Episode 27 — What’s Your Retirement Good News? Optimizing Your Monetary Elements
The gig economy is bringing good news to retirees who want to create income during their fall season.
What will your good news be?
Today, Danielle Howard discusses how retirees can make the most of the shifting retirement landscape by staying clear on what’s important, building on character assets, and using financial assets wisely. Danielle additionally shares her own story of how she used her assets to make her dream a reality.
In this episode, you’ll learn:
- How the gig economy is changing the retirement landscape — and made it possible for Danielle to be closer to her granddaughter
- How taking risks and allowing yourself to be vulnerable can unveil a richer, more fulfilling life experience
- Why it’s important to continually return to the question: “Just because I can, should I?”
- How to assess a financial advisor to find the right fit for you
- And more!
Join Danielle now and start considering what your good news in retirement will be!
[00:00:02] Welcome to the Wealth Done Differently Retirement Podcast. Danielle Howard a certified financial planner shares insight into the financial tools techniques and temperaments needed to make the most of your retirement dollars and relationships. Danielle bridges the gap between Wall Street and Main Street bringing complex financial topics down to earth. Danielle will educate and inspire you as you define and refine your version of prosperity. [00:00:35] Hello and welcome to Wealth Done Differently Retirement with Danielle Howard a Certified Financial Planner. Today I’m gonna ask the big question what’s your good news. Danielle what’s your good news. [00:00:46] We’ve had a lot of good. Is it exciting it’s springtime. The rivers are running madly past my window and got green trees blooming all sorts of good news but our big news was last September we welcomed our first grandchild Zaylee Jean. Now I know why other grandparents out there are saying this is why we had kids. [00:01:13] I’ve heard others say we should have to skip to the grandkids. [00:01:16] Exactly. If that was only possible. Yeah it was it’s worth all the work effort. Once we get to the grandkids. Yeah our good news is that our daughter and their blooming family live in Oahu Hawaii which is my goodness an amazing beautiful place to visit. Yeah we’ve got bad news. Our daughter and blooming family live in Oahu Hawaii. It’s an expensive place to get to or just stay or. Yeah know buy groceries get around etc.. [00:01:49] And if you need somebody to carry your luggage Danielle, I know a guy I know about. Tell us a little about great. I’ll get in touch with him later okay. Yeah yeah yeah. [00:02:00] I’m so grateful for technology. You know it’s made the distance bearable we, we Skype we face time we Zoom. I bought those digital frames I just bought one for my parents and got it all loaded where you can just email or text a photo and it just pops up on the on the frame which those are amazing. It’s so cool. In fact I bought a small one for myself and a really big one for my parents and now I’ve got I want a big one. Just swap them out. I’ll never know. I we’ll see. I might just have to bring the small one up to the office and get a bigger one for a girl. Yeah she’s she’s seven months old when we were looking at issues. Let’s say 7 months old last month and there’s nothing like the feel of the you know the little tiny hands wrapped around your finger and, and sitting and trying to get the food into their mouth with they just kinda their heads to sit continuously moving you know we want to we want to be an active part of their lives and we really are trying to be intentional about how to figure out how to make it financially feasible. You know we could just put it on a credit card or I could work harder when I’m at home or we could take on more debt. But because of the world that I live in I’m trying to figure out how can we optimize the monetary elements we have. And look at how we can be creative and resourceful with other ideas and other elements that are out there. It’s a personal belief that I have that if you are really clear on what is most important to you and you build on your character assets and utilize your financial assets wisely that you can create the life you want. I thought today I just share our story on how we have made more of a reality for us to be over in Hawaii a little bit more often. [00:04:04] No that would be great because as a Star Trek fan I’ve been waiting for a transporter for for years. Right. [00:04:10] I mean I’m you know me very well I live in Nebraska. And you and I work together very well. I’m very jealous of your mountains and your rivers that are really by your office. It just it just I love that. And I would love to build transport to a beach a river a mountain anything besides a cornfield or anything. So it’s going to Ouahu. Let’s let’s talk about that. [00:04:31] When was it when Zaylee was born. You know of course as a grandmother I wanted to be there for the birth and I had to really honor my daughter’s desire for us to show up a little bit afterwards. And I wanted to show up the minute afterwards. And you know this is a whole nother discussion. I’m grand. It’s grand parenting. How do we honor our kids in letting them be parents. So we went out after she was after she was born. And I had my idea that I was going to be in their kitchen cooking and I was going to hold the baby while my daughter rested and that I was just going to be this little you know fly in and help take over and do everything for them. Total support package absolute the whole package. They didn’t look at it that way. They were kind of nesting and they wanted their quiet time and they weren’t into having us there all the time. So we ended up with a bit more time we were over there for two weeks and we had more time on our hands than we had expected. So we’re in Hawaii. Let’s go find something to do. So we got online and we checked out you know all the plethora of tours and and touristy things to do we are really good at just going on hikes and finding little excursions. But I discovered that Air B and B experience. We use your Air B and B and they had this whole new thing with Air B and B experience and we signed up and got to listen to this incredibly personalized it was only Marc and I just the two of us that ended up signing up for it and it was this, this family that does a native Hawaiian musical experience. and they make some coffee for you and they provide the Hawaiian treats and so at first I thought oh this could be really corny and it was absolutely amazing it was just a treasured experience. And we got this lovely afternoon. They live on an organic farm. And they gave us a tour of the farm we got to see everything. And I just I fell in love with it. We you know again it was a very reasonable price. And you know we just had a wonderful time there all afternoon. We the world of technology again opened the door for a new type of experience for people. It also opened up the door to a new friendship. I we spent lots of time talking to this this couple and I was over there actually a week longer than my husband was. And I got together with her again to just kind of talk about life. We had a lot of things in common we’d both written books. She’s the scientist that is totally not something we have in common. But we love organic gardening we love empowering women. And she went to school in Colorado and she is really hoping to get her kids back to the state to experience winter and to see this beautiful place. So guess what opened the door to saying you know come over and visit. I love sharing our home and our valley and it was like oh you guys have to come over and you can stay with us and let’s. That opened the door to let’s do a home exchange. Wow. Wow. So last month we had actually talked about doing it in July because they were having to come stateside for a wedding and she is like would you like to come over and stay in July. And I was sure of course. And so we were working on that one and then she came back and she goes Would you be available to come over. This was the end of April I suppose. Yeah. This is two weeks away. Let me see what I can do. Yes I can do that. Let me rearrange my life a little bit. So. We were sitting and watching the sunset over this gorgeous farm listening to the non-stop Crow roosters crowing and we were 10 minutes away from our grandbaby. So we got to have this just amazing opportunity to we took care of their animals. My my husband was tending to the goats. I did a whole piece on goat yoga. You’ve heard of that when you’re in Nebraska. You’ve heard of goat yoga. Yes. I’ve heard goat yogurt. But seriously it is like. It’s a rage now. So I did this. Yes. It’s you have little baby goats in your yoga session and you just laugh the whole time. I’ve never done it. I watched a bunch of youtube videos on it. Check it out. Totally off topic but I thought oh my gosh. Little baby goats bring so much joy and happiness and calm to already calm yoga practice. Maybe I should do goat financial planning anyway. [00:09:26] I’m just I want to be there for the first session. I really do. You can sign up for this first session. There you go. Yeah. Yeah absolutely. We won’t get anything done. You know that. [00:09:36] No that’s that’s that’s half the fun is just you’re just making it a little easier to talk about money and in a fun way. Anyway that was total a little, little Segway but the idea was that we were able to stay at this absolutely gorgeous place and ten minute drive from our daughter’s home we were able to have them over for dinner they could come visit we go visit them We babysat the baby it was it was just lovely it was it was perfect. You know I think this whole world of the gig economy is opening up an opportunity for us to you know minimize our expenses around this fall season of life and it’s often opening up the opportunity to probably create some income if need be. I think it’s really exciting it’s this sharing economy and it’s when you talk about Star Trek we talk about opening up a portal to a new dimension you know financial services the financial services industry is to say you know it’s all about building up this bucket of money for you to draw the line in the sand and then retire. And I think we’re entering into this new dimension of what retirement is supposed to be about and we have these opportunities to really look at our finances in a different way and use the gig economy to help us create sustainability in our liquid financial assets and to cultivate new friendships Yeah absolutely no. [00:11:13] I think that’s very very true. It opens the doors to so many possibilities. [00:11:16] Yeah. You know, I know this isn’t for everybody. It’s it’s taking a calculated risk. We actually drove their cars. They are very trusting of us. And when they come to visit us I will I will you know reciprocate and and offer those kind of opportunities to them too. So yes it is we’re taking risks. And I think that you know that opportunity and when you do take a little bit of risk and you start looking at being a little bit more vulnerable I think it unveils a richer and more fulfilling life experience all across the board. So as people are looking at you know where do they want to go what do they want to do. How what’s going to fill their days in this new season of life. What does it mean to take a little bit of risk to be a little bit more vulnerable to try something new. And I just encourage my listeners to take a look at what that might look like for you. So what’s your good news in retirement and how do you want to optimize all the financial aspects that you know you have and how do you unfold your life potential. I get yes there are some numbers that need to be crunched and and we need to look at different strategies from taxation issues. I look at our our low tax rate environment that could possibly change in four years. So there’s there’s things that could be done over the next four years to really take advantage of our current tax environment. There’s ways of looking at Social Security and pension distributions and and you need to look at how you’re going to take cash flow from all these different areas. So yes that the moving financial pieces are. Are deep and broad and increasingly complex and I think that we have more good news in how this gig economy is going to add it creative elements to this season of life. I’m really excited about it. It was it was so cool when I share this story with people. They’re just blown away. And and I am just very grateful for the blessing and counting counting our blessings every day with this new grandbaby and this opportunity to stay engaged with them in a way that’s going to have boots on the ground and hands around that darling little bundle of joy that I just love listening to her giggle and we won’t be able to maybe see her do soccer practice and plays every other week but to the extent that we are able to be a part of their lives we’re gonna do our best to get over there as often as possible. [00:14:20] Yeah absolutely. And I think the key here is really you’re talking about all the pieces right there. There’s a lot of different pieces that had to come together to make this happen. And when you talk about retirement and your next season there are so many little pieces that if you. Know somebody that can connect you with the right pieces for you then you put this puzzle together. That makes a beautiful picture. And I think that’s what so many people are missing is understanding where to get those pieces how to get those pieces. And I don’t want to derail this again but talking about travel I actually stumbled across an app the other day. And I don’t I don’t necessarily I won’t say the name of the app if if they want the name of the app Danielle will know the name of the app because I will. I will tell her off the air but I do want to put on the podcast but I heard some people talking about the other day they had experienced some travel and they had used an app that basically what the app does is it takes all the pieces so they find all these local companies and smaller companies and large companies that are putting up deals and then they put all these things together in one package. So just as a quick teaser there is one package they have together now. If you fly from New York you go to Tuscany six nights your airfare is included your hotels are included your breakfast are included and it includes a car. Wow. For those six six. Yeah for those six days the entire package for one person is based on two people of course but for one person is four hundred ninety nine dollars. [00:15:49] That’s insane. Wow. Yeah 499 airfare hotels car and breakfasts going to Italy. OK. My wife and I are freaking out. I mean we’re going to do this. We’re doing this. But the the couple that I listen to I talked to. [00:16:03] We’re actually at a bar celebrating that we weren’t celebrating we were one of my friends who passed away a few years ago and so a couple of us got together to a lift a glass of Guinness which is his favorite beer and happens to be my favorite beer. But there was some other people talking on the table that talked about. They spoke about a trip to China. They took. They were there for 12 days. Airfare included hotels included a river cruise included. And it cost them each twelve hundred dollars. That’s just insane for all that. So they got all the pieces together put it together and that’s what you get for a package. You have this with this other family you have you’re using their cars they’re going to be using your cars or using your home there’s trust involved you have to know the people that you’re getting into these relationships with. And I know you took your time to do that. But the benefits to you are so tremendous. You know you get to it. Like you said you get to hold that grandbaby. You get to be there more often in a better capacity. Right. I mean you’re 10 minutes away and they can come and relax at your place you can go to their place because I’m sure their place is a little chaotic with the new baby. So maybe they do want to. They just want to get out and enjoy a dinner someplace else besides their dishes their dishwasher their kitchen their oven they’re stove you know so I think that’s a blessing to them as well. [00:17:14] Yeah. And you touched on you know an important piece with all of this is you know connecting what’s important about this travel and one of these the I love my great deals but then it goes back to the question just because we can should we. But if you peel away and figure out what is important about travel or what you know if you’ve got family or you want to do volunteer work or you know you want to totally immerse yourself in a culture and then you layer that on top of that finding a great deal ya know theres nothing better. You know but I think we do need to keep wrapping it back to what is really important about our our season you know as we’re entering this fall season of life and why do we want to optimize whether it’s the financial assets we have or even the character assets. You know we can get into talking about how all of this gig economy you are building character assets. know when you use air BNB or you use Uber Lyft or any of the other ones out there. You get raided and you’re able to rate where you where you say to your host. And this is really important. You don’t realize how important your character is until you know when when you’re building these character assets of people with it. Yes we’d invite you back. They’re clean they’re friendly. They did what they said they’re going to do. And yet. Yes I think it’s just building a whole new Bank of assets that we can tap into in a variety of ways that will serve us well. [00:18:59] Danielle I know you have very, very strong relationships with your clients and I know it takes time but for somebody listening to this that does not have that relationship with their advisor or is looking to speak to a new advisor. What would you say is a good time frame how long does it take to really get to know somebody from your end as an adviser and from there end as somebody seeking someone’s advice. [00:19:21] Well I think one they will listen to our next podcast which is going to be looking at what kind of rights you have in seeking financial advice. OK. I think that people can get a pretty good sense in the first hour to hour and a half of meeting with an adviser as to how they’re aligned. I think you can look at the questions that are being asked by the adviser and you know we’re kind of we’re like doctors. We cannot advertise. We can’t give testimonials. We can’t say you know I did this for so and so and and this played out in this way. But you can ask your friends as far as their relationship with their advisors what they do what they know how they get paid. And then I think it’s a matter of being again that vulnerable finding that place of vulnerability where you’re willing to share your hopes your dreams your concerns your, your fears and lay everything out on the table and take one bite at the elephant at a time. But listen listen to your gut. Look for those telltale signs of this would be a good a good friendship. This would be a good relationship. And then look at the competencies with the designations and the how long they’ve been in the business and all this but it does take time to open that for you know for many people. [00:20:51] And if you’re listening to this wondering the kind of the point that I’m trying to make is ask Danielle questions. Right. Any advice or any advice you go to ask them specific questions ask them about their values. Ask them about their life. Ask them about their you know if they’ve got pictures on the wall. Ask them about their family their grandkids their kids. They should be able to talk to you about that without being a really hard issue for them to talk to about or they shouldn’t be trying to avoid it because you need a relationship with someone who’s gonna be giving you advice it’s going to impact the rest of your life. [00:21:25] You need to be in a true authentic relationship and I know Danielle does that. Danielle I know that you do that very well with your clients but don’t be afraid to ask some personal questions too because any adviser will tell you this is what I’m designated and this is where I went to school. This is how I got my education but that doesn’t tell you who they are as a person. Those are great things to know and that’s definitely part of the process. But don’t be afraid to get personal and find out where their values lie and what their true goals in life are. Because if they want to know your goals you should also know your heart. You should also know there’s. I mean it’s just basic. [00:21:58] Yeah. So yeah it’s like you know many people go to meet with a doctor attorney and they’re a little bit intimidated because these, these people know so much. You know it’s OK everybody is just human. And if you’re going to be sharing your intimate details with them. You know just you want to feel like you’re you’re in the right place. And I think people and advisers should be willing to take the time to have these conversations and you know that’s why I don’t want anybody to take any anything that I say on this these podcasts personally because I think you know each situation is so unique and your adviser needs to get to know you really well before you know you play any of these pieces out. Whether they’re just financial or you’re looking at creative elements to, to bring into the picture. So listen to the podcast glean some wisdom glean some insight and then find an advisor that’s really going to resonate with you and being able to serve you for where you’re at. [00:23:05] Absolutely Danielle I think that’s great advice. I mean that’s again they have to get to know their adviser and some people like to take baby steps. Right. I mean it’s it is intimidating and I don’t want to necessarily call somebody up and make an appointment and go in and meet them right off the bat. I might. Personally I’m a huge fan of doing some research and digging a little bit so I’m a big fan of getting on Google and Google and somebody if they want to get to know you a little bit. They kind of want to take those baby steps towards understanding who you are where your heart is. I know that you’ve got a Web site a couple websites in fact that they can get more information about you about what you do. Some tools and resources work can you send them so they can start that process before they just jump in both feet and call you. [00:25:00] Great. Thanks Aric. @ DanielleHoward4U.com you’re going to find some complimentary webinars some educational pieces and they do have an eight week course on retirement there. And if you feel like you are ready for that personalized face to face meeting you can get a hold of us at area code 9 7 0 9 2 7 3 9 0 9. You can check out what we do with our journey of financial health @ WWW@wealthbydesign4U.com and I just you know yes thank you I just encourage people to take a look at some of the free Reese’s resources we have at both of the Web sites and get to get educated get a better sense of what you’re wanting and then advise her on what resonates for you and listen to our next podcast where we’ll be talking about your, your rights to that you have when you are working with an advisor. Thank you so much Aric and I look forward to our next conversation. [00:26:11] Me too thank you for your time today. Thank you all for listening to the wealth done differently retirement podcast with Danielle Howard. If you have not subscribe to the podcast yet please click the Subscribe now button blow this way when Daniel comes out with the new podcast it’ll show up directly on your listening device. This makes it much easier to share this podcast with your friends and family. Now if you do go to those websites which I encourage you to. Once you’ve seen some of the stuff that she’s doing for free and in a little bit more information about Danielle and how she runs her practice and what she does then you do need to take that next step and give that phone a ring because she’ll be happy to meet with you and chat with you and talk about what your next season looks like. Again thanks for listening today. For everyone at Wealth Done Differently Retirement. This is Aric Johnson reminding you to live your best day, every day. And we’ll see you next time.
[00:33:10] Thank you for listening to the Wealth Done Differently Retirement Podcast click the subscribe button below to be notified when new episodes become available. The information covered and posted represents the views and opinions of the guest and does not necessarily represent the views or opinions of Wealth by Design LLC. The content has been made available for informational and educational purposes only. The content is not intended to be a substitute for professional investing advice. Always seek the advice of your financial adviser or other qualified service provider with any questions you may have regarding your investment planning. Danielle Howard, Certified Financial Planner
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