The 3 types of Retirements

Retirement is a crucial issue that anyone should be planning out for, no matter how busy life becomes. By definition, this is what the merriam-webster dictionary defines retirement:

Definition of retirement

1. 1a :  an act of retiring :  the state of being retired 
   b :  withdrawal from one's position or occupation or from active working life 
   c :  the age at which one normally retires "reaches retirement in May"
2. 2 :  a place of seclusion or privacy

From my own study on business & investments, it seems that there are at least 3 types of RETIREMENTS:

1. Minimal or No retirement
- most have not thought about retirement at all, until it is too late
- after "retirement age", they get their ''retirement" from the company or institution they work from, but then they still NEED & HAVE to get more income so they have no recourse but to CONTINUE to work [or depend on their children, which may be OK in the eyes of some people, but may look like be a burden to others]
- you are forced to work or look for other sources of income, because we dont have enough funds, and we are burdened with everyday expenses called "living"; thus, you will need to have recurring income for monthly expenses dependent on the quality of life that you want (whether simple or extravagant)
- unknowingly to some, this is what we need to be prepared for as early as college graduation

2. Retirement at age 60 or 65
- the most common age of retirement
- some Filipinos build proactively for this, but most dont understand that "retirement is not a function of age, but of income"
- they build for this, through different ways: SSS, pension plans, insurance, real estate, asset  accumulation, investments, royalties, stocks, dividends, profit-sharing ventures, and other options
- it is good to retire at the ripe retirement age, at least they have planned for it, and have enjoyed most of their working life (assuming they have a good secure/stable profession or good corporate life)
- the only REAL question now is how much they will be getting from their retirement plan: will it be enough to sustain their everyday living, or their current lifestyle? To know the answer to this, simply ask people who is on the verge of  retirement, or past that, then ask educated/intelligent questions. YOU WILL LEARN A LOT BY ASKING THOSE WHO HAS GONE THRU MOST OF THEIR LIFE YEARS BEFORE YOU.

3. Early retirement
- these are CHOICES made by proactive, very resourceful people; people who investigate, diversify and research ways to build their portfolio or their assets, or at least make a conscious effort to get to their retirement as early as possible
- "daig ng maaga ang maagap"
- some are able to retire as early as their 40's, or even earlier
- a well-known businessman Robert Kiyosaki retired at age 47
- what does it mean by early retirement? You can continue to not do anything, sleep or do anything you want, but still earn enough income to sustain your needs (and wants), depending on the quality of life you CHOSE, not the life you are FORCED TO DEAL WITH
- these are people who prefer this choice than the usual 60 or 65 retirement age, and are very wise to do so

Now, the million-dollar question:
- when you retire, how much earnings do you want to have? how much monthly income?
- do you have children or some circumstances making it hard for you (health challenges, other priorities, etc) which limits you, or requires you to suspend your retirement plans so that your immediate needs must be prioritized first before your lifetime goals or longer term plans?
If yes, the question now is: when do we start putting it off (retirement), and start planning & building for it?

RETIREMENT is important but not urgent (which is classified as a QII activity by Stephen Covey on his time management quadrant, from the book "The 7 habits of highly effective people"),  if you are still planning it out. Probably 80% of Filipinos does not have any plans for it until it becomes too late. Most have not found a real purpose.

The real question really is not HOW, but WHY?

If you have a boss who is retiring soon, it is best to work closely with him/her. Not because you want to replace them at their position, but because you want to learn what kind of life you might have once you get to their age, and start planning ahead. You need to have a plan - your current plan at your current work/profession, and your "Plan B".

Ask your life's biggest questions NOW, so you won't have to regret later.

Good luck on your business / investment ventures & adventures - and your future plans for retirement!



Picture credits:
http://pioneerinstitute.org/wp-content/uploads/retirement-next-exit-1024x567.jpg
http://s2.evcdn.com/images/edpborder500/I0-001/038/123/981-4.jpeg_/opsrp-oregon-public-service-retirement-plan-81.jpeg
http://www.ihatedroz.com/wp-content/uploads/2008/12/out-of-toilet-paper-plan-b-300x225.jpg
http://www.tellus360.com/wp-content/uploads/2012/08/what-would-macgyver-do-on-empty-toilet-paper-roll.jpg

The Better Man than Confucius

"A superior man is modest in his speech, but exceeds in his actions."
- Confucius


Pero alam nyo ba kung sino pa mas gagaling kay Confucius pag dating sa LESS WORDS and MORE in ACTION ?


....si Mr. Bean.

Kaya siya ang role model ng mga bata, at magiging philosopher siya after ~100 years, gaya ng nangyari ke Confusedsus. LOL



-----oOo-----


Seriously, we should do more in action than in words. I learned this the hard way. I also had a talk with a friend of mine, a business partner, and so I am following through with his suggestion / advise.

For now, I apologize for my readers. I currently am in isolation & planning mode. I haven't written anything in quite a while. Not even facebooking much, except for urgent matters. I did not go out the past few weeks (besides the Holy Week weekend, when I kinda got forced to go out for a little vacation at Sariaya, Quezon - although it was time well spent) because I am doing something that to me is very very important. Like I said, I'm in planning mode.

It will take me a few more weeks or days, until I finish my careful planning. I plan to do or set out at least a 5-year plan. This was a bit new to me. Sir Jomar Hilario (the VA & internet marketing guru) taught me this. It was the first time I encountered such an idea. He was not even proposing a 5-year plan, but a 500 years plan (if I remember it right)!

Plans like that doesn't mean building a life. It's about building a legacy. Maybe that was what Dr. Stephen Covey was saying about his "8th Habit" book?


Anyway, I'll follow up on the posts I've promised soon. For now, I am set out to seek myself.
Just kidding. I've already sought myself, I already have a mission statement. I already know (in my mind & in my heart) what I really wanted to do, my plans, my vision for my future. I just have to put everything in writing (although I've already made a few on the current Roles that I have in my personal / professional life).

What I have to do now is to lay-out my plans for my MISSION. It's high time to follow-through on the mission statement that I've made, I understand that I've put in some pretty big statements in there.. so I'm now set to plan (and plan well), to visualize, to put everything in writing, and then next in line is to EXECUTE this plan.



You know what the best advise is that I can give for people like me who has made a decision or set out an intention (or more like a "New Year's Resolution - except that today is not a New Year) and want to make sure that this decision, intention or resolution is REALLY REALLY going to be made true and followed-up on?

Look out for Dr. Levinson and his book "Following Through: A Revolutionary New Model For Finishing Whatever You Start."


For more info on the book, look here:
Following Through: A Revolutionary New Model For Finishing Whatever You Start by Dr. Steve Levinson & Pete Greider

Excerpts:

I am not here to sell that book. But I've listened to an audio recording / interview about this book.. and it simply blew me away. It offers a real solution, some really doable steps and strategies. And so I highly highly highly recommend it!

This book tells us, for example, why New Year's Resolutions generally don't come true. It's not anyone or everyone's fault. Like Dr. Levinson said, it's a SPECIE's problem. It's not even an ATTITUDE problem. It's a problem in our evolution as Man. We have some serious natural faults or issues as members of the Homo Sapiens (and we don't have to beat ourselves up for these faults - it's part of God's gifts & plan for us), but we do also have serious benefits - like, as Stephen Covey puts it: being being able to choose our response to stimuli unlike other species in the Animal Kingdom, being self-aware, or having the ability to work on our Circle of Influence (as per Covey's 7 Habits of Highly Effective People). The serious benefits that Dr. Levinson and Pete Greider is talking about is what they call our "Intelligent Guidance System", and the natural faults or "faulty wiring" that we have within us are our "Primitive Guidance System".

As I have posted before on my mission statement, I want to show only the best when it comes to resource persons, gurus, books, tools, readings or education on Success and Financial education. So pay attention.. this guy (Dr. Levinson) and his book "Following Through" is one of them. I will do a follow-up post on him later on.


Anyway, thanks for now. I hope to post again anew very soon!

God bless and Good luck to everyone on their business, work or their personal endeavors!
Live a Happy & Abundant Life! ;)


Photo Credits: http://acelebrationofwomen.org/?p=47794

Good Intentions

It's not how far can good intentions go.
It's how far can people's good intentions last.
  
  
Yes. Good intentions will go a long looonnggg way. Even Erap Estrada may really have had good intentions all along. But did it really last? Did it stick to him? Or did bad vices or bad choices got into him?


The important thing is, how far can your good intentions go.


Just like New Year's Resolutions.


Question...
Did you even write it down?
Do you even read them every morning when you wake up?
Do you plan your day, week, or month - and made sure your resolutions were included on your plans?
Do you even think of it when executing your plans, or when going through your everyday routine or work? 


If you said NO to these questions, then your good intentions are not good intentions at all.
They are just plain words. 
  
Failing to Plan is planning to fail.
  
   
Consistency. 
This best describes it.