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retirement planning mindset

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I’m gonna talk about the retirement planning mindset what you should focus on for your retirement plan now lately I’ve seen a lot of videosthat are talking about how much you should save or have saved at twentythirty and forty and fifty years old now those videos are great to kind of giveyou a baseline but they really don’t tell you how you should focus or look atyour retirement plan and I think that’s a huge component of why you might not bestarting your retirement plan or help you get a little bit more success out ofyour retirement plan but before we do if this is your first time at our channelor you haven’t subscribed click on the subscribe button at the bottom my nameis Travis Sickle CERTIFIED FINANCIAL PLANNER with Sickle Hunter Financial AdvisorsSo retirement planning is gonna mean a lot of different things to a lotof different people and you really have to understand that before you start tofigure out that all those averages or rules there really that’s all they arethey’re not for you and it’s so important to focus on what your goalsare and that’s where you should really

start now I understand why a lot ofpeople get overwhelmed by it because I think in their head that they figure outlike okay how much do I need in retirement and they’re trying to likeinflate these numbers out in their head well you don’t have to do that you canyou can simplify it by figuring out starting today figuring out where youwant to be as if you’re retired today so for example if you’ve decided that youwant to live on $50,000 today then we can go out and inflate that fiftythousand down the road to figure out how much you need to save so don’t getoverwhelmed with oh my goodness in thirty years I’m gonna need millionsjust to support my lifestyle today and there’s no way I’m gonna be able to savethat amount that’s the wrong way to think about it you really want to focuson the goal or think about in today’s dollars where you want to be the rest isjust math so that’s the easy part the hardest part is actually figuringout what you want your retirement to look like now if you think of an athletenow an athlete is gonna have a very similar mindset for goal achievementthat you will for your retirement probably just on a different levelthey’re gonna focus on what they eat what they put into their bodies how muchtraining they do their technique their sleep their rest there’s a wholemultitude of things that they’re gonna focus on now they have one goal in mindbut there’s a lot of different athletes out there so depending

on what sportthat is gonna vary tremendously and that is the same with your retirement plan soit wouldn’t make sense for you to do exactly the same game plan as somebodyelse if they’re in a different sport or in this case a different retirement plannow retirement planning doesn’t mean you have to hang up your hat and stopworking for the rest of your life it could just mean something completelydifferent for some people or actually a lot of people more and more everyday itsfinancial independence it’s the ability to do what you want to do so if you wantto change careers or work less maybe work more travel more there’s a wholemultitude of ways that you can get your retirement plan to look like and guesswhat it’s unique to you and it’s okay to change it along the way there’s nothingwrong with that but if you aim at nothing you’re gonna hit nothing so youdo need to start with some sort of a goal now in the short term there aredefinitely things that you can do that will help you in the here and the nowand I talked about those in some of the other videos like looking for thecredits that you might qualify for and that’s the decision between goingtowards like a Roth IRA or a 401k but that’s not the topic of this video whatyou want to start with is the beginning what you want that retirement plan tolook like so don’t get ahead of yourself by saying OK I want retirement plans soI’m gonna increase my 401k savings as much as humanly possible and I’m gonnasave over here and over here and hopefully I’ll have enough money thatcan get really overwhelming really fast and also kind of discouraging whybecause you’re eliminating income that you could lead living off of if youdon’t need it for retirement so you have to find that balance so you might findthat you need to save 10 or 15% where somebody else might find that they onlyneed to save 5 or 10 or even more it’s all over the board butby making sure that you have some balance for today and tomorrow you canlead the maximum amount of life today and tomorrow obviously financially sothat’s what you want to focus on no planning for retirement takes a longtime you know it’s 10 20 30 40 years of yourlife saving for the next 20 30 40 years of your life so you can’t go about thislike like a diet you really have to embrace it as a lifestyle and that’s whyit’s a retirement planning mindset

because you’re just gonna be unhappywith the sacrifices if you don’t have a goal in mind and a reason why you’redoing it to find that balance so I think that’s why diets just basically failit’s because you go on one for a short period of time yet feel terrible for themost part you reach your goal and then you throw it out the window just to endup back where you work instead what you see more today is lifestyles ways ofeating it’s the same thing so that’s my second analogy for this video and it’snot to say that you should not make sacrifices that it’s just gonna be supereasy you can’t make sacrifices you just need to find that balance that you canlive with they you hear a lot about athletes the roads that they take theseridiculous amounts of training the miles that they put in the diets you know theI say diets the the ways that they’ve been eating for all all these years thesacrifices that’s what it really comes down to the sacrifices that they’ve madeto get where they want to be and you don’t need to be an Olympian or aworld-class athlete in order to achieve your goals you can have something thatworks for you but the point is it’s not just about the end result it is alsoabout the journey that you’re going through so if you’re setting up yourretirement plan you’re starting to save focus on the things that you can controlnot the things that you can and any athlete will tell you that any athletewho’s going through it will tell you that there’s going to be days that arevery very difficult the same is true for your retirement plan and usually whatI’m referring to is the rate of return now not every day the market goesstraight up we know this knowing this we still get freaked out about how well themarkets doing with our retirement plan when retirement is 20 and 30 yearswhat you really want to focus on the things that you can control and that’sreally gonna come down to your savings looking at your expenses now again I’msaying balance you don’t need to make a ton of sacrifices so you can’t doanything today to get to retirement you also don’t want to be the person whocrosses the retirement finish line and basically passes out because all theseyears you’ve been trying to save so much and you really have no more energy toenjoy your retirement so find the balance for your retirement plan sodon’t let the averages push you one way or another and how much you should besaving you need to figure out what your goal is what your retirement plan shouldlook like for your particular situation again nobody shows up and says I justwant to win an Olympic gold medal they decide what sport they want to playfirst and then decide how good they want to be at that sport and this is the samewith retirement planning so focus on your goal what you want to achieve anddon’t worry about anybody else that’s all you need to understand when it comesto retirement planning so the easy stuff is actually figuring out what the stepsthat you should take once you have the goal once you have that goal that ideaof what you want your retirement plan to look like the rest is just filling inthe blanks it’s finding out where you should save how much you should save butthe only thing that a financial adviser financial professional that YouTube thatGoogle nobody can tell you what your goal should be only you can so againretirement planning it doesn’t mean you need to hang up the hat it could befinancial independence you have to find your own balance

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