IN THIS EPISODE, THE ANNUITY MAN AND JAIME HOPKINS DISCUSS:
– ROS – Return on Sleep
– From an accumulation to a decumulation mindset
– Living your retirement meaningfully
– Changing your relationship with money
KEY TAKEAWAYS:
– People often don’t care about optimal, people care about being happy. Giving people a good retirement experience, a Return On Sleep, is better than giving optimal results.
– Point your focus towards what you’re planning to work towards or what you want to acquire – accumulating money isn’t going to do you any good if you don’t convert it into anything that will make your retirement a joyful experience.
– If you go into retirement and end up not having any passion for anything or not having anything you care about, you’re not gonna have a great retirement whatever it might be, find that piece that will make your retirement meaningful for you. That’s true wealth.
– Think about rewiring your preconceptions around money and wealth – it takes more than planning, it takes coaching and being aware of the misconceptions that you hold.
“Would you give up all your money if it means that you’ll be happy for the rest of your life? Most people would say yes – that’s what we’re aiming for. Dollars are a means to an end.” — Jamie Hopkins
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Jamie Hopkins is a renowned expert in retirement planning, with a unique approach to helping people prepare for their post-career years. His philosophy revolves around the idea that retirement planning should be centered on not just the financial aspects, but also the emotional and psychological factors that come into play when envisioning life after work. This approach is succinctly captured in his famous saying, “Retirement Planning and the Why that Makes You Cry.”
Hopkins believes that individuals need to dig deep and uncover their “why” for retirement planning – not just in terms of how much money they need to save, but why they are saving in the first place. This emotional connection to the idea of retirement can be a powerful motivator to stay on track with financial goals and ultimately lead to a more fulfilling retirement experience.
One of the key aspects of Hopkins’ philosophy is the importance of aligning your financial plan with your life goals and values. By identifying what truly matters to you in life, you can create a retirement plan that is tailored to your unique aspirations and desires. This can help you stay disciplined in saving and investing for retirement, as you are reminded of the bigger picture and the reasons behind your financial decisions.
Hopkins’ approach also emphasizes the need to prepare for the unexpected in retirement. By incorporating flexibility into your financial plan, you can better navigate any unforeseen circumstances that may arise in retirement, such as market fluctuations, health issues or changes in personal circumstances. This proactive approach to planning can provide peace of mind and confidence in your financial future.
In addition to his work in retirement planning, Hopkins is also a respected educator and thought leader in the field. He has authored numerous articles and books on retirement planning and financial literacy, and regularly speaks at conferences and events to share his expertise with others. His passion for helping individuals achieve their retirement goals is evident in his commitment to education and advocacy in the financial planning industry.
Overall, Jamie Hopkins’ philosophy of “Retirement Planning and the Why that Makes You Cry” is a valuable perspective for anyone looking to plan for their post-career years. By focusing on the emotional and psychological aspects of retirement, as well as the practical financial considerations, individuals can create a more meaningful and fulfilling retirement experience. Hopkins’ message serves as a reminder that retirement planning is not just about numbers and spreadsheets, but about living a life that truly aligns with your values and dreams.
I just got the book on kindle. Wade Pfau writes the Foreword, provides instant credibility and validation for those of us that didn’t know about Jamie’s work. This interview is on FIRE !