Originally posted on April 30, 2018. You don’t have to be a billionaire to live like one. In Montana, there are billionaires who own ranches that seem like they're the size of Rhode Island, but they don’t have a monopoly on: camping, hiking, bike riding, kayaking, fishing or skiing. Nature can be enjoyed by one and all. As an aside, you know what’s interesting about that rural life? It is alive and well. The same is true of the suburbs. Not everyone wants to live or retire to the city life. The resurgence by Millennials moving to the burbs is proof of that. For young families, there … [Read more...]
Your Retirement Life: The Vineyard Vines Story
When Shep and Ian Murray quit their jobs in New York City back in 1998 to sell ties in parking lots on Martha’s Vineyard, their business plan was simple: “Twenty years ago, as Silicon Valley casual wear spread east, the timing for a necktie business seemed awful. But the Murrays settled on a contrarian thesis: Yes, guys were wearing ties less often, but when they did, they wanted to make a statement. And neckwear had high margins and no sizing issues,” writes Steven Bertoni in Forbes. Every summer, when my family visits their flagship store in Edgartown, Vineyard Vines is packed. The brothers … [Read more...]
Your Retirement Life: Imagine if the Best Years are Behind You
Where will you live in retirement? Having recently been to New York City it’s a wonderful place to visit, but nowhere I’d like to spend most of my time. Plus, who can afford it? Check out the quote at the end of this piece. But first… Imagine retiring in 1999 and dreaming about the trips you would take using the profits from the stock market. Well for ten-years hence, the Dow lost money. That’s right, from March 1999 to March 2009 the Dow went from over 9,800 to just under 7,300—not including dividends. And that’s the key. For dividend-centric investors, living through such periods of … [Read more...]
Your Retirement Life: It’s OK to Take It Easy
When you retire, the feeling that you need to always be doing something will be there. It’s important to remember you’ve earned the luxury to “Take it Easy.” David Ekerdt writes: Instead, I believe that the mantra should be: Let retirement be retirement. Studies of people who pass from work to retirement consistently find that they prize sovereignty over time—freedom—as the great gift of their new stage of life. This should include the freedom to shrug off any pressure to conform to a busy standard. Our society has a sufficient number of retirees who feel driven to pass their later years … [Read more...]
Your Retirement Life: Cost of Living Higher in These States Part I
A recent study by the Jefferson City-based Missouri Economic Research and Information Center (MERIC) estimates the average annual cost of living in 2017 for all 50 states. The National Institute for Labor Relations Research used MERIC’s data to calculate the average annual cost of living in Right to Work States and forced-unionism states. As of last year, 28 states are Right to Work—protecting employees from federal labor law provisions authorizing forced union dues and fees. Here are the results: Unfortunately, Missouri’s law has yet to take effect as a consequence of Big Labor’s so-far … [Read more...]
Your Retirement Life: How to Discover Your Small Town
Originally posted September 23, 2016. You're about to read the second installment of my brand new series, Your Retirement Life. We are in this together, trying to live a more prosperous, fulfilling life. It ain’t easy. But we can learn from one another. I’d like to hear your story. I hope you like this one. When I was a kid we used to go camping. Not in a fancy RV but, like the good ‘ole days, in a tent. My favorite place to go with my family and friends was Maple Park. It had a rope swing into the huge lake, a general store for locals to get their provisions, and a hayride at night … [Read more...]
Your Retirement Life: The World’s Largest Man
“E.J., Here is a little taste of Mississippi life. Enjoy!” That was the note from a client written on the inside cover of the funny as well as tender memoir, The World’s Largest Man, by Harrison Scott Key. Turns out, some parts of growing up in Mississippi aren’t that much different from any town USA. In one excerpt Key writes about how his father would read the telephone bill like some Old Testament scholar with a gift for high blood pressure. “Who called 734-908-4560?” he would say. “Who is that?” “Who knows?” Mom would say. “Somebody knows! And I aim to find out!” “Why does … [Read more...]
Your Retirement Life: Stay on Beat
One of my favorite drummers is the Rolling Stones' Charlie Watts, known for keeping it simple, keeping the beat, and playing to the song. He doesn’t look for something that’s not there. There’s a story about how Watts could play a song in the studio then have the volume turned off, with everyone leaving the room, continue playing in silence, and when they came back in and turned the music back on he was still on beat. Think about that for a moment. Let it sink in as you consider what’s going on today. There’s a lot of noise out there. Imagine turning it off. Would you stop what you’re … [Read more...]
Your Retirement Life: Survival is Your Friend
“I was married for thirty years, with three children and a house to manage and doing lots of charity work. Then came the divorce…” a reader wrote to me. I called her up this week and we talked. Our conversation wasn’t about her divorce. In fact it only came up once. We talked more about the success of her family and the financial independence they have achieved. But as she tells it, when she talks with them about their childhood they tell her it wasn’t always the best. I asked her what she meant by that. She said, "We didn’t have a lot of extra money for expensive vacations.” She explained, … [Read more...]
Your Retirement Life: Sage Advice on How to Get Ahead
You don’t have to start your own business to be an entrepreneur. That was some key advice I recall from the late Tom Stemberg, founder of Staples, when he spoke at Babson College—known for its entrepreneurship programs. Stemberg felt that the best way to continue a business education was by working for a company that was already established—a leader in their field. His idea was to absorb as much as possible, and then, after seeing how the sausage was made, determine if you had the stomach to really do something on your own. I was reminded of this sage advice from Stemberg during a recent … [Read more...]