What Characteristics Make A Successful Retiree?

In baseball, a “five-tool player” excels in 5 major areas of the game. They are highly sought after and show promising long-term success.
Here we breakdown the 5 tools a successful retiree must exhibit.

Full Transcript:

Alex: Hi there, and welcome to One Degree Advisors where we help families cut through the noise to make confident financial decisions. You know, we’re in San Diego the Padres are in the playoffs again. It feels like that was an eternity ago and we’re seeing a lot of five tool players out there. And if you don’t know what that is, a five tool player is someone that exhibits great speed, you know, they have a great arm. They’re great on defense, they can bat for average, and they can bat for power, you know, a classic player that exhibits this in the game right now is Mike Trout, Tatis who’s on the Padres, you know young a new young up-and-comer. He’s exhibiting this as well.

But as we shift gears here, let’s talk about retirees. You know, people are wondering if they can successfully retire without having to go back to work. They want to know am I doing this right Anthony you’re going to talk to us today about five traits or five tools of a successful retiree. And that first tool we’re going to talk about today is “Vision and Goals.”

Vision and Goals [00:56-01:12]

Anthony: Yeah to be a successful five-tool retiree number one itt does start with “Vision.” You got to know where you’re going and be able to work towards those goals because if you don’t know where you’re going it’s going to be really hard to get there.

Strategy [01:13-01:44]

Alex: Absolutely. The second tool is “Strategy.”

Anthony: Strategy, I like to think of the retirement walk as being on a path and what happens is over time. We can start to get away from that path. Life takes over and if we don’t have a process that keeps us on that path, then we’re going to get really inefficient with our money. And we want to be able to use that path to come up with the right strategies, whether its tax planning, investment tactics, whatever it may be is how can we make our life better and make the most of the use of our money?

Money [01:45-02:09]

Alex: Absolutely, the third should come of no surprise to folks. It is “Money.”

Anthony: Yeah money itself. You got to have something to work with right? So really like being able to save and even as you’re preparing for retirement, you know, there should be a goal in mind.

What am I actually shooting for? How can I accumulate and get towards that goal so that I have the tools to be able to develop a successful retirement income?

Discipline [02:10-02:54]

Alex: Number four it really leads to this whole behavioral aspect which is “Discipline.”

Anthony: Yeah, it’s so often overlooked when we just think hey, we just need to save as much as we can and get towards retirement. It’s really being able to make those good decisions. You know, the hard part about money management is that it can be very emotional. And you know, the news is out there and it’s constantly telling us different things and it can really become noise. I mean, that’s why we tell people that we like to help them cut through the noise to make confident financial decisions because there really is so much that’s out there. And so we want to be able to clarify it and be disciplined in our behavior, be focused, be objective, and make wise decisions.

Humility [02:58-03:35]

Alex: Absolutely, the fifth and final tool is “Humility.”

Anthony: Yeah humility that might surprise some people, but seeking advice seeking counsel is really important because we always don’t know what we don’t know and so our clients are coming to us for advice. And in the same way having humility means, hey, I’m willing to learn, improve, and grow. So our clients don’t want somebody that knows it all they want someone that’s going to continue to learn. So I’m saying that, you know from our perspective too. It’s the same thing when you’re  in retirement is that in order to make wise decisions you want to consistently grow in your education and learn about your money management.

What tools keep successful retirees on track? [03:36-04:07]

Alex: Absolutely. Well again, these are the five tools of a successful retiree. Again, they are in order “Vision and Goals”, “Strategy”, “Money”, “Discipline”, and “Humility” Again, I think the big thing here is we see this all the time successful retirees. They stay on track when they exhibit these five tools, they’re able to measure their progress and most importantly they make wise and confident financial decisions.

So thank you Anthony. This was very helpful, if you’d like to talk with us. If you’d like to talk with a Certified Financial Planner. You can visit our website or give us a call. We would love to talk with you.

 

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