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Life is full of trade-offs. By the time you’re planning for retirement, you’ve become a master juggler. Professor Glenn Frank thinks these skills can be leveraged in planning for retirement, which he views as your encore. The question is how will you balance time, money and joy in your encore phase?
Professor Glenn Frank joins us from Massachusetts.
Glenn Frank is the author of Your Encore: Retirement Planning Guide – How to Balance Time, Money and Joy. He was named 2019 Financial Planner of the Year in Massachusetts and one of the top financial advisors in the country for 10 straight years by Worth.
Professor Glenn Frank is currently the Director of Education at Lexington Wealth Management. Glenn’s college teaching experience is extensive. Since 1985 he has taught a large variety of courses in investments, individual and business taxes, insurance and financial planning. Glenn was the Founding Director of the Master of Personal Financial Planning program at Bentley University. He is a member of the program’s advisory board and each year teaches a portfolio construction course within the program, Portfolio Management or Investment Vehicles.
He has been interviewed by the Wall Street Journal, Reader’s Digest, Financial Planning, The Boston Globe, and various other media outlets. He is a frequent speaker drawing on his 30 years of experience as a financial advisor to share insights on finding a balance between Time, Money and Joy.
For More on Glenn Frank
Website: Time, Money and Joy.com
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Mentioned in This Podcast Episode
Rory Vaden – The Focus Funnel (TEDx Talk)
On Your Encore Phase
“Three big questions. Where does your time goes now and where it is likely to go once you leave your employer? That’s number one. Number two, where your money goes now, where it’s likely to go. Once you leave and three, the tougher one, what truly makes you happy now? And what will likely make you happy in the future? Here’s the thing, the opportunity set of activities for that freed up time, you’ll suddenly have 40, 50 or 60 hours a week. In your Encore, your opportunities might be endless. If you answer these questions, you can dramatically narrow down the alternatives that would actually work well in your life. Clarity is key.”
“[In The Blue Zones] Dan Buettner studied people from around the globe and created this test with basically scores in three areas, Pleasure, Purpose and Pride. I think the test is pretty accurate from my observation. The happiest people balance these three things. They find time for pleasure, but not too much such that it interferes with their purpose. And of course you need to take pride in whatever you do regarding purpose. If there’s one takeaway, it is I don’t think I know anyone who’s truly happy that isn’t somehow some way helping other people. I just think it’s a human necessity to help others. It’s probably the biggest differentiator of who’s happy and who’s not.”
On Where to Start
Self-awareness first before exploration. I’m thinking about the old line from a Clint Eastwood movie: a man’s got to know his limitations. So you need to know, man or woman, your limitations financially and, and time-wise. And the second point is this will be an evolving journey. You got to know, if you’ve really gone through the time, money, joy trade offs, that when you hit the bump in the road, you’re going to be able to navigate around it pretty well. So it’s going to evolve. Don’t forget to explicitly balance time, money, joy, catch your arms around choice management, some sort of time budget. Slow down, be thoughtful, plan, but also remember Carpe Diem – enjoy the day. You really need to calculate your work optional number and flying blind without it. Have a mindset of happiness per hour. And perhaps even more importantly, a mindset of happiness per dollar, you’re probably going to have plenty of time in retirement. You may not have plenty of money. So it’s really crucial. And have a Joy Matrix mindset. Is this something you must do? Is it your choice? Does it make you happy or doesn’t. In conclusion, don’t close that curtain just yet. The audience wants more. You may want more savor that applause and this is all about tiny habits tomorrow morning. When you first wake up, don’t reach for that darn phone. Think about SpongeBob Square Pants; best friend Patrick: Be a quintessential, smiling starfish. Do that open stance. Habits are all about practice.”
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Intro and Outro voiceovers by Ross Huguet.