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The Retirement Playbook Summary

The Retirement Playbook Summary
It’s time to take control; transition is not just for butterflies….

An investment in knowledge pays the best interest
–Benjamin Franklin

This book is a compilation of financial tools and resources for those that are taking retirement planning to the next level. I call it a “playbook” since I relate myself to a coach for family finances especially retirement and estate planning. A great coach offers a second pair of objective, confidential “eyes” that can make a difference. Just like competitive sports, successful athletes have a coach to remain competitive and win. Individuals or families are like athletes. It is my job to help those understand and apply the following proven techniques:

● Setting goals
● Accountability
● Long Range Planning

Retiring is a transition that is different with everyone; some retire fully, while others might transition to part-time work or maybe starting their own business. Personal finances such as savings, investing, estate planning, debt management and budgeting can be difficult and draining which is why you need someone objective in your life to help; a financial coach. The Retirement Playbook includes the following:

1. Introduction/Summary
2. Financial Independence Model
3. Retirement/ Financial Independence Checklist
4. Financial Assessment
5. Personal Financial Quotient (PFQ)
6. Monthly Cash Flow – The Budget
7. Run the Family like a Business
8. Personal Records Inventory
9. 53 Expense Management Tips

It is not always about what you make but what you keep that is important!

There is another important differentiating factor; non-financial retirement planning. Therefore, I have been an advocate of holistic retirement planning for many years. It really makes the difference. After all, money doesn’t buy happiness, it is just a tool. As my dear old dad says, “happiness comes from things like peace and contentment!”

Having a true understanding of your behavior and emotions with money is very important. Talking about these factors really helps. We want to reduce stress not mask it. One of the large Canadian financial services companies, Sun Life, identifies five risks in retirement planning:

1. Longevity – how long you live and need retirement income
2. Inflation – rising cost of living
3. Market – variability of investment markets
4. Health – the cost of future health care
5. Mortality – if you have a spouse who dies early, how does that impact your retirement income

Think of yourself as a small business. Everyone needs to understand the power of good cashflow management. Many great businesses have failed because of mismanaged cashflow as have many families. Financial stress is one of the leading causes of relationship breakdowns and family turmoil. It is not only lower income families that suffer financial worries or setbacks, it is also higher income families. Many high-income individuals have gone bankrupt. Many of those with high income also have high expenses.

Invest in your future!

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