Millionaires Think Differently

Millionaires definitely think differently.  They are also goal setters.  They know where they want to be – when they want to be there – and how they will get there. They usually say they are “frugal” – some just use the word “tightwad.”  They do not borrow heavily – “if you are credit dependent you are controlled by someone else.”  Most have their own planning process that they have developed over the years or learned from a mentor.  I learned goal setting from my Strategic Coach Dan Sullivan many years ago – he called it the R-Factor question or the relationship factor.  Sullivan poses this question…

If we were sitting here 3 years from today and looking back over the last 3 years – what needs to have happened for you to be satisfied with your progress in life?  Economically, Educationally, Career, Geographically, Spiritually and any other areas of your life you feel important.  Be as specific as you can.   What are the 12 stepping stones to reach these goals?  These 3 years have 12 ninety day work segments.

 

We will talk about it more at Aware e/I the evening of July 13, 2017 at the Aurora Country Club.  Mark your calendars.

Are you a millionaire???

Craig and I were interviewed recently concerning our philosophy of Wealth Management.  Craig said something I had completely forgotten.  When asked who our typical client is – he responded, “the millionaire next door.”

Please listen to entire interview on the home page of our website

www.meyerwealth.com

It led me to reread “The Millionaire Next Door” by Thomas J. Stanley, Ph.D. and William D. Danko, Ph.D.   They state the reason that millionaires are economically successful is that they think differently.  They know what they can control and what they cannot.

The End Plan

We have taken you through "The Emotional Plan" and "The Economic Plan." From my conversations with several clients, it seems the Emotional Plan is the most difficult. Stay with it -it will eventually become clear. Remember - keep it flexible.

Next - The End Plan

At the "end of the day," what do you want this to look like. We have heard, "I want my last two pennies to hold my eyelids down in the coffin" to " I never want any of my family to worry about money for education" - all very interesting and well thought out. We never know when that "end of the day" will come so it is like hitting a moving target. 
When you go to the cemetery and look at the headstones you see three things under the name


1.  The date of birth
2.  The date of death
3.  The dash which represents your life

The End Plan should be a summary of you and your life. We see too many
people living below their "possible economic life style" because they are concerned about running out of money. This is a valid concern. However, it stifles your "dash." A well thought out plan will give you clarity.

The Emotional Economic and End Plan make the "life adjustment" much more easy and fun. If you move into this with your health and some wealth you will have the time of your life.

Let's get together and discuss.

You will be the same person 10 years from now except for the people you meet and the books you read.

I recommend:

Basic Economics by Thomas Sowell -- In this time of very confusing noise it is hard to hear the signal.

Linchpin by Seth Godin -- What makes you valuable to the economy.

Securities offered through Triad Advisors Member FINRA/SIPC. Advisory Services offered through Meyer Wealth Advisors. Meyer Wealth Advisors is not affiliated with Triad Advisors. 

The Economic Plan

We have received many calls with great comments and questions on last months BLOG - The Emotional Plan. Please keep us informed on your thought process.

Next - The Economic Plan of Retirement

At some point a person moves from "person at work" to "money at work."  Hopefully, you can make a seamless transition from your last paycheck to an income generated from your assets. Social Security and Pensions are plans that create an income that is somewhat easy to manage. They do, however, need to be reviewed and analyzed to make good selections for your overall plan.

Turning assets held in 401K, 403b, IRAs, and investment accounts into an income that you will not outlive needs deeper thinking. The biggest enemy of an investment plan is the person's reaction to volatility. Your tolerance to this volatility changes quite dramatically after you receive your last paycheck.

It's time to review your tolerance to volatility. You cannot be too aggressive and you cannot be too conservative. Too aggressive will eventually put you in a "frightened" position. Too conservative will eventually put you in a "what happened" position. I suggest you let us take you through "the life boat drill."

Keep your distribution plan flexible and reasonable as things will always be changing. As we said last month, "Make plans and God laughs."

How to get started

Collect your Social Security Statement, all investment and retirement plan statements to confirm values and set up a meeting with us to review. 

Securities offered through Triad Advisors Member FINRA/SIPC. Advisory Services offered through Meyer Wealth Advisors. Meyer Wealth Advisors is not affiliated with Triad Advisors. 

Aurora Businessman Gives Back By Helping College Students Learn To Manage Finances

Aurora Businessman Gives Back By Helping College Students Learn To Manage Finances

Aurora Businessman Gives Back By Helping College Students Learn To Manage Finances

(Aurora, IL)—January 2017–Passionate about giving back to his community and educating people on the importance of financial planning, Jack Meyer and Craig Anderson, owners and wealth advisors of Meyer Wealth Advisors in Aurora, donated 50 Evolve Planners to a group of Aurora University students.

The Emotional Plan

Welcome to 2017, we have already made it through the first month of the year, and we don't want to forget the uncertainty that 2016 brought us.  

The US Stock Market started out 2016 with the worst 2 week stretch in its history.  The S&P 500 was down 8%, the Dow Jones was down 8.3%, and the Nasdaq was down 10.4%. This was followed by the biggest quarterly reversal in 83 years bringing everything back to almost even. Oil prices hit a 12-year low and Natural Gas a 17-year low - also "OMG" APPLE reports a year over year sales decline.

How about our accurate predictions of Brexit and The United States Presidential Election?

Still over 10,000 people per day are turning age 65.  How do they plan?  One of our Pastor clients tells me, "make plans and God laughs." That may be, but I think God still wants us to use our heads.

Our three blogs in the first quarter of 2017 will deal with this planning process.  What we have seen and heard over the last 40 years of helping people through the process.  We hope this brings you confidence in your thinking.

The Emotional Plan....

The Economic Plan....

The End Plan....

 

#1 The Emotional Plan

You must retire to something and not away from something.  As much as you want to get away from the day-to-day routine, you must stay relevant to your environment.  For years, you played a role in society, to your spouse, your family, your friends and your coworkers.  It makes you - you.

You can't just stop and sit on the front porch and watch the world go by, but maybe you can adjust.  Your relevance gets you up in the morning and brings you purpose.   We really do not like the word "retire," rather we like "life adjustment." 

What does that look like to you, that is a tough question.  Something you must work on for a while. Sometimes it takes a while for spouses to agree on what that looks like. 

My father came in to see me after he retired and said, "What do I do now?"  I asked, "You haven't thought about this?"  He said, "NO."  I said, "OH NO." 

After some years of planning and discussions, he became the Chairman of the Board of the Paramount Arts Center in Aurora and loved every minute of it - never taking a pay check.

After deciding what you want to do, you need to decide where.  Are you going to stay where you are, move by the kids, or move to a warmer climate?

Securities offered through Triad Advisors Member FINRA/SIPC. Advisory Services offered through Meyer Wealth Advisors. Meyer Wealth Advisors is not affiliated with Triad Advisors.