Happy new year. If you’re new to our community, we try to educate people on alternative investing strategies for the wealthy. More specifically people that are above a million dollars net worth things are very different the way we do things, but very simple and implementable by the average person.
As I personally found myself, investing in rental properties and then getting to an accredited investor status and beyond, a lot of things that the wealthy do are very common. And we break these things down into three big things, investing in good alternative investments that are backed by real hard assets, such as real estate deals with value add.
Secondly is the tax strategies, in which you get the passive losses. Larger syndication deals. And then the infinite banking strategies, which we’re gonna roll out a new and improved infinite banking product. It’s tinkering with some ideas if some of you guys have had some issues with you needing to set up a plan for 5, 6, 7 years and six of that plan.
We’re gonna be doing a more quick start version of it. So a lot of you guys who have a large lump sum of money, which we’ve found. It’s a majority of investors, right? Cuz they get it from their lazy equity in their heloc, or they have a glut in their qualified retirement plan. Self-directed IRAs qual.
Roth IRAs, et cetera. They have this big lump sum of cash they wanna front load into the internet banking. We’re gonna be starting to roll that out this year. Also, if you wanna learn more about that, go to simple pass the cash flow.com/bank of course, and then sign up for the e-course, which takes most people two to three hours to go through that The other thing I wanna talk about is the, if you guys have heard, like the monthly updates have gone away, we’re not going to be doing those anymore. Instead I’m gonna be breaking down in much shorter weekly episodes of, news that I’m of stumbling upon in some commentary there. As we I’m always looking to change things just like how we always change up the format of the events.
And then the fam how the family office group. Gets together and collaborates. I’m big on being progressive and taking impact taking the the advice from you guys out there, getting feedback. If you guys have any feedback on the show, more than willing to listen. Go to simplepassivecashflow.com/.Question put it in there. If you have any questions or any feedback there, or just email team simple passive cash flow.com and on today’s show, a lot of this is surrounding like, where do you go after retirement? And I, when I’m starting to realize is you need to find that thing that you wanna do for the rest of your life if you have to do it right.
I’ll say it again. Think of what. Would do if you had to do it for the rest of your life. I think traditionally there’s this mindset of, you working to, you’re 65, which is really 75 today cuz nobody can afford it. And then you shut off the engines and you just live off their remains. People are living longer and I think it, what’s more important is to kinda, as Chris Miles says, live your divine genius.
Or as I say, live your EK guy or find more enjoyment in today than to play. This self gratification or delay gratification game. Which I think a lot of us that listen, at least I can speak for myself. I’ve always been, growing up on this idea of , the marshmallow rule where or the marshmallow theory where you know, you, if you don’t take your money yet, have it grow, it’ll be much more later.
But until then you’re starving and you’re living in hustle mentality, hustle zone, and you’re living at a scarcity, not abundance. So it’s a way to eat your cake and have your cake and eat it too. And, being able to have, that passive lifestyle today.
While spending it, enjoying it, but also know you’d be good for the future. A lot of that has to do with, investing in the right deals getting off the Wall Street path taxes legal in front of banking. But I, what I’ve realized, cuz a lot of people in our mastermind group are coming to events, multimillion dollar net worth, if you have only $2 million of net worth and you put it on to the pep fund.
quarter million dollars right there, 25, 20 grand. A passive income every single month, and it just keeps growing and growing. It’s more than inflation at that point. What’s the problem? It’s this mindset of not thinking that you don’t have enough, but to, it’s different when you combo that with, yeah, we did the spreadsheet.
We know what’s gonna happen with your net worth and your passive income. But a lot of this is surrounding like what’s going on with your headspace and getting to this space of abundance, and that’s, we’re talking about today’s podcast. If you guys have any other topics that you guys let me cover, let me know team@simplepassivecashflow.com But enjoy the show. Bye.
Hey, simple passive cashflow listeners to date, we are going to be talking to a retirement expert and talk a lot about the things after over the hump. In case you haven’t noticed, I am people always ask, like, how old are you or I’m Ali, by the time you’re listening to this, I’m 37,
but whenever we do breakout room. So then I split people out or breakout rooms in our family office group, or the virtual events that we do on occasion. I will usually do a session where we split people off of the age, even though I personally feel like whatever age it is, it don’t matter. It’s talking to some of the other day and it said they’re few years from retirement, but they’re broke.
I’m like, dude, you can’t retire yet. Your bro. So I always go into the groups that are in the fifties, sixties groups. They always get a little annoyed when they jump in on their conversations, but I’m always the way I see it. I’m at that age financially where I’m over the hump and gain in a way, but I’m always just peering at what’s next.
What I like about is people don’t give me advice. There are my grandpa or dad or something like that. And that’s where I can really actually just be a fly on the wall, listen to those types of conversations. And this is, I think what today’s podcast is going to be. We have a guest story minster who also is a TEDx speaker.
You can check her content out@revolutionizeretirement.com, but she coaches and advises folks who have in that second half of life. So welcome, Darren. Thanks for coming. Thanks for inviting me. I’m delighted to be here. Yeah. So let’s talk about the, your average client, they come in, what is, some of the motivations are just prime us, the folks coming in.
I would say there there are a number of things. Ages and types of people that come in, some are coming in when they’re younger in their forties, but these, and really want to think about what’s next, with the notion that it’s money, but it’s more than money in terms of how you want to live the next, half of your life and others come in.
In their sixties, seventies, eighties, and beyond sometimes having retired or retired from full-time work and wanting to figure out, like something is missing and they’re not quite sure what it is. And some just want a little, a little, a reality check to make sure they’re, they’re getting the most out of life that they can get.
So I would say I see that kind of a whole gambit of. And I say, this is typically after, I dunno how long you would say like about a year or a few years of some kind of, they get out of a job. You get out of that kind of hustle and bustle. You have financial abundance, and it’s a bit of a transition you’re drinking pina coladas going on trips when you can go on trips and enjoying the good life.
But there is that emptiness that you said, right? Yeah I often, or not often, a lot of times I’ll see people that, they really have so enjoyed the honeymoon stage where some people actually don’t want to work full time, but they really do want to keep working in some way and use their skills in some way.
And maybe don’t need to financially and might volunteer. Or am I still like to earn a little extra money and other people just, as you said, it’s. No after the honeymoon, there really can be that feeling of, what else is there something’s missing. And, and I think COVID has made it a little bit difficult too, in terms of travel.
Although I think, it will be picking up again, hopefully, but that’s been a hope and dream for many people. And it’s had to, for some be put on the back burner because of just the safety issue. Yeah. And, I have still do those reinsure onboarding calls for people who join the online group@simplepassivecashflow.com slash club and something that comes up.
Every other call people are like I want to get the financial independence, but I still want to work. And I always call them out on it. And I’m like, yeah, that’s what you say when your net worth is under $5 million and you don’t have enough money to retire.
But, maybe you can speak a little bit to that, right? Like some people, they still want to feel like they contribute to society in their way. Posse eeky guys a concept. Sure, absolutely. There’s no one retiree. And I think there’s a number of different kinds of motivations that people have. Some people actually love what they’re doing and want to keep doing it, but maybe not working as hard as they’ve been working.
They may want to, if they’re in an industry that they can consultant or work part time or think about, their skills and being able to give back in some ways, for many people, it’s the satisfaction, it’s the connection, the engagement, the purpose, and meaning, the sense of community.
And after a certain point, after a certain amount of money, it may not at all be about the money, but that there’s something about that sense of accomplishment and meaningful relationships that sometimes, motivate people to want to keep working. So it’s not such an unusual kind of thing.
I think what I find is that people, when they get to be 40 and older, that our notions of successes sometimes changed a little or it’s beginning to shift. And I’m not sure we’re ever free from the accolades of people outside, but I think sometimes it begins to shift and it’s more from inside. So if you feel like you’ve really got some good skills and there’s still some fire in your belly to maybe ways you do want to give back, and it’s not such a crazy idea at all, to think about doing Encore work or working in a different way, or even volunteering.
And being more involved in both volunteering, but also philanthropy. Can you talk a little bit about like the differences of, not necessarily earlier 40 years old or posts, but what are some of like the differences of in mindset that is it before 40 or just generalizing of course, folks out there.
It’s is, are you concerned about how much dollars do you have in the bank or how people perceive you in terms of job title? Is that kind of what you’re talking about? I think if we think about it, there are these different phases of life. And people think about them in different ways, but there’s that phase when we really are programmed to be productive, where we do need to earn money to either support ourselves supportive family.
There’s a lot of motivation on why we want to succeed. And often during those years, thirties, forties, fifties, we, it, even if you run your own business and own company, we still tend to be subject to how people think about us. And how we come across to the world. And I do think it does begin to shift as we get older.
As I said, I don’t think it’s ever totally gone. But I think that as we get older, there really is more of a sense of, I know I did a good job and, I feel that even if, maybe I’m not. The kind of accolades that I would wish that I could get. And I do think that begins to shift. I want to do, you mentioned the word transition and I wanted to, if it’s okay with you pick up on that, because I think transition is such an important word and idea for your listeners to think of.
If you think about it, life is just a series of transitions, from going to school, maybe getting married, maybe having a family, getting divorced maybe not being married, but in a relationship retiring. Future plans, if you think about it, all transitions have an end and unknowing and a new beginning and retirement is a transition.
It’s not a destination anymore in the way it used to be. For some, it may still feel that way. But the traditional retirement age of 62 or 65, just doesn’t cut it as much anymore because we’re living so much longer. And many people, get to be 60 to 65 and they say, Ooh, if I’m going to live another 20, 30, 40 years.
Yeah, I want to think about how do I want to live that and be as vital and full and connected and have purpose and meaning and connection as possible. And I think that’s what begins to motivate people at whatever age. And I like the idea that it’s not age per se, but it’s where you are developmentally.
What’s important to you and what’s your goals and dreams and values. Yeah. I Definitely like where we’ve come. I definitely a lot of the gin, I don’t even know what you call these people anymore. C’s are younger than shit. Sees they’re into like Instagram. How many are they comment on care by Instagram at this point?
That’s for older people now, millennials, but they care about like likes or the validation from others. And then I see it from a lot of the younger people just out of college. Now they’re very into what colleges they got into, where they. With the prestige of their company. And then I guess what we’re alluding to is it wears off after some point.
What do you think is the reason why you start to get over that type of stuff or. I think there are a lot of reasons, but I think that there often ends up being a bit of a shift from just doing, to wanting to reflect more and focus a little more on our inner life, our inner soul.
And I do see this happening more and more, and there’s actually a current book that’s come out called from role to shifting from role to soul. And I don’t think it’s like, it doesn’t mean not working in order to get in touch with what’s going on inside because I think it can happen simultaneous.
Like I still work, but I’m aware that I’m time reflecting thinking about what’s important to me. And, I would imagine that a lot of your listeners, at whatever age they are and you can be pretty young starting to be that reflecting on what am I proud of? How do I want to be remembered?
What impact do I have in the world? And I think we all want to be remembered in big and small ways. And I think it’s an opportunity to think about how do I want to live these maybe bonus years of 20, 30, 40, more years past that traditional retirement age, that doesn’t have to be all downhill. But I think when we’re younger to your point, we need to earn a certain amount of money.
But then after a certain amount, it becomes almost a moot point that, added money doesn’t necessarily bring happiness, but how you’re living your life, how you’re connecting with people, how you’re honoring your values. That often is part of what then ends up becoming important internally to you.
And that can happen at any age. But I think as we get older, And there’s less time ahead, just a year wise then, we know when we’re in our twenties or thirties or forties, I think the shift begins to happen where there is this sense of is this all there is who am I? Who do I want to be?
There’s still a life ahead, to really think about, what impact you might want to have. We might still want to accomplish or say, or do. Want to ask you how do you break this down with people when you consult with them in a little bit, but I just wanted to reiterate something you just said there, we’re all looking for kind of impact in some way or form.
And that typically impact means helping other peoples and in your own special way. My pragmatic approaches. You need money to do that. You can’t just money amplifies messages and signals and your impact. You got to make some money first. You gotta put your own oxygen mask on first. Therefore you have to invest and do these things to get yourself to financial independence first.
But that out of the way, like once they people come to that point financially and are able to not have to worry about putting food on the table. Where do you take them from there? What’s the typical path with a client? I actually liked the framework of helping people think about life as a puzzle.
It’s actually part of a title of a book I coauthored called it’s called the couples retirement puzzle. And the reason why I like puzzle is. Our life has a lot of different shapes and segments to it a puzzle. It’s not going to fit together perfectly like a jigsaw puzzle, but different things impact others.
And you’re absolutely right. Finances is a big piece of it. But it’s one piece of it, but it affects so many other things. It can affect our health and wellness. It can affect where we live. It can infect affect our leisure time. It can affect our expectations of other people, our sense of community.
So you’re absolutely right. Finances are really big piece. I think finances and health and wellness are the two biggest pieces. That impact choices that we have in terms of our lifestyle, but there are other things that are important too, which is, what’s important to me. What impact do I want to have?
Do I, and do I want to have an impact? There are some people who, don’t necessarily, I’m not saying, there’s a right way for everybody, but in my experience, many people do you know that there really is this sense. We want to be remembered. In bigger, small ways, it may even be just how we interact with our children or grandchildren if we have the, or nieces or nephews, but a sense that we’ll be remembering.
In some way. And sometimes it’s through work, sometimes it’s through charity giving sometimes volunteer work but I do think that it matters to those people. And I think it can begin at any age, but I think as we get older when we’re, there’s a different, a shift in urgency, I think, when you just realize maybe they’re less years ahead, That we begin to think more about that and pick them up now, what am I proud of?
I went to help people think of what are three to five things that you’re most proud of, that you’ve called up and said, whatever age you are, what makes you proud of it? What were you doing that may help you have an idea of things you want to do going forward? What are your expectations of yourself? What are your expectations of other people?
Whether you’re in a relationship or not, who generally have friends, maybe siblings, family members, somebody that’s important in your life that we want to connect with and talk with. And it could be really nice and sometimes. Yeah. Sometimes not so deep conversations with people because that sense of connection, I think really is important for people too much.
Isolation is not good. We’ve seen that with the pandemic. That really connection is important. Something that else came to bind that all kinds of different time to time when I do my journaling what’s of blue board is, what, if you were going to die in three months or 18 months, Something just long enough where you had some time to plan and execute something of value.
What would you do? Because I think too often we go through life is there’s infinite time. But when you get focused to narrow in, on a narrow timeframe, you get very focused and the noise goes away, all the extra things that don’t matter. Go away. This is another idea for folks up there too, to do that, that’s a terrific, I just really want to support that.
That is such a good question to ask oneself. If you were told by a doctor that you had five years to live, how would you want to live it? What would you want to do? What would you want to say? And then another question that I like is what if you went to the doctor. And you learn, you only had 24 or 48 hours to live.
What would you regret? Not having said or done, because I think that also can mean that you don’t want to wait until then. So that come back to whatever age you are now and think about what’s important to you. What do you want to make sure that you’ve said or done or experienced? So you don’t reach the end with a lot of regrets.
Yeah, that’s a lot better than Brad Pitt showing up as Tyler Dorgan and putting a gun to your head till I got to do something with your life. It can be related to that. Hey, whatever works for you guys out here, you gotta, pay for what you guys get, gang plate phase. But I think this is where you got to get around other people on the same trajectory, because most people don’t really think a lot like this.
Most people are still trying to get to. Level one, retirement, which is sending the bare necessities enough money. But I think this is why we preach a lot of times to build your network with the right people. Because these are the richer conversation, it doesn’t matter how much you’re going to invest in nature.
It doesn’t matter how much you’re going to make an infinite bank. It doesn’t matter how much you’re going to do the right taxes or legal at best practices. But these are the, like the richer conversations that come from the right people, which you’ve cultivated over the years. Or you can find a consultant, right?
That’s I think that’s the way to do things, pay to play for a lot of those types of stuff. To recognize that money is a really big part of it, big part of the puzzle, but it really isn’t everything so that, it is important to think about what other things are important to you.
And you’re absolutely right though that, if you’ve got the financial wherewithal, you’re ahead of the game. A lot of people don’t have that. And so that really is important, but as I’ve seen a lot in my work. No money in and of itself. Doesn’t bring happiness. If you don’t have a network of social support or, people that.
No, that are important to you. I think that, too much, as I said, isolation, can lead to there’s can be some dark sides and some, rabbit holes, you get into retirement too, but there’s no question that, reaching a point, whatever age that you’re financially set, then that’s great.
And and that’s important to think about now. Just as you were saying at the beginning, how do I really want to live the rest of my life? What’s important to me. What if I always wanted to do and never had time for, we talked a little bit about this is the carrot and of the carrot and the stick, which is what do you want to accomplish?
Like you just mentioned, but we also wanted to highlight the regrets. So what were some of the regrets, show me your clients that you’ve gleaned over the years is the most common ones that probably might resonate with the, the average Joe driving around in their car to their, 500th time this year, whatever, and 5,000 more in the future.
No, I’ve heard of lot. Cause I’ve been working 50 plus years now and some of the regrets that I hear is I worked so much. I miss so much of the time of watching my kids. Grow up. And so oftentimes I’ll see people who are older now really devoting a lot more time and energy to both their adult children, but also grandchildren, because that’s often been a regret more for men.
But I think, I hear it more and more from women now, too. Now that women are more in the workforce of just regretting working so much and losing some focus on other things that are important in life. There’s another expression that people say that generally when people on their death bed, they don’t generally say, I wish I had worked more.
No, that sometimes the regrets really are experiences not had or things not say. I think that the not said is a big part of what I hear, where, I can remember being at a number of different conferences and somebody will come up to me and say, that idea, 24 and 48 hours to live.
And what have I not said was more important than what I’ve had I not done. And, a few people said, I realized I don’t have a good relationship with my son and I really want to work on that now. I we’re both alive and well. For summit, it can also be some experience. And I think COVID has made that a little more difficult.
I’m hearing from more and more people who are older saying, really feeling angry that COVID maybe is robbing them of, the last few years healthy time in their life where they’ve still could travel and hoping that they’ll still be able to, and, there are life circumstances like that kind of national collective.
Life quakes Bruce filer is that term, like life quakes. And I really like it that I think the COVID has been a lightweight for many people and it’s disrupting. A lot of opportunities and, for people, some people who are older there may not be the opportunities to still do things.
So you really want to take stock of, what is important to you? What are things you want to learn or do or say, but I think many people it’s the, what they’ve said and wanting to repair relations. Often wanting to, be more in touch with the gratitude for good things, rather than constantly complaining about, what didn’t happen and forgiving oneself, forgiving other people, all of these things I think are important.
And I hear all of these things from people, not wanting to miss the opportunity of letting people know how much they love them or how much they meant to them. So I think, whatever age somebody is. Learning from that. Cause those were the kinds of regrets that I hear a lot from people missed opportunities and sometimes it’s too late if people have already died.
So when, and I liked the notion, that. People die, but relationships live on inside, but the more that you can work things out with people when they’re alive. It’s great, but it’s not too late. Even after people have died. You mentioned doing some journaling. I think journaling is great.
And sometimes even writing the letter to somebody who was important to you, it could be parent teacher. Who isn’t here anymore to really thank them and talk about how they impacted, what, in what ways did they instill, maybe certain values or certain way of working taking that time and thinking about it and sharing it with people, if they’re still around or writing letters, if they’re not any differences between the older than 60 crowd and younger than 50 crowd.
Take a lot of similarities maybe or interesting question. There are some similarities, but I think it hits with more urgency when somebody. But if know, part of it has to do with what the different life experiences have been that we’ve had, there can be younger people that have, just by life circumstances had a lot of trauma in their life or w lost a lot of loved people and, and have been facing.
Issues about life and death at earlier ages. And I think oftentimes when that’s the case, they may feel the urgency in the same way that somebody older has it. But I do think there’s just something, I remember when I was 17, 18, 19, I there’s a tendency to feel invulnerable. We have forever, but when you get to be 60, 70, 80, you don’t have.
And, feel a gratefulness that you’re so alive. And now even with chronic illnesses, terminal illnesses, a positive mindset can really help you. So it’s not just age, but I think there is an urgency that’s a little bit more intense. The older somebody gets of just knowing that, realistically they’ll probably be less years ahead, although something can happen at any point.
But I think, when kids, I think what I see as a shift is that notion of kind of empty nest. If you happen to have children and a lot of your energy has been raising them, then many times when the kids are launched are beginning to be launched, that sometimes can be an age when people begin to start thinking, okay, what about me now?
No. What did I have to put on the back burner that I never had time for? What do I still want to do? Or is it, will there still be time? And, I think that’s soul searching, often if it hasn’t started already may start, then we will have to ask my wife that she always says, I always think about myself for.
But any people do, it’s some people, are good about thinking about themselves. And then the question is, are they able to think about other people too? And many people feel, particularly I think in the last couple of decades, so much energy is on, child-focused.
And, some people feel like they, they lose themselves. But not everybody has children and how we age what’s important to us, what kind of community we develop, it’s, there’s no right way. Any parting thoughts before we wrap up here? When I how can people get ahold of you the best.
My website is revolutionized retirement.com and. People can reach me through that. Where my emails dorian@dorianminster.com. And I, I do have this fourth on the fourth, Tuesday of each month, except December it at noon Eastern time, I have a free webinar, open to professionals in the public, and people can learn about it there.
And you have to sign up each time, week before. And even if you can’t be there live, you get a recording link after the call. But I w I would hope that your listeners will just think about it. You’ve got this really one really precious, important life, and to really think about how do you want to live in.
What do you want to do? And if you’re in a position, as it sounds like so many of your clients are that you’re financially in great shape, it’s wonderful. So now you can really focus on some of these other parts of yourself and think about, how do you want to develop, maybe other parts or how do you want to be remembered and what did you not have time for that you still would like to learn?
All right. Yeah. Thanks for joining us, Darren and folks, if you guys haven’t gotten on the bandwagon and got it out of the retail marketable security stuff out there, that supposedly is only gonna work to have you work for 40, 50, more years, go to simple passive cashflow.com/start, check out all the free educational material we have on there.
If not you can go work at Walmart. It’s a Walmart. We were like, everybody else does and finds a job that they trick themselves into liking because they have to work. Money’s not everything, but it sure makes life a lot easier. Thanks for joining us. See you guys next time. Right?