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If you have children and/or grandchildren, how can you help them be smart about financial decisions? And if you’re helping them financially, how do you stay on track with your own financial planning for retirement? Our guest today is Bobbi Rebell, CFP, author of the new book Launching Financial Grownups: Live Your Richest Life by Helping Your (Almost) Adult Kids Become Everyday Money Smart. 

We discuss:

  • What gets in the way of young adults achieving financial independence.
  •  How to evolve the relationship with their children as they’re becoming adults
  • The Bank of Mom and Dad – and how long it should be open
  • The best times to engage with young adults on this topic
  • How schools can improve education on practical financial literacy
  • What parents and grandparents can learn from 20-somethings and teenagers
  • The key things parents and grandparents can do to help young adults achieve financial independence

Bobbi Rebell, CFP joins us from New York.

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Bio

Bobbi Rebell is a CERTIFIED FINANCIAL PLANNER™ professional, and host of the critically acclaimed Money Tips for Financial Grownups podcast.

She is the author of Launching Financial Grownups: Live Your Richest Life by Helping Your (Almost) Adult Kids Become Everyday Money Smart. The book is a call to action for parents of teenagers and young adults who want the best for their kids, but are beginning to realize their OWN financial independence, and financial separation from their children, has to become a priority as well.

Her first book “How to Be a Financial Grownup: Proven Advice from High Achievers on How to Live Your Dreams and Have Financial Freedom” was released in 2016. In 2017, she left her job as a global business news television anchor and personal finance columnist at Thomson Reuters to expand the Financial Grownup brand into other channels of financial education content. Later that year she obtained her CFP® certification. Previously Bobbi had worked at CNBC, CNN and PBS’ Nightly Business report.

Bobbi is now a frequent keynote speaker, emcee, conference host/moderator, and continues to anchor local news reports on a freelance basis. She is a graduate of the University of Pennsylvania, and received her Certificate in Financial Planning from New York University. Bobbi lives in NYC with her husband, 3 kids and her morkie Waffles.

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For More on Bobbi Rebell, CFP

Launching Financial Grownups: Live Your Richest Life by Helping Your (Almost) Adult Kids Become Everyday Money Smart

Website

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Podcast Episodes You May Like

An Economist’s Take on Retirement Planning – Larry Kotlikoff

The Power of Fun – Catherine Price

The Key Decisions for Retirement Success – Wade Pfau

Are You Living Gratefully? – Kristi Nelson

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Wise Quotes
On The Bank of Mom & Dad
“…the services in The Bank of Mom and Dad are offering should adjust to the different appropriate life stages. So for example, maybe when they’re out of college, you can say: Well, you can live at home for free and we’re not gonna charge you for groceries, but we expect you to have an exit strategy and share it with us. And as long as we are effectively paying your rent and all of your food and all of that, we get to see your finances, right? Just like a bank would say: Well, if we’re going to lend you money or provide financing, we are entitled to see these things. So no money, unless there’s transparency. Rule number one and number two: do things that make sense.”
On When to Engage on This Topic
“The moment it matters to them. That’s the key thing. Something might matter to you, but if they’re not ready, they’re not going to hear you. A lot of parents want to help and they’ll say: You’re graduating. I’m gonna introduce you to this person and this person. And they send these emails and then the kid doesn’t follow up. Well, it doesn’t matter enough to them yet. So you need to give them the space to get to the point where they’re going to actually benefit from your advice. You have to wait to be asked. And that’s a really hard thing to do because we think we know better. We often do know better, but if they’re not ready for the message, they won’t actually hear us and they won’t act on it. So you have to give them a little space. And unfortunately the way society is right now, they probably need more space than we did.”
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About Retirement Wisdom
Beware of quick fix approaches. Are you ready to do the work to create a great retirement?

I help people create a multipurpose retirement, with the right mix of interests, activities and pursuits to invest your time wisely.

Schedule a call to see if a 1-on-1 program or a small group Designing Your New Life program can give you an edge in your next chapter.

Visit retirementwisdom.com for tools and resources to help you retire smarter.

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About Your Host

Joe Casey is an executive coach who also helps people design their next life after their primary career. He created his own next chapter after a twenty-six-year career at Merrill Lynch, where he was Senior Vice President and Head of HR for Global Markets & Investment Banking.

Today, in addition to his work with clients, Joe hosts The Retirement Wisdom Podcast, which thanks to his guests and listeners, ranks in the top 1.5 % globally in popularity by Listen Notes. Business Insider has recognized him as one of 23 innovative coaches who are making a difference.

He’s the author of Win the Retirement Game: How to Outsmart the 9 Forces Trying to Steal Your Joy coming this summer.

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Intro and Outro voiceovers by Ross Huguet.

It’s time to move! Spring is here and its a great time to get more movement in your day-to-day life. Science journalist Caroline Williams shares insights from research on movement and the mind-body connection; why exercise is good, but not enough; and practical tips on ways to move more.

We discuss:

  •  How “long, ponderous dog walks”  led to this book
  • The compelling stats on how inactive people have become – and what’s behind those trends
  • The consequences of a more sedentary lifestyle
  • Why there’s much more to learn about walking than you may think
  • Is it the mind-body connection or the body-mind connection? Who’s driving the bus?
  • What she’s personally doing differently now because of what she learned in writing the book
  • The many ways that dancing for fun can help you
  • Some surprising benefits of stretching and yoga
  • Why focusing on the fundamentals like posture and smiling can make a big difference
  • Why going to the gym is good – but not enough.
  • Caroline’s advice on how to build more movement into your everyday life

Caroline Williams joins us from Surrey in the UK.

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Bio

Caroline Williams is a science journalist and editor. A consultant for and regular contributor to New Scientist, her written work has also appeared in The Guardian, The Boston Globe, BBC Future, and BBC Earth, among others. She has worked as a radio producer and reporter for BBC Radio, and was the regular co-host of the New Scientist podcast from 2006 to 2010. She is the author of two books: Override: My quest to go beyond brain training and take control of my mind (published as My Plastic Brain in the USA), and Move: How the New Science of Body Movement Can Set Your Mind Free. She was also editor of the New Scientist Instant Expert Guide to the Brain. She holds a BSc in biological sciences from Exeter University and an MSc (Distinction) in Science Communication from Imperial College London. She lives in Surrey, UK.

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For More on Caroline Williams
Move: How the New Science of Body Movement Can Set Your Mind Free
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Podcast Episodes You May Like
The Joy of Movement – Kelly McGonigal
The Mind-Body Connection and The Rabbit Effect – Kelli Harding
How to Get Stronger After 50 – Dave Durell
Tiny Habits Can Lead to Big Changes – BJ Fogg
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Wise Quotes
On Rest and Balance
“The interesting thing that I found about rest was that there’s all these studies and statistics about how little we’re moving and that we’re spending all this time being sedentary. But there’s a parallel body of work on rest. And something like 60% of people that were surveyed came back and said they didn’t feel that they were getting enough rest.  So whatever we’re doing with all this sedentary time we’re not finding it particularly restful. So to be able to to move and have the energy to do what you need to do , you have to rest. They’re two sides of the same coin. One interesting thing to to remember with rest is it doesn’t necessarily have to involve being sedentary. Rest can be running up a hill if it allows you to forget what’s going on in your life and and come back feeling happy and exhausted. So I think rethinking rest is a partner to movement.”
On Movement Snacks
“So it’s not simply a case of sort of getting out of bed, sitting at your desk for 4 hours, going for a mad run, and then coming back sitting for another 4 hours. It’s more about breaking up the sedentary time. It doesn’t have to involve anything particularly strenuous – just getting up moving around. I met people who were interested in a form of movement where you move like a natural human. You carry, you climb, or you run. It’s all kinds of sort of  animal/human base exercise. And they have this thing they call movement snacks. So you get up every 20 minutes and you do some crawling around the room or you hang from your door frame or you lift something. And it doesn’t have to be that prescribed – just make time during the day to shift position and move around. Go downstairs and go upstairs. Make sure you’re stretching for things in a high cupboard rather than climbing on the nearest chair. Just make a more conscious effort to get more movement into your day – little and often – rather than guilting yourself into yet another form of exercise or yet another so class that you feel that you should do.”
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About Retirement Wisdom
Are you ready to do the work to create a great retirement?

I help people create a multipurpose retirement, with the right mix of interests, activities and pursuits to invest your time wisely.

Schedule a call to see if a 1-on-1 program or a small group Designing Your New Life program can give you an edge in your next chapter.

Don’t fall for quick fix approaches.

Visit retirementwisdom.com for tools and resources to help you retire smarter.

________________________________

About Your Host

Joe Casey is an executive coach who also helps people design their next life after their primary career. He created his own next chapter after a twenty-six-year career at Merrill Lynch, where he was Senior Vice President and Head of HR for Global Markets & Investment Banking.

Today, in addition to his work with clients, Joe hosts The Retirement Wisdom Podcast, which thanks to his guests and listeners, ranks in the top 1.5 % globally in popularity by Listen Notes. Business Insider has recognized him as one of 23 innovative coaches who are making a difference. 

He’s the author of Win the Retirement Game: How to Outsmart the 9 Forces Trying to Steal Your Joy coming this summer.

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Intro and Outro voiceovers by Ross Huguet

The seeds of a satisfying retirement are planted before it begins. And the disruption of the last two years have underscored the importance of several things that perhaps we took for granted. Our guest today, Dr.Maggie Mulqueen, shares her insights on how to navigate the transition to retirement well in challenging times.

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Bio

Maggie Mulqueen, Ph.D., is a writer, commentator, and psychologist in Brookline, Massachusetts.

Dr. Mulqueen graduated from Northwestern University with a bachelor’s of science degree and then went onto the University of Pennsylvania where she received her doctorate in Counseling Psychology and the Phi Delta Kappa award for dissertation of the year.

She has been an adjunct faculty member of Lesley University, Boston College, and the Norman E. Zinberg Center for Addiction Studies at Harvard Medical School and the Cambridge Hospital.

A licensed psychologist, she maintains a private practice in Brookline, Massachusetts. She and her husband live in the Boston suburbs, where they raised their three sons.

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For More on Maggie Mulqueen, Ph.D

Website 

Covid has changed retirement — and canceled the celebrations that usually mark it  – NBC News

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Podcast Episodes You May Like

Everyday Vitality – Dr. Samantha Boardman

The Skill Set for Life’s Transitions – Bruce Feiler

Think Big – Dr. Grace Lordan

The Second Curve of Life – Arthur C. Brooks

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Wise Quotes

On Transitioning to Retirement

“…The other thing about this is to really understand that it is a chapter. It’s a transition, it’s not a moment in time. Some people could be retired as long as their work life. Just like in developmental theory, there probably is an early middle and late retirement. It’s not one thing. A retired 60 year old is real different than a retired 80 year old. And there’s a difference about seeing it as a transition versus a cliff. And I think for those people, for whom retirement is a cliff, it’s very, very hard. They go into anonymity. They feel that society doesn’t value their wisdom, their input, and they feel really sidelined. And I think for people who can transition, who have the physical, mental, and financial resources, to make this a rich time, to reinvent themselves, whether that be volunteer work or different kinds of paid employment, they have a much easier time of it. It comes back to having a cohort group, a community of people who support you in going through a transition. We need to understand it’s not: One day I was working the next day, I’m retired. It’s really: I’m transitioning.”

On Getting Your House In Order

“It’s something to plan for and to think about. Is it something you want to stop cold turkey? Or do you want to see if you can negotiate some kind of part-time transition, so that you can kind of put your toe in the water or begin to think about how you will restructure your life when the structure is up to you? I would say another deficit, frankly, for many Americans is because we are so work-identity-focused. Many people don’t invest in extracurriculars, hobbies, relationships, and so they don’t naturally have other things to do, even though they might say, Oh, I’ve always been interested in X. If you haven’t invested the time, I would spend a year before retirement trying some of those things out and seeing, is that really true? Does it hold my interest as much as I think it might? Or could I start to volunteer someplace and, and create some other relationships, so when I lose my work colleagues, there are other people who know me and whom I know and care about and have in my life? But I think thinking ahead is essential for people to get their houses in order, in terms of all of the legal thinking about the very hard questions. And I think some people are just very superstitious. They won’t do a will because then they think they’re gonna die. I think many people put off these hard questions because once you start acknowledging you’re at a retirement age, you’re having to at least in the shadows of your mind, acknowledge the fact that your mortality is closer than it’s ever been.”

On Planning for Retirement

“Think through the different scenarios. It’s not one thing. There are different phases within  retirement and don’t just plan for the first phase, but for all three or four – or more.”

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About Retirement Wisdom

Planning for retirement goes well beyond your 401k or IRA. How will you invest your time after your full-time working years?

You’ll need another portfolio.

I help people create a multipurpose retirement, with the right mix of interests, activities and pursuits to invest your time wisely. And for many it includes a new version of work in some form– redefined on your own terms.

Schedule a call to see if a 1-on-1 program or a small group Designing Your New Life program can give you an edge in your next chapter.

Visit retirementwisdom.com for tools and resources to help you retire smarter.

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Intro and Outro voiceovers by Ross Huguet

In this third installment of The Retirement Roundtable, previous guests Michelle Pannor Silver (author of Retirement and Its Discontents, Ted Kaufman, and Bruce Hiland (co-authors of Retiring? Your Next Chapter Is about Much More Than Money) return to discuss the challenges of retirement – and the work it takes to prepare well to overcome them and create a fulfilling next chapter.

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Bios

Dr. Michelle Pannor Silver 

Michelle Pannor Silver is an Associate Professor at the University of Toronto and author of numerous studies on retirement and aging. Her book, Retirement and Its Discontents, draws from in-depth interviews she conducted with people whose departure from their life’s work meant losing a core and fundamental component of their personal identity. Her work calls attention to ageism and societal loss associated with retirement while highlighting the personal struggles that can be arise when there is a mismatch between one’s idealized retirement and the reality of giving up identity, income, and status. Michelle received her PhD from the University of Chicago in 2010 and did her undergraduate and masters studies at the University of California Berkeley.

Ted Kaufman & Bruce Hiland – Co-authors of Retiring?: Your Next Chapter Is about Much More Than Money

Ted Kaufman is the former U S Senator from Delaware succeeding Senator Joseph Biden. He was Biden’s Chief of Staff for 19 years and headed up his 2020 Presidential Transition. He retired in 1995 and over the next 22 years taught courses at Duke University in the Law School, Fuqua School of Business, and Sanford School of Public Policy. At eighty-three, he and his wife, Lynne, celebrate their sixty-third anniversary this year.

Bruce Hiland’s entire career – Brown University, Navy officer, Wharton MBA, McKinsey, CAO at Time Inc., 20 years of CEO-level consulting, four startups and considerable community service – focused on the challenges and opportunities people experienced in their work life. With that history, focusing on the challenges of succeeding at retirement came naturally. Now eighty-one, he and Ginny, his wife/partner of fifty-eight years, enjoy their family, deal with aging and are harvesting the fruits of their labor.

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For More on the Guests

Michelle Pannor Silver website

Retirement and Its Discontents: Why We Won’t Stop Working, Even If We Can

Retiring? website Retiring?: Your Next Chapter Is about Much More Than Money

(100% of proceeds are donated to charity)

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Podcast Episodes You May Like

Retire Happy – Dr. Catherine Sanderson

A Tapas Life – Andy Robin

When Will You Flip the Switch? – Dr. Barbara O’Neill

What Are The Keys To A Successful Retirement? Fritz Gilbert

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Wise Quotes

On the Challenges of Retirement

“There’s these great, airbrushed images that we see of retirees relaxing on the beach enjoying life to the fullest, finally having the free time to sit on a park bench and enjoy cruises, right? These are the very common images we see and the idea that we just have tons of leisure time to spend and do all these exciting things. And I think there’s a real disconnect that people often feel, particularly when and the work that they’ve dedicated their lives to suddenly is not part of their daily routine. And so the sense of reality that my days are no longer structured or are no longer connected to what gave me a sense of worth, whether that was a paycheck or the work that one was doing, or the sense of accomplishment and the sense of acknowledgement for the work that you did, those dissipate. And sometimes it dissipates very quickly, like literally the day that you retire. It can feel like a real loss in terms of personal identity, not just in terms of the structure or the clocking in aspect of it.”

On Changing the Rhythm of Life

“Nowadays people still expect people to retire in their sixties. It’s not the same way as when we were all working with corporations. And I find this next generation, 10, 15, 20 years younger than me, have a different approach. But the approach is that there’s kind of a time for you to retire, but even then you have a 15, 20 year expanse of life. The other point I’d make is that if you wait too long, we believe that one of the most important things to have to deal in retirement is to change in rhythm from work in these 24/ 7 environments and you’re on the go and the rest of it. Now, all of a sudden you gotta pull it down…One of the key things is you’ve got to change the rhythm of your life. And that is very hard. And the problem you got is the longer you wait, the harder it is to do. So you see many people who wait until 65, 70, 75… We look at ’em and say, [they] just waited too long. They can’t change the rhythm of life. They get up every day, [and think] I’m used to doing ten things today and I’m only doing two things today. They get depressed. The next thing you know, they’re gone.”

On the Opportunities Retirement Offers – and Doing the Work to Prepare

“All of a sudden you can make the decisions on how you use your time and what you do with your time. We start the book around getting it right in terms of your body, your mind, your heart, and your soul. I don’t care whether you’re retired or not. Those are areas that are worth attention, but somehow the change in work situation or the change in your time allocation gives you a marker so that you can stop, think and act – and stopping is an important part of it. What Ted and I are saying in the book is you’ve got to do the work. You gotta do the work. It’s not just talking about it. It’s not just sitting there flipping the pages. There are tough questions. You’ve got to work them out.”

“People do not realize how much hard work it’s going to take to get to where they want to be and how much they’re going to have to change. This is why Bruce and I wrote the book. People, for a lot of reasons, do not engage in the hard work to actually transform their life into a whole new area.”

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About Retirement Wisdom

Are you ready to do the work to create a great retirement?

I help people create a multipurpose retirement, with the right mix of interests, activities and pursuits to invest your time wisely.

Schedule a call to see if a 1-on-1 program or a small group Designing Your New Life program can give you an edge in your next chapter.

Don’t fall for quick fix approaches.

Visit retirementwisdom.com for tools and resources to help you retire smarter.

________________________________

Intro and Outro voiceovers by Ross Huguet

 

It’s wise to look back before you go forward. William Damon, one of the world’s leading developmental psychologists, shares insights from an unexpected life review sparked by information on the father he never knew. His new book A Round of Golf with My Father: The New Psychology of Exploring Your Past to Make Peace with Your Present illustrates how a life review can shape your future and sense of purpose.

William Damon joins us from California.

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Bio

William Damon is the director of the Stanford Center on Adolescence, a professor of education at Stanford University, and a senior fellow at the Hoover Institution.

Damon’s research explores how people develop integrity and purpose in their work, family, and civic life. Damon’s current work focuses on vocational, civic and entrepreneurial purpose among the young and on purpose in families and schools. He examines how young Americans can be educated to become devoted citizens and successful entrepreneurs. Damon’s work has been used in professional training programs in fields such as journalism, law, and business and in character and civic education programs in grades K–12.

Damon’s recent books include Failing Liberty 101; The Path to Purpose: How Young People Find Their Calling in Life (2008) and Taking Philanthropy Seriously (2006); Damon’s earlier books include Bringing in a New Era in Character Education (Hoover Press, 2002); Greater Expectations: Overcoming the Culture of Indulgence in Our Homes and Schools (1995); and The Moral Child (1992).

Damon is editor in chief of The Handbook of Child Psychology, fifth and sixth editions (1998 and 2006). He is an elected member of the American Academy of Arts and Sciences, the National Academy of Education and a fellow of the American Educational Research Association.

Damon has received awards and grants from the Carnegie Corporation of New York, the Andrew Mellon Foundation, the John Templeton Foundation, the William and Flora Hewlett Foundation, the John D. and Catherine T. MacArthur Foundation, the Spencer Foundation, the Thrive Foundation for Youth, and the Pew Charitable Trusts.

Before coming to Stanford in 1997, Damon was University Professor and director of the Center on the Study of Human Development at Brown University. From 1973 to 1989, Damon served in several academic and administrative positions at Clark University. In 1988, he was Distinguished Visiting Professor at the University of Puerto Rico, and in 1994–95 he was a fellow at the Center for Advanced Study in the Behavioral Sciences.

Damon received his bachelor’s degree from Harvard College and his PhD in developmental psychology from the University of California, Berkeley. He is married and has three children.

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For More on William Damon

A Round of Golf with My Father: The New Psychology of Exploring Your Past to Make Peace with Your Present

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Podcast Episodes You May Like

Retire Happy – Dr. Catherine Sanderson

The Second Curve of Life – Arthur C. Brooks

The Future You – Brian David Johnson

Are You Ready for The New Long Life? – Andrew Scott

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Wise Quotes

On Purpose versus Meaning

“…purpose is more than meaning. It goes beyond meaning. You have a goal, you have something you’re trying to accomplish. It’s a commitment to do something that makes a difference in the world. And even more than that, there’s a bit of a beyond the self aspect to purpose, almost like a transcendent quality. If I have a purpose in life, it’s something I’m dedicated to that I care about so much, because I think it will leave something to the world at large, the world beyond the self. And so the word meaning signifies all kinds of interesting things that you can do. You go to a movie – that’s meaningful.  You can read a poem – that’s meaningful. All those things are great, nothing wrong with them. But purpose goes beyond that. Purpose is an effort and an intention to accomplish something that makes a difference in the world beyond the self.”

On the Accessibility of Purpose 

“…a lot of people are put off by the idea of purpose because they think of Achilles bravely going forth into battle. And of course there are heroic purposes, but raising a family, that’s very ordinary. A lot of people raise families and have the purpose of wanting to do right by their children. Every kind of job, the most ordinary, mundane job can be done purposefully. It isn’t always done purposefully, and that of course makes a huge difference. But that’s true of people in high status jobs, as well as low status jobs. They can either be purposeful or not purposeful. And the person that sweeps the streets, if that person is dedicating himself or herself to it, and is really trying to do a good job and understanding how important it is, that person has every bit as much purpose as the President of the United States or anybody else in society.”

On Life Review

“You think about your history of purposes in life and bring that forward to the present.”

On Learning from a Life Review

“Well, first of all, I learned that I, maybe like a lot of people, am prone to the mistake of avoiding difficult emotional conversations with people. And that to me is important, not because my parents are still alive, they’re not, but of course, I have children and grandchildren and friends. And I’ve learned that it’s really important while I’m still alive to have the important conversations with people. And to be honest and let them know everything that is important to them, because I’m not going to be here forever. And a lot of these conversations are not easy. And I also learned that I have the capacity to grow, even late in my life. And I enjoy that. This is kind of a no pain, no gain [thing]. Sometimes working through things that are difficult, you end up on the other side of them feeling really, really good about them and that’s an important learning experience for people to have.”

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About Retirement Wisdom

I help people who are retiring from their primary career – and aren’t done yet – discover what’s next.

A long retirement is a terrible thing to waste.

Schedule a call today to discuss how we can work together to make yours great.

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Retire smarter. Explore retirementwisdom.com