by Joe Hearn | Jan 2, 2023 | Lifestyle Design, Retirement
I was listening to a podcast* recently where the guest told a story about a pottery teacher. At the beginning of the semester, he divided the class into two groups. His instructions to the first group were to make the absolute best pot they could make. They only had to hand in one pot, but it had to be perfect. His instructions to the second group were to make as many pots as possible. Their pots didn’t have to be perfect, but they needed to make a lot of them. At the end of the semester, he evaluated everyone’s work. Guess which group made the best pots? You guessed it. Group 2. The group focused on quantity over quality; experimentation over perfection.
That story struck a chord, because it perfectly illustrates something that I talk about fairly regularly here at Intentional Retirement: Iteration is the key to creating your ideal life and retirement.
Experiment. Adjust. Improve. Experiment. Adjust. Improve.
Keep that in mind as you start the New Year. A little real world experimentation is usually better than grandiose dreams on the drawing board.
Be Intentional,
Joe
P.S. Just in case you want a few more articles to drive the point home:
* The podcast mentioned above is Invest Like the Best with Patrick O’Shaughnessy
by Joe Hearn | Nov 28, 2022 | Lifestyle Design, Retirement
I enjoy poetry because it uses an economy of words to convey an important message or feeling. I recently stumbled across a YouTube channel run by a cowboy named Dewayne Noel and I watched a few of his videos. I don’t have horse, so I can’t relate to his vocation specific videos, but a good many of his videos are just simple life advice delivered in a thoughtful, straightforward manner. He started a recent video smoking his pipe and reciting the poem below, which I can only assume that he wrote because a search for it on Google returned zero results.
Am I inside looking out
Or outside looking in?
And can I help but doubt,
That I’m ever going to win,
If I cannot tell whether
I am the spectator or the sport?
This world is very fast,
But I am frightful slow.
Yet I hold onto the past
While in my heart I know
That the past gets left behind
With any fool bound to it.
But my ways are still my ways.
Cause whose else can they be?
So I will weave today
On a loom I built for me
A cloth both course and rustic
With a pattern vaguely primeval.
My Bullet Point Takeaways:
- Let the past go, especially this time of year. Forgive. Mend fences. Or plain just let it go and move on.
- You don’t have to live your life the way everyone expects you to.
- You have agency. Don’t just let life happen. Figure out what you really want out of life and use every tool available to make that happen. Yes, you’re busy, but carve out a few hours between now and year-end to sit with your thoughts, reflect on your past and plan for your future. Then start weaving.
- Your path doesn’t need to be perfect. The cowboy poet’s pattern was “course and rustic.” But it was his.
Just a few thoughts that hopefully offer a little encouragement or inspiration as you reflect on this past year and start planning for the next.
Be Intentional,
Joe
by Joe Hearn | Oct 17, 2022 | Pursuits, Travel
The year has flown by. It’s hard to believe, but the holidays are just around the corner. If you’re looking for a unique experience or just a great way to get in the Christmas spirit, consider planning a trip to a Christmas market. Here’s how to do it.
What are Christmas markets? Christmas markets originated in Europe during the Middle Ages as a way to usher in Advent and the Christmas season. The tradition has since made its way to many US cities. They are generally held in a city’s town square and feature festive decorations and a number of open-air stalls that offer food, drinks and unique seasonal gifts or souvenirs. In addition, many markets have things like music, dancing and ice skating to help you get into the Christmas spirit.
Why is now a good time? Yes, it has been a rough year in the financial markets and budgets are tighter, but there are several reasons why now might be a good time to plan a visit to a Christmas market. First, if your city (or a nearby city) is putting on a market, a visit can be an inexpensive experience. Admission is usually free, so you can enjoy the sights and sounds and browse all you want without ever reaching for your wallet. Unless, of course, you find the perfect gift or treat. And if visiting one of the European markets is an option, the dollar is the strongest it has been in decades against the euro and the pound, so your money will go a lot further than in years past. Also helping: airfares have dropped significantly from their summer peak and winter is generally the slow season in Europe so prices are lower than during the peak season. Bottom line, travel timing is never perfect, but before dismissing a trip out of hand, think about what options might work.
How do I plan the trip? I think a Christmas market trip can be one of the easiest trips to plan because they’re usually held in the town square of a major city. That means lots of flight and hotel options and you can skip the rental car and just use public transportation. Once you decide which market you want to visit (see some options below), all you need to do is book a flight and a room. And it’s even easier if you’re going to a local market or one within driving distance. Just pick a day and show up. For more info on trip planning, see my article A Practical Guide to Planning and Packing for Trips.
What are some of the main markets in the US? Below (in no particular order) are a few of the main markets in the US with links to their official websites. For more cities with markets just Google “US Christmas Markets.” And don’t forget to check for markets in your hometown. No flight or hotel required.
- Chicago, IL: November 18 – December 24
- Bethlehem, PA: November 18 – December 18
- Washington, DC: November 18 – December 23
- New York, NY: November 17 – December 24
- San Francisco, CA: November 19 – December 18
- Cambria, CA: November 25 – December 23
- Arlington, TX: November 25 – December 23
- Austin, TX: December 17 – December 23
- Denver, CO: November 18 – December 23
- St. Paul, MN: November 25 – December 18
- Atlanta, GA: November 25 – December 24
What are the main markets in Europe? Below (in no particular order) are a few of the main markets in Europe. For more cities with markets just Google “European Christmas Markets.”
Note: Many of the European Christmas Markets don’t have their own websites so here is a link to a Times of London article that contains info on the markets listed below as well as many more.
- Vienna, Austria: November 19 – December 26
- Budapest, Hungary: November 18 – January 1
- Cologne, Germany: November 21 – December 23
- Brussels, Belgium: November 25 – January 1
- Bruges, Belgium: November 25 – January 8
- Strasbourg, France: November 25 – December 26
- Gothenburg, Sweden: November 19 – December 30
- Copenhagen, Denmark: November 18 – January 1
- Basel, Switzerland: November 24 – December 23
- Edinburgh, Scotland: November 19 – January 3
- Seville, Spain: December 5 – January 5
Just imagine. With a little planning, six weeks from now you could be sipping hot cider as you stroll through the market in Denver or buying a pair of hand knit socks from a local vendor in Belgium. Where would you go if you had the chance? Who would you take? Why not give it a try? Do some research, make a plan and go. After all, life is short, so…
Be Intentional,
Joe
by Joe Hearn | Oct 2, 2022 | Investing
If you’re at all familiar with investing, you’ve probably heard of the rule of 72. Basically, if you divide 72 by the rate of return you get on your investments, the result will tell you roughly how long it will take to double your money. For example, if you’re getting a 6% rate of return, your investments will double in approximately 12 years (72 / 6 = 12). If you get a 10% rate of return, your investments will double in about 7 years.
Just like investment returns can grow your money, inflation can shrink the purchasing power of your money. So in a high inflationary environment like we’re in now, it’s good to pay attention to how quickly inflation can erode the value of your money. To see the effect, you can use a modified Rule of 72. Think of it as the Reverse Rule of 72. Instead of dividing 72 by your rate of return, divide it by the rate of inflation. If inflation is 2%, like it was until recently, the purchasing power of your money will be cut in half after 36 years. But if inflation is 8%, like it is now, then the purchasing power of your money will be cut in half in 9 years. That means in 9 years, you’ll need twice as much income to buy the same goods and services that your current income is buying today. When you look at it that way, you understand how important it is to get inflation under control and why the Fed is willing to raise rates and risk a recession to do so.
That tug of war between the Fed and inflation has been roiling markets all year. When markets are volatile, it’s natural to look for ways to reduce risk. Nothing wrong with that. Managing your risk and allocation is important. Just don’t forget about the risk of inflation. It’s less obvious in the short term, but it can often do more damage in the long-term. Moving your portfolio to cash can feel safe, but safe can be risky if you trade long-term purchasing power for short-term stability. By investing in a well-balanced portfolio that is designed to keep pace with inflation, you can help improve the odds that your money not only lasts for your lifetime, but also provides you with the income necessary for security and independence during retirement. But it also means you’ll likely need to ride out volatile markets every now and then.
Be Intentional,
Joe
by Joe Hearn | Aug 26, 2022 | Lifestyle Design, Retirement
How long do you have until retirement? Twenty years? Five years? Already there? With your answer in mind, read this quote by Shane Parrish:
“The longer the time frame for results, the less you need intensity and the more you need consistency.”
In other words, if you have a long time to go until retirement, then consistent, daily progress is important. It’s about little wins that get you closer to your goal. It’s about harnessing the power of compounding for an exponentially richer life. And not just financial compounding, but lifestyle compounding in areas like relationships, health, hobbies, travel and purpose.
But if you have a short time to go until retirement, then intensity is the name of the game. Especially if you’re behind where you need to be. You can’t afford to play the long game. You need to take bold, sometimes drastic action. One of our 8 Habits of Successful Retirees is to “Live with a sense of urgency.” This is true for all of us in that we want to make the most of our time. But it’s especially true for those who have a short runway and need to make a lot of progress.
So how about you? Is it time for consistency or intensity? Either way, each day subtracts from fewer and fewer, so don’t wait.
Be Intentional,
Joe
