperation to put that plan into action usually isn’t discussed quite as much.

Whether your preferred candidate won or lost, there’s no guarantee that your taxes are going up or down. But you can anticipate when your kids will be going to college, if you’ll need to replace the family car soon, or if you want to move to a beachfront condo when you retire.

Your tax rates will play a role in handling these transitions. But your levels of saving and spending have a bigger impact on your financial plan than any other factor. If you’ve never kept a monthly budget before, make 2021 the year that you start. Sit down with your spouse and weed out all those recurring subscriptions and memberships you’re not using. Make a weekly meal plan so you’re not eating out so often. The couple hundred dollars you economize every month could grow into a comfortable padding for your nest egg over time.

  1. You can’t control who’s president … but you can take control of your financial plan.

Per the clamor on social media, was this really “the most important election of our lifetimes?” It could be decades before we have enough perspective to judge. But as far as your financial planning goes, here’s another way to think about presidents:

A 67-year-old baby boomer eyeing retirement might have taken her first part-time job when Lyndon Johnson was president. As of 2020, that senior has lived and worked through ten different presidents.

It’s very doubtful that you’re going to love every single president who serves during your career. Yes, certain things that each one does might move the needle on your retirement accounts in the short term. But it’s folks who stick to their plans and continue to save and invest regardless of what’s happening in the outside world who build long-term wealth.

No matter how you feel about the election, you can take action today to keep your financial plan on track. Get in touch and we’ll schedule an appointment to start planning for 2021 and beyond.

Election Resources

7 Obstacles That Prevent People From Starting Businesses (And How To Overcome Them)

Millions of people dream of becoming entrepreneurs, but they never take that all-important first step. Too many things get in the way of their pursuit of business ownership, or they keep convincing themselves that their dream isn’t realistic. 

If you ever want to move past this phase and found your own business, you need to acknowledge the specific obstacles that are holding you back and work to resolve them. Here are seven of the most common challenges that may be standing between you and your entrepreneurial dreams—and ways you can kick them to the curb. 

1. Financial limitations

Launching a business takes money, and most people don’t have ample cash to throw at a startup. There are several options here. First off, you could begin saving now for the funds to establish your business. If you shop for a better mortgage and reduce your house payments by refinancing, you can sock the savings away in your startup fund. You can trim costs in other areas to put away a few hundred dollars each month or save even more by picking up a side gig.

Barring that, you can secure funding in a variety of ways, such as borrowing from friends and family, crowdfunding, seeking loans and grants or even working with angel investors and venture capitalists. There’s always a way forward. 

2. Inexperience

Becoming a successful entrepreneur typically demands experience; you need to understand your industry and business management in general if you want to earn a living from your venture. When you have limited experience, you may be reluctant to move forward, and understandably so.

You can make up for this, however, by actively seeking the experience you lack. Take an online course to gain a grasp of business management basics. Strive for a leadership position with your current employer so you’ll acquire strategic planning and people management skills. Work with a mentor or shadow an entrepreneur you admire. 

3. No standout idea

You can’t build a business if you don’t have a promising idea for a product or service you can sell. Without a solid business plan, you won’t be able to convince investors or partners to join you—and you won’t even know where to begin. Unfortunately, this is one of the least “fudgeable” obstacles on this list. Without a good idea, you can’t start a business, period.

Luckily, there are ways to stimulate better idea generation, such as talking to a broad range of people, reading entrepreneurial content and taking a more robust approach to brainstorming. Techniques like mind mapping and word banking can get your creative juices flowing. 

4. Current responsibilities

Some people avoid starting a business because of existing responsibilities or constraints on their time. Their current full-time job, their status as a parent or other personal responsibilities hold them back from their entrepreneurial ambitions.

Here the best approach is to determine how much of an impact these responsibilities have and consider ways to delegate or remove them. Could you realistically quit your day job, for example, or hire someone to help with household duties or childcare?  

5. Fear of failure

Lack of confidence is an entrepreneurship killer. It’s true that the failure rate for new businesses is relatively high, with half of new companies failing within five years. To buck those odds, you’ll need a healthy dose of confidence in yourself and your idea. 

The only solution to a fear of failure is to change your mindset. You have to see failure as an opportunity for learning and growth and stop seeing it as the end of the road, an indictment of your abilities or a stain on your character. Reading accounts by successful entrepreneurs will inspire you to see the possibilities rather than focusing only on the risks.  

6. Aversion to stress or hard work

Starting and running a business demands a lot of effort. You’ll likely be putting in long hours and dealing with stressful issues. On top of that, your first few years are apt to be highly inconsistent, with your business only making a profit some of the time. This can wreak havoc on your finances and peace of mind. If you’re not feeling up to this kind of pressure, or if you’re loath to work more than 40 hours a week, entrepreneurship may not be for you.

Again, the only way around this obstacle is to change your attitude. Remember that all this hard work will be in service to yourself, not an employer. While the risks are on you, so are the rewards.

7. Poor timing

One of the most common excuses you’ll hear (or hear yourself saying) is that it’s “just not the right time” to start a business. The truth is, there’s never a truly “right” time—you can always find some reason that today, or this month or this year isn’t ideal for launching your venture. 

But like beginning a diet on a Wednesday or joining a gym in February, the trick is to make your own right time. Microsoft was born during the oil crisis of the 1970s, while Airbnb and Uber were founded in the depths of the Great Recession. Remind yourself that the success of your business will depend not on “the times” but on you.

The Realities of Entrepreneurship

It’s true that anyone can become an entrepreneur with enough grit and persistence. Most entrepreneurs with solid ideas have a good chance of becoming successful if they remain adaptable. But it’s also important to realize that not everyone is cut out for entrepreneurship

If you’re intimidated by the stress, inconsistency and long hours associated with startup life, or if you truly love your day job and you’re afraid to leave, maybe business ownership isn’t right for you. That said, if you feel the pull of entrepreneurship but keep making excuses to avoid getting started, you owe it to yourself to challenge those excuses and try to move past them.

This article was written by Serenity Gibbons and published on Forbes.com.

Entrepreneurs Like Richard Branson and Mark Cuban Embrace the Serendipity Mindset. You Should Too

You will never control everything that happens, but you can always control how you respond.

One day in 1984, Richard Branson sat in a Puerto Rico airport, eager to board his American Airlines flight to the British Virgin Islands.

Then American canceled the flight.

Frustrated, the 28-year-old Branson went to the back of the airport and used a credit card to hire a plane. He borrowed a blackboard, wrote, “Virgin Airlines: One way to the Virgin Islands, $39,” walked around the airport…and managed to fill the plane.

When the flight landed in the Virgin Islands, a passenger said, “Sharpen up the service a bit and you can be in the airline business.” The next day Branson called Boeing to ask if they had any used 747s for sale. Starting an airline hadn’t been on Branson’s radar until he was “lucky” that his flight got canceled.

Article continues after video.FEATURED VIDEO

Hold that thought.

Research shows that traits like passion, mental toughness, constant learning, and a willingness to take risks do lead to greater success. Hard work tends to be rewarded. Perseverance is often the difference between success and failure; give up, and failure is guaranteed. Intelligent risks do, at times, pay off. And if they don’t, what you learn from new experiences makes success more likely the next time.

When you outwork, outthink, out-skill, and outlast other people, you’re much more likely to be successful.

The Serendipity Mindset.

Research shows that luck also plays a part. Success is based on factors you can’t control: Being at the right place at the right time. Meeting the right person at the right time. Experiencing something you weren’t necessarily looking for.

And since our lives are often influenced by the unexpected and unplanned (hi Covid-19!), seize the moment the opportunity can provide. That’s what Christian Busch calls, in his book The Serendipity Mindset, The Art and Science of Creating Good Luck, embracing the “serendipity mindset.” 

As Busch writes, “Unforeseen events, chance meetings and bizarre coincidences aren’t just minor distractions or specks of grit in our well-oiled lives. The unexpected is often the critical factor–it’s often the force that makes the greatest difference in our lives.”

For Branson, that meant hiring a plane, and financing the cost by selling tickets to other passengers–instead of waiting for a flight the next day. And then realizing that he could create a better airline than the incumbent brands.

For Steve Jobs, that meant recognizing that his relationship with Steve Wozniak could lead to more than a shared appreciation of electronics and playing pranks. For Stephen Hawking, that meant seizing the “opportunity” his disability provided to avoid teaching, lecturing, and attending committee meetings, and instead devote himself fully to research.

For Mark Cuban, that meant starting an internet business at the perfect time. And being smart enough to sell. According to Cuban, “Life is half random.”

Which is why, according to Busch, “Cultivating serendipity is first and foremost about looking at the world with open eyes and seeing opportunities others don’t. It’s not just about being in the right place at the right time and having something happen to us (blind luck), but rather a process in which we can be actively involved.”

How can you develop a serendipity mindset?

Meet more people. Try more things. When things don’t go according to plan, don’t take a step back. Step forward. Embrace what feels like chaos and see where it leads.

Have a goal, have a plan. And then be willing to maneuver. What seems like the wrong place might actually be the right place. What seems like a chance meeting might be the start of an important partnership or collaboration. 

What seems like bad luck might cause you to stumble on an idea, a market, a new business….

As long as you’re open to the possibility.

This article was written for Inc.com by Jeff Haden.

Apple Becomes First U.S. Company Worth More Than $2 Trillion

Apple hit a new milestone on Wednesday, becoming the first publicly traded U.S. company to reach a market capitalization of over $2 trillion and doubling in valuation over the last two years.

KEY FACTS

The iPhone maker’s stock is up almost 55% so far in 2020, and shares have rallied more than 106% since the market hit a low point amid the coronavirus recession on March 23 (compared to the benchmark S&P 500’s gain of 51% over that period).

Now trading at nearly $470 per share, Apple’s stock is at an all-time high, and Wall Street analysts are still quite bullish that it can continue to rally: 61% give it a “buy” rating and 27% a “hold” rating, according to Bloomberg data.

Apple’s market cap now eclipses that of other U.S. tech giants, including Microsoft ($1.7 trillion), Amazon ($1.6 trillion), Google parent Alphabet ($1.1 trillion) and Facebook ($761 billion).

Apple was also the first U.S. company to reach a $1 trillion market cap, which it did just over two years ago, on August 2, 2018.

On July 31, 2020, after reporting strong third-quarter earnings, Apple surpassed Saudi state oil giant Aramco to become the world’s most valuable publicly traded company.

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While Saudi Aramco surpassed a $2 trillion valuation in December 2019, plunging oil prices amid the coronavirus pandemic have since hurt its stock.

SURPRISING FACT

At $2 trillion, Apple’s market value is now higher than the GDP of numerous developed countries, including Italy, Brazil, Canada, Russia and South Korea, to name a few.

WHAT TO WATCH FOR

Apple shares are about to get more affordable for investors, too. The company will finalize its four-for-one stock split at the end of August, which means a single share will be worth around $117. While the value of the company will remain the same, there will now be more shares available trading at lower prices.

KEY BACKGROUND

Apple has thrived during the pandemic, as many people were forced to stay at home. The company has benefited from work-from-home trends and strong online sales; It posted record third-quarter earnings in late July, with nearly $60 billion in revenue, not to mention double-digit growth in its products and services segments.

This article was written by Sergei Klebnikov for Forbes.com

What Businesses Can Expect From the Phase 4 Stimulus Package

Congress is set to begin negotiations on the next round of stimulus. For business owners, new measures could bring more tax relief, renewed access to forgivable loans, and more.

With prior stimulus measures set to expire in the next few weeks and the economy continuing to falter as the pandemic resurges across the country, Congress will meet this week and next to hammer out a new relief measure. 

The House already passed its Phase 4 bill, known as the Heroes Act, in May. The $3.5 trillion coronavirus relief bill would provide assistance to state and local governments, extend enhanced unemployment benefits, and offer additional economic impact payments to taxpayers, among other things. The bill has been up for review since the end of May, though Senate Republicans, who prefer a measure with a far lower price tag, have been loath to consider it. They’re expected to introduce their own version of a relief bill this week that will have to be reviewed and negotiated between the two chambers before theyrecess in early August.

Several economic proposals that will affect small and midsize businesses have been building consensus among lawmakers for weeks, so the final version of the Senate bill could contain elements of all of them.

Here are six things you likely can expect from the Phase 4 bill.

1. The PPP will go on, but in a different form.

The Paycheck Protection Program, the $669 billion forgivable loan program aimed at beleaguered small businesses, will continue, predicts Neil Bradley, the U.S. Chamber of Commerce’s executive vice president and chief policy officer. At the very least, he says, there will be a continuation of the program, which was recently extended through August 8.

It’s also possible the PPP will become more targeted. Testifying at a House Small Business Committee hearing Friday, Treasury Secretary Steven Mnuchin expressed interest in “topping off” the approximately $130 billion in remaining funds and extending the program. But he noted that it would need to be focused on certain industries like hotels and restaurants that can demonstrate actual losses, resulting from the pandemic. “This time we need to do a revenue test,” he said. 

A proposal that has been gaining ground with lawmakers, dubbed the Prioritized Paycheck Protection Program Act, or P4, offers to extend the PPP and open it up to companies that already received PPP loans (excepting for publicly traded companies), as long as they can show financial losses as a result of the pandemic.

There’s been widening support for streamlining the PPP forgiveness process, too. While certain loans are now eligible for the EZ loan forgiveness application, there’s greater interest in easing things further for smaller businesses by automatically forgiving all PPP loans under $150,000 or $250,000. On that note, Mnuchin at Friday’s Small Business Committee meeting confirmed interest in blanket forgiveness. “Yes, that’s something we should consider,” he told lawmakers.

2. Local communities will get a boost.

The next iteration of relief funding likely also will focus on companies in low-income and rural areas, as well as minority-owned businesses, which experienced difficulty accessing the PPP. Bradley notes that the Recharge and Empower Local Innovation and Entrepreneurs Fund (RELIEF) for Main Street Actwould earmark $50 billion for cities, counties, and states to support small business local relief funds. One of the key flaws of the PPP is that it failed to reach the smallest businesses and minority-owned companies that often did not have traditional banking relationships prior to the pandemic. As this program would be run through local institutions–and not banks–the effort is seen as potentially better suited to reach these businesses. While the U.S. Treasury would operate the program, as written in the bipartisan bill introduced in the Senate in mid-May, banks would not be involved.

Funding for block grants, operated by states and local governments, could also get replenished. The Cares Act initially provided $150 billion in federal aid to state and local governments across the country, some of which went toward grant funding for local business. 

3. More tax relief is on the way.

Currently, PPP funds don’t count as taxable income, but an Internal Revenue Service ruling prevented businesses from being able to deduct traditional business expenses paid for by those funds if forgiven. That may change soon. A bill that would allow the deduction with some guardrails, called the Small Business Expense Protection Act, was introduced in the Senate in early May.

The Phase 4 bill also is expected to bolster and expand access the Employee Retention Tax Credit (ERTC), says Bradley. Currently, companies that have tapped the PPP can’t access the ERTC, which was enacted as part of the Cares Act to incentivize businesses hurt by the Covid-19 pandemic to retain employees. As part of a proposal, dubbed the Jumpstarting Our Businesses’ Success Credit (or JOBS Credit) Act, which was introduced in May, the refundable tax credit–now equal to 50 percent of up to $10,000 in qualified quarterly wages–would increase to 80 percent of up to $15,000 in wages each quarter for up to three quarters. Bradley adds that there’s also potential for the ERTC to expand eligible expenses to include a limited amount of fixed costs.

4. Stimulus checks will be back but they may be less generous.

The Heroes Act passed by the House supports another round of stimulus checks that the Cares Act authorized in March for millions of taxpayers: individuals earning under $75,000 would get $1,200, while married couples with less than $150,000 in adjusted gross income would get $2,400. The bill also would provide an additional $1,200 for up to three dependents, regardless of age. 

Senate Republicans are likely to take a more conservative approach to the payments. Last week, White House economic adviser Larry Kudlow said the next round of stimulus checks may be less than $1,200, while Senate Majority Leader Mitch McConnell (R-KY) in early July stated the next round of stimulus checks may be limited to those with incomes of around $40,000.

5. Enhanced unemployment benefits will continue, but get a haircut.

The Cares Act’s enhanced unemployment insurance, which offered an additional $600 per week on top of existing state benefits, is set to expire at the end of July. Many employers found the measure complicated the task of rehiring employees, who were suddenly earning more on unemployment than at their former jobs.

To avoid that issue–but also ensure laid off or furloughed workers have support–Bradley says that lawmakers are considering more targeted subsidies that would vary the amount offered on a federal level to better coordinate with what’s available at the state level. So between the variable federal supplement and those provided by each respective state, unemployment benefits would replace 80 to 90 percent of a worker’s former wages, up to a maximum federal benefit of an additional $400 per week.

The enhanced benefits also may come with a hiring bonus. The Paycheck Recovery Act, proposed in mid-May, offers low-wage workers–those earning less than $40,100 annually–a $1,500 rehiring bonus upon returning to work.

6. Businesses will receive greater liability protections.

Senate Majority Leader Mitch McConnell has made no secret of his desire to see greater liability protections for employers. The details of his approach are still unclear, though Bradley says it’s likely that the Phase 4 bill will allow for some form of safe harbor for companies that make good-faith efforts to follow public-health guidelines.

This article was written by Diana Ransom for Inc.com

How To Use A Legacy Letter

Of course, as part of our Life-Centered Planning process, we will help you coordinate with attorneys and tax experts to create an estate plan that will provide for your heirs in accordance with your last wishes.

But hopefully, after years of planning for a better Return on Life, you’ve come to appreciate what your money can and cannot buy. That’s why we recommend that our clients write a Legacy Letter to help their heirs think about their own relationships to money in more meaningful ways.

What is a Legacy Letter?

A Legacy Letter is a way for you to share your values, life lessons, cherished memories, hopes for your family’s future. It also covers anything else that is really important to you.

This isn’t a will, so you won’t be assigning any of your assets. And this isn’t a family history, although you might include things you learned from your own parents and grandparents that you want your heirs to be mindful of in their own lives. This is you, reflecting on a life well-lived, passing on everything you’ve accumulated that can’t be bought or sold.

One of the great things about this exercise is that your Legacy Letter can be whatever you want it to be. It could be a typed or hand-written letter. It could be an audio or video recording. It could even be a mix, such as a printed list of your most cherished values accompanied by an mp3 you dictate into your phone. Use whatever media makes it easiest for you to speak to your family in your own voice.

What will my heirs want to know?

Some folks look at their kids and grandkids, immersed in their cell phones, and think, “My family won’t appreciate a letter like that, they just want the money.”

But eventually, your heirs are going to confront many of the same life and money challenges you have. They will face the scary prospect of leaving an unfulfilling career. They likely will also wonder how much support to their children is too much. They’ll be tempted to make a big-ticket purchase just to keep up with the Joneses.

Explaining how you did or didn’t stick to your values at these memorable moments will show your heirs that you can’t just throw money at life’s problems. Your Legacy Letter will be a road map leading your family to better decisions and more fulfilling uses of their time and assets. And if your estate plan includes charitable giving, explaining why particular causes were important to you could inspire a tradition of giving in your family that does good for generations.

When should I write my Legacy Letter?

The golden rule of all estate planning is: don’t wait. If something unexpected happens to you or your spouse, it’s so important that you have a plan in place that protects your assets and distributes them as you see fit.

That applies to your Legacy Letter as well. Your values are arguably your most important asset. In years to come, this letter will be a source of comfort and inspiration to your family.

And while this might seem like an activity for a retiree, many of our younger clients have told us that they found writing a Legacy Letter very beneficial. You can write a legacy letter at any stage of life. For example, if you’re getting married, you and your spouse could write a joint letter that describes your hopes and dreams for the future. If your children are launching into their careers, you could share your lessons about succeeding in life. The possibilities are endless. Many clients tell us they’re looking forward to updating their Legacy Letters with more life experiences down the road.

Give it some thought…

If you’re having trouble getting started with your own Legacy Letter, we’d be happy to help you jump-start the process. Make an appointment to come in and revisit or complete some of the Return on Life exercises we have available for you. Your stories and your values are every bit as important to us as your money. Let’s do a thorough review of your legacy planning to make sure you’ve secured the things that are most important to you for the people you love the most.

Trump Signs PPP Extension Bill—Giving Small Businesses Another 5 Weeks

TOPLINE

President Trump Saturday signed into law a bill extending the Paycheck Protection Program—an emergency federal loan facility for small businesses struggling because of the pandemic—for another five weeks until August 8, buying Congress time to figure out what the next round of aid for small businesses will look like when it reconvenes later this month to hash out more stimulus legislation. 

President Trump Holds Briefing At The White House
U.S. President Donald Trump speaks to the media in the briefing room at the White House on July 2.

KEY FACTS

The PPP was originally slated to close down last Tuesday. 

The Senate unexpectedly approved the new legislation by unanimous consent on Tuesday evening, and the House followed suit on Wednesday. 

Some $130 billion in loan money allocated to the $670 billion program remains unspent. 

When Congress returns from its July 4th holiday recess, it must figure out how to allocate the remaining money and determine the next steps for federal aid to small businesses. 

Treasury Secretary Steven Mnuchin has said that the next round of small business aid will need to be “more targeted” to the specific industries that are struggling the most, like hotels and restaurants. 

Another popular Democratic proposal would allow businesses with fewer than 100 employees to take out a second PPP loan from the remaining funds. 

BIG NUMBER

4.8 million. As of June 27, that’s how many PPP loans had been approved. All in, those loans were worth nearly $520 billion.

KEY BACKGROUND

The PPP was created as part of the $2.2 trillion CARES Act, signed into law by President Trump at the end of March. The $350 billion program provided forgivable loans to cover payroll and overhead expenses for cash-strapped businesses to keep them from folding during the worst of the economic slowdown. After an initial crush of applications and a chaotic rollout period, the PPP ran out of money in just two weeks, prompting Congress to pass more legislation to re-up the facility with another $310 billion. 

This article was written by Sarah Hansen for Forbes.com

Uber is reportedly in talks to buy food delivery firm Postmates for $2.6 billion

Uber is changing tack after acquisition talks with Grubhub fell through by switching its attention to food delivery startup Postmates, the New York Times reports.

Three sources familiar with the matter told the Times that Uber and Postmates were holding ongoing acquisition talks. One of the sources said Uber is offering to buy Postmates for roughly $2.6 billion.

Uber was reportedly in acquisition talks with food delivery startup Grubhub earlier this year, but Grubhub announced on June 11 it was instead merging with European takeaway service Just Eat. Sources told CNBC Uber walked away from the deal over concerns it would attract antitrust scrutiny.

As a much smaller player in the food delivery business, Postmates could be a safer option.

According to analytics firm Second Measure, Postmates makes up a significantly smaller chunk of the US market than Grubhub. Grubhub captured 32% of food delivery sales in 2019, while Postmates made up 10%. Uber Eats meanwhile accounted for 20% of the market.

Antitrust fears are not the only possible reason why Uber may have walked away from Grubhub, various reports emerged that the two firms struggled to agree on a price for the acquisition. Just Eat paid roughly $7.3 billion to acquire the startup.

Uber’s desire to bolster its food delivery service has reportedly been spurred on by the coronavirus pandemic, as demand for taxi services has plummeted while food delivery has skyrocketed.

Two sources told the Times Postmates has also held sale talks with Grubhub and DoorDash over the past year.

Postmates confidentially filed plans for an IPO with the SEC in February 2019, but has yet to go public. Sources told Reuters on Monday that the company is considering reviving its IPO plans due to the boom in food delivery brought on by the pandemic.

Uber and Postmates were not immediately available to comment when contacted by Business Insider.

This article was written on BusinessInsider.com by Isobel Asher Hamilton

6 Easy Ways to Ruin Your Retirement

6 Easy Steps to Ruin Your Retirement

Many people I know have concluded that retirement was worth waiting for and worth planning for. Those who planned well (and who are lucky enough to have good health) are generally finding this to be a very satisfying time in their lives. But those who didn’t plan well or who couldn’t save enough are finding that retirement can be difficult.

My commitment is to help people, but this week I’m switching roles so I can give you some dynamite tips for having an unhappy retirement. (Of course, what I’m really advocating is that you do not do these things.)

Don’t save enough money.

Spend (and borrow) whatever it takes to keep yourself and your family happy. You can always catch up later when you get into your peak earning years, when the kids are gone, or when you’re finally finished paying for whatever else is more important right now.

The likely result: You could find yourself in “panic mode” in your 50s and 60s. You could have to work longer than you want. Another popular choice, you could have to reduce your living standards after your work life is through. You could fall prey to persuasive salespeople (see my final tip below) who do not have your best interests at heart. Or maybe even all of the above.

Be careless about how you plan and budget for retirement expenses.

When I was an advisor, I was amazed how many investors neglected to include taxes as a cost of living in retirement. If you’re living off of distributions from a non-Roth IRA or 401(k), the full amount of those distributions is likely to be taxable. For extra credit: Don’t spend any money on a financial advisor to help you plan.

The likely result: You may go into “panic mode” when your accountant hands you an unexpected tax bill.

Lock in your expectations about your life in retirement and make rigid financial decisions.

There are plenty of ways to do this. You could sell your house and move somewhere cheaper even though you don’t know anybody there. Another option, you could buy a fixed annuity to have an income that’s certain. You could fail to establish an emergency fund. (After all, what could go wrong?) You could get sick or need surgery that isn’t covered by Medicare or other insurance.

The likely result: Things will happen that you don’t expect, probably sending you once again into “panic mode” and making you vulnerable to the pitches from all manner of enthusiastic salespeople.

Ignore inflation, since it doesn’t seem like a current problem.

Assume that $1,000 will buy roughly the same “basket of goods and services” in 2026 and 2036 that it will today. Be confident that you know what the future holds. After all, the years of high inflation that are often cited happened a long time ago. Things are different now.

The likely result: You probably won’t be thrust into “panic mode” since inflation is usually gradual. But one day you will realize with a start that things are costing a lot more than they “should,” and your income can’t keep up.

Keep all your money where it’s “safe,” in fixed income.

You’ll have lots of company among current retirees whose “golden” years are being tarnished because they have to rely on today’s historically low interest rates. Don’t just blindly invest in equities, because, as we all know, you can lose money in the stock market.

The likely result: You may start retirement with sufficient income to meet your needs, but those needs will probably increase, especially for health care, in your later retirement years. Your fixed income may be safe, but it won’t expand to meet increased needs.

Attend investment seminars and trust the presenters, then make important decisions without getting a second professional opinion.

You could follow the unfortunate example of a couple I know who, in their 50s, attended a retirement seminar and got some bad advice. They met privately with the presenter/saleswoman, then rolled their entire retirement accounts into a variable annuity. They thought they were giving themselves good returns, future flexibility and saving a lot of money in taxes.

In reality, they gave themselves huge headaches and nearly lost half their life savings. I helped them fight the unpleasant (and ultimately successful) battle to get out of their contract and recover their money.

This couple could teach us all some lessons, but the terms of their settlement makes that unlikely. If they disclose that they got their money back, or if they disclose how they were deceived and cheated, they will have to give the money back to the insurance company.

The likely results: You will be disappointed in the decisions you make. You will have many reasons to never trust an investment sales pitch again. You will have less money in retirement than if you had never heard of that particular seminar.

So now you have it: Six easy steps to ruin your retirement. I hope, of course, that you do just the opposite of each one of these. Unfortunately, I think there’s a high likelihood that somebody you know has fallen into one or more of these traps.

My advice: Learn from their mistakes.

Dubai Set To Open Heart Of Europe With 6 Outrageous Themed Islands

Floating Seahorse Villas and skyline

Based on six islands that bring the best of Europe to Dubai, The Heart of Europe is located 2 miles from the coast of Dubai and will offer up a variety of European cultural, dining, and hospitality experiences across resorts, cafés, bars, boutiques, and entertainment. Kleindienst Group developed the $5 billion master-planned tourism island destination that came a long way since its original concept was launched in 2008.

The Covid-19 outbreak may have stopped business on the mainland, but the Heart of Europe islands continued work at an aggressive pace with a goal to open Phase 1 by the end of 2020.

The development will offer “world’s first” attractions such as; the First Underwater Hotel with Gym and Spa, the First Dedicated Wedding Hotel, the World’s First Artificial Rainy Street, the First Floating and Underwater Living Experience and the World’s First Outdoor Snow Plaza.

Phase One opening of The Heart of Europe consists of, Sweden Beach Palaces, Germany Villas, Honeymoon Island, Portofino Hotel, and Côte d’Azur Resort.

Floating Seahorse underwater bathroom
The Floating Seahorse HEART OF EUROPE

THE FLOATING SEAHORSE VILLAS

(3 level villas with underwater living, glass-bottom Jacuzzi, and private man-made coral reefs teeming with marine life)

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Connected to Honeymoon Island by jetties, the Floating Seahorse Villas were designed for investors and second home end users. Consisting of over 4,000 square feet with three levels, each will feature state-of-the-art technology and outdoor climate-controlled areas. The ultimate attraction will be the underwater level with exclusive views to the coral reefs.

Germany Island
Germany Island HEART OF EUROPE

GERMANY ISLAND

(15 beachfront villas, 17 lagoon villas, offering four or five bedrooms in Bauhaus inspired style)

The horseshoe-shaped Germany Island will face onto an azure-blue lagoon with its own bar, lush gardens, white sandy beaches and bent palm trees. 

There will be traditional German carnivals, Christmas markets, festivals, and the famous Oktoberfest. Famed international chefs will offer up the finest German-style menus as well as the largest selection of German beers and wines.

Viking style villa on Sweden Island
Viking style villa on Sweden Island HEART OF EUROPE

SWEDEN ISLAND

(10 four-story palaces, 7 bedroom waterfront homes, each ground floor has a gym, sauna and snow room, while on the rooftop there will be a glass-roofed party room)

Sweden Island was inspired by Swedish Viking Vessels and will offer up palaces furnished by Bentley Homes with glass roofs and private snow rooms. The $27 million beach palace was among the first properties to sell out on the island. Restaurants will incorporate Sweden’s famed cuisine, featuring items like sour herring, meatballs, Raggmunkar, toast Skagen, smörgåsbord, Snaps, and Glὃgg.

Honeymoon Island surrounded by Floating Seahorse Villas
Honeymoon Island surrounded by Floating Seahorse Villas HEART OF EUROPE

HONEYMOON ISLAND

The unique heart-shaped Maldivian inspired island will be a couples retreat surrounded by Seahorse Floating Villas that will sell up to $5 million each. Next to the island, there is the islands Empress Elizabeth Hotel, the first dedicated seven-star wedding hotel, where couples can celebrate their union overlooking white sandy beaches and crystal clear waters.

Floating Venice Resort
The Floating Venice HEART OF EUROPE

FLOATING VENICE

(411 cabins, 180 underwater cabins, underwater lobby, gondola transportation, yacht club)

Inspired by the floating city, this will be the world’s first underwater resort with dining and accommodations located below the surface. Restaurants, bars, and shops will all be underwater with views of coral reefs and passing gondolas above. Entertainment will be offered from masked carnivals to opera performances.

The resort will have 12 restaurants and bars (three of which are underwater) and an underwater spa.

Switzerland Island Ice Cave
Switzerland Island HEART OF EUROPE

SWITZERLAND ISLAND

(Beachfront and lagoon villas, featuring master bedrooms, swimming pools and viewing decks)

Switzerland Island offers villas with water views and access to beaches, a seawater lagoon, and private swimming pools. The villa chalets utilize timber, stone, and glass design. A large blue water lagoon in the center of the island will be reminiscent of the large lakes in Switzerland.

The Côte D’Azur Resort
Monaco Côte D’Azur Resort HEART OF EUROPE

MAIN EUROPE ISLAND / COTE D’AZUR RESORT

The Côte D’Azur Resort comprises of 4 boutique hotels all named after the famous and picturesque cities of Monaco, Nice, Cannes and St. Tropez which are located in the South of France. The 4 boutique hotels will have Suites and penthouses with large balconies offering panoramic sea views.

Monaco will feature French fine-dining with an upscale contemporary décor, high-end fashion boutiques, and a large white sandy beach. There will also be lagoon swimming pools and a replica of the famed Monaco Marina.

Portofino Hotel on Italian Riviera island
Portofino Hotel on Main Europe Island HEART OF EUROPE
Aerial of Portofino Island
Aerial of Portofino Hotel HEART OF EUROPE

PORTOFINO HOTEL

(489 Princess and Queen Suites, Rooftop penthouses, Marina and Lobby with 514 aquariums, 6 Italian restaurants & bars, Women’s only social lounge and spa, Olympic size pool with underwater performances and Kids Club)

Designed to look and feel like the Italian city of Portofino, with colorful terracotta buildings, the Portofino Hotel on the Main Europe Island is a family hotel that will feature Italian-style suites with kids rooms, a kids club operated by a leading kids club operator, restaurants and cafes serving Italian cuisine and organic food. The facade will host an extraordinary hanging garden with 31,000 plants.

There are five swimming pools at the resort and even a snow-play area where children can build snowmen. Add synchronized swimming shows for entertainment.

The island will have its own fully-serviced private Paraggi Bay marina where all guests will arrive by boat. The front of hotel employees will speak Italian and the hotel will even accept Euros as currency.

Floating Seahorse Villas and skyline
Floating Seahorse Villas and skyline HEART OF EUROPE

SUSTAINABILITY

The Heart of Europe will oversee the development of more than 100,000 coral reefs and will also feature centenary Spanish olive trees that were sourced from Andalusia, Spain. The islands will also offer up the world’s first climate-controlled rainy street and snow plaza. 

The development will also use sustainable landscaping that will be pesticide-free and fungicide-free, and all green areas will use recycled water. The island will be totally car-free, use clean energy, and will offer sustainable water transportation to the guests. Designed with a zero-discharge policy and zero micro-plastics policy, the developers hope to ensure the protection of the Arabian Gulf and species of marine life that reside around the six islands.

This article was written by Jim Dobson for Forbes.com