No Plan B, The Boring Millionaire, Rural Retirement, and Are You Spending Too Much?

On this episode of?Upticks, Cory and I engage in a discussion about not having a Plan B, challenging listeners to consider: if you do have one, why not make it your Plan A?

We explore test-driving retirement before you retire, becoming a millionaire the boring way, investments that can be too good to be true, retiring to rural America, aging while staying at home, and whether you are spending too much. All this and more in this week’s insight-filled episode!

Thank you for joining us this week! If you have a topic that you would like us to discuss or debate live on Upticks, please email it directly to Luke at?[email protected]?and he’ll be sure to ask us to bring it up on the show!

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Read a summary of the conversation below:

There’s No Plan B Jake recounts golfer Gary Woodland’s speech about committing fully to golf without a backup plan, a sentiment that resonated with him in his own career. Jake and Cory reflect on how not having a “Plan B” pushes them to succeed as wealth advisors. Both highlight the importance of going all-in, committing to their profession, and building a strong client base without contemplating alternatives.

Test-Drive Your Retirement Spending While You’re Still Working Cory shares an article suggesting people should live on their expected retirement budget for a few months before retiring to test if their plans are realistic. Jake agrees, recommending that clients maintain their current spending levels in retirement to avoid cash flow issues. They also emphasize the need to balance hobbies, health, and relationships with financial planning for a more fulfilling retirement.

Multi-Millionaire the Boring Way Jake and Cory discuss how wealth is most often accumulated slowly, through discipline and patience. They caution against chasing risky, high returns and emphasize the importance of saving regularly, investing in diversified funds, and letting compound interest grow over time. They remind listeners that trying to “get rich quick” can lead to bad financial decisions and long-term losses.

Solving the Mystery of an Investment That’s Too Good to Be True A follow-up on a previous topic of suspicious high-yield investments, Jake and Cory warn against offers that seem too good to be true, like guaranteed returns. They recommend listeners to verify financial advisors using resources like ‘BrokerCheck’ to help ensure their investments are safe with reputable companies that offer SIPC protection and compliance oversight.

Here’s What It’s Like to Retire in Rural America The hosts explore the pros and cons of retiring in rural areas, where retirees enjoy lower costs of living, outdoor activities, and a slower lifestyle but face limited access to healthcare and entertainment. Jake, with his background in small-town living, finds rural retirement appealing for its simplicity, while Cory remains open-minded, highlighting the importance of living according to personal values in retirement.

The Keys to Aging at Home? Frank Conversations and Financial Planning Jake and Cory address the challenges of aging in place, stressing the need for open family discussions about care and finances. They suggest planning early to avoid issues later, including home modifications to help enhance safety. Jake notes the importance of showing respect when addressing these sensitive topics and offers to help clients navigate tough conversations with their elderly parents.

How Do You Know if You’re Spending Too Much? The episode concludes with insights from Carl Richards’ to align spending with values. Jake and Cory encourage listeners to reflect on whether their spending habits support what truly matters to them, urging them to avoid wasteful expenses and focus on financial goals. They emphasize regular check-ins to ensure spending aligns with personal priorities.

Thank you for tuning in, we hope you have a great week!

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