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An image of a wallet squeezed shut for the blog post titled Saving for Retirement with a Stingy Employer

Saving for Retirement with a Stingy Employer

An image of a wallet squeezed shut for the blog post titled Saving for Retirement with a Stingy Employer

Saving for retirement is harder than ever as many employers are shifting more of the burden on to employees. See how you can respond.

We discussed saving for retirement and stingy employers on The BIGG Success Show today. Here’s a summary of that discussion.

This show was inspired by a New York Times article by Nelson Schwartz and Michael Corkery. It compared the retirement plan of Sears and Amazon. Sears was more generous.

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Retirement Planning an Easier Way

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There’s good news on retirement planning, whether you’re early in your career or further along.

We discussed an easier way to plan for your retirement on The BIGG Success Show today. Here’s a summary of that discussion.

This show was inspired by a study on the power of retiring later, published by the National Bureau of Economic Research.

Which of these two options sounds harder to you…

(1) saving 1% more every year for 30 years, or

(2) postponing your retirement by 4 months

The two of us agreed that Option 1 sounds harder. Yet the researchers found the two options deliver similar results.

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Why You Should Never Retire But Do It Soon

Just a month after he retired from 60 Minutes, we were said to hear of the passing of Andy Rooney.

It’s a reminder of the way things used to be.

Work to live

Back in the day, people often retired from the workforce only to retire to the afterlife a short time later.

We’re all familiar with the phrase “shop ’til you drop.” In reality, a lot of people work until they drop.

BIGG success is life on your own terms. Work is one of the five elements of BIGG success. Just one.

Work is but one part of your life. Your life is a system.

So work to live. Don’t live to work.

The purpose of work

With that in mind, we hasten to add three notes about work:

Work adds value.
Work creates growth.
Growth leads to meaning.

So the problem comes when you define yourself by your work. Your work is a part of you, not the other way around.

Work is not the end. It is the beginning.

It is one of the ways you learn about yourself. Your work is the manifestation of who you really are, deep down inside.

So work is important because it helps you discover yourself.

Never retire

And that self-discovery never end. As long as you keep working.

So never retire!

Now this doesn’t mean you have to work 9 to 5 for the rest of your life.
You don’t have to be at the office Monday through Friday.
You don’t even have to trade time for money.

You can volunteer. You can go back to school. Or you can start your own business.

You can do anything. But the important thing is to do something.

So don’t plan to retire. Plan to move on to something bigger and better. Do it sooner rather than later. That’s BIGG success!

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Do All Entrepreneurs Need an Exit Plan?

exit-planningMost entrepreneurs don’t have an exit plan. Most advisors and academics says they need one.

A growing chorus is singing the song of the entrepreneurs. We think they’re out of tune.

Bankers have at least two ways to get their money back or they won’t loan you money. Venture capitalists have an expectation of how they will get out before they get in.

As an entrepreneur, you have a greater stake than anybody else in your business, no matter how much money they tie up in it. You need to know how you might exit even if you don’t plan to exit.

It’s about liquidity.

At some point in your life, cash may be a more valuable Asset than a business. With every other Asset, we invest cash thinking it will turn back into cash someday. Why should our businesses be any different?

It’s about legacy.

Exit planning is continuity insurance. You’ve put your heart and soul into your business. Do you want to risk that it falls apart if you’re not able to be there for one reason or another? Of course not.

Most importantly, it’s about options.

If you plan on an exit and run your business accordingly, you’ll have the ability to walk out completely or at least step away and create some distance. At some point in your life, you may find more enjoyment from activities that don’t involve building a business.

It doesn’t mean you ever have to retire. It doesn’t mean you ever have to sell out. It does mean you’ll be able to live your whole life on your own terms.

Do you need help planning your exit? Maybe we can help. E-mail us at bigginfo@biggsuccess.com or leave a voice mail at 888.455.2444.

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Investments That Always Pay Off

pay-offBigg success is life on your own terms. The five elements of bigg success are money, time, growth, work and play. Today we’ll focus on money.

You may have noticed that the market is up year-to-date. That’s the good news. The bad news is that we’re still off quite a bit from the top.

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The main market indicator, the S&P 500, hit its highest level in history on October 9, 2007. The good old day, we guess you could call that.

It hit its most recent low on March 9, 2009, off 57% (excluding dividends) from that high nearly one-and-a-half years earlier. Of course, now we’re up over 49% from that March low but we’re still off about 35% from the high if we factor out dividends.

The bottom line is that our portfolios have still taken quite a hit. It made us wonder …

Are there investments that don’t lose value?

It depends on your goal.

Your investment goal

Why do you invest? Obviously, you want more money. Why?

For some people, it’s the end. However, the end is pretty empty. For most of us, it’s a means to an end. Instead of financial returns, we really want emotional returns.

We want to be happier!

If that’s the case, research shows there may be a more direct path to happiness, assuming that basic needs — food, shelter and clothing – have been met.

Invest time in work you love

We tend to follow an indirect path to happiness. For example, many people strive to build a portfolio that allows them to retire when they want.

One direct path to happiness is to do the work you love. Bea Arthur, the late-great actress, said:

“Actors don’t retire. People who work in jobs they don’t like retire.”

Invest time to find the work you love. Invest time doing the work you love. It’s an investment with returns beyond your wildest dreams.

Invest time in relationships

Some people want more money so they can buy things. There is a more proven path to happiness.

Invest your time in relationships. Research shows this delivers higher returns on the happiness scale than having more money.

The direct path creates synergy

Bigg success is life on your own terms. The bigg idea behind bigg success is synergy. One place to search for synergy is between the five elements of bigg success.

Let’s look at two of the five elements of bigg success – money and work. You don’t need as much money to be happy if you’re doing work you love.

The funny thing, though, is that research shows that doing the work you love often leads to more money. If you put first things first, you end up better off all the way around. That’s synergy!

Now let’s look at money and play. Research shows that strong relationships lead to greater happiness than more possessions. You can save money by having friends.

It’s also interesting that, in our interconnected world, those relationships may very well lead to more money if you don’t force the issue. Put the relationship first and let the money follow.

Invest directly in happiness by investing time doing what you love with people you love. That’s bigg success!

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Would you like more tips and tools to live your life on your own terms?
Subscribe to the Bigg Success Weekly – it’s FREE!

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Thank you so much for checking in with us today. Please join us next time when we discuss mixing business with pleasure. Until then, here’s to your bigg success!

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Direct link to The Bigg Success Show audio file:
http://media.libsyn.com/media/biggsuccess/00456-081009.mp3

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(Image in today's post by svilen001)