An intentional life should focus primarily on the present

An intentional life should focus primarily on the present

Quick thought for today.  If you want to live an intentional life, you should focus primarily on the present.  Let me explain.  We all spend part of our days—either mentally or physically—in the past, present or future.  You’re sitting there right now in the present, but maybe you’re thinking about something you did this past weekend or dreaming about something you hope to be doing 5 years from now.  Past, present and future.  We all spend our time inhabiting each of those spaces. 

Unfortunately, most of us mess up the proportions. We spend too much time and energy on the past and the future and not enough on the present.  We look back and worry about the things we did or didn’t do.  We look forward and dream about the things we hope to eventually do.  That only leaves a small amount of our time where we’re honest to goodness living in and making the most out of the present.

I’m not saying that you should ignore the past and the future, but the present should be your priority.  Anything else means you’re focusing on things you can’t change (the past) or things that might not happen (the future).  Here are a few suggestions on how to get the balance right.

How to use your past:  Don’t obsess over it.  Don’t waste your time thinking about regrets or wishing you had done or said things differently.  Don’t cling to bitterness.  Don’t hold grudges. Instead, think fondly of the good times and be grateful for the wisdom earned and lessons learned from the challenging times.  Use it as a foundation to build on.  Remember the people, places and things that made you who you are. 

How to prepare for your future:  Don’t push everything to the future.  Don’t treat it as some magical time where you’ll finally start living.  Delayed gratification is great if it’s allowing you to work toward something, but it becomes a problem if it becomes an excuse for life avoidance.  Use the runway between the present and the future for planning and preparation.  Use it to set the proper direction for your life and to get any necessary prerequisites out of the way.  Use it to set goals, dream, plan, save and even to experiment.  All of those things will help you hit the ground running and make the most out of your future years. 

How to live in the present:  Don’t get bogged down in the routine of life.  Don’t focus all your time on the maintenance of living.  Don’t live a life that is frantic and unintentional.  Be present in your days, with your friends and during experiences like vacations rather than worrying about how to make it look a certain way on social media.  Decide what you really want out of life and start doing that.  Today.  Even if you have to start small, start.  Have intentional action in your relationships, activities, health, hobbies, pursuits and every other area of your life.  Be proactive.  Learn.  Do.  Go.  Experiment.  Take risks.  In other words, live.   

A good balance of past/present/future is something like 10/60/30.  If yours looks more like 30/20/50, you’re not really living life.  You’re worrying about the life you’ve already lived and dreaming about a life you hope to someday live. 

At Intentional Retirement, we believe that retirement is an intentional way of living that prioritizes freedom, fulfillment, purpose and relationships.  It starts today and is an incremental process of aligning your lifestyle and actions with your highest priorities.  To do that, you need to focus on the present.  Stop fretting over what is past or dreaming about what is to come.  Today is a new day.  Start doing.

Be Intentional,

Joe

The importance of more at bats

The importance of more at bats

Happy New Year!  Just a quick thought today on doing (i.e. taking more at bats).  One of the biggest retirement mistakes I see people make has nothing to do with money.  It’s that they constantly defer their dreams.  They just don’t do stuff.  Everything is “someday” this and “someday” that.  And I totally get it.  It’s hard to decide what you really want out of life.  It feels risky to put yourself out there to try stuff.  But you absolutely have to do it.

The best advice I can give you for 2020 and beyond is to start taking some at bats.  Right now.  Even if you’re not retired.  Especially if you’re not retired.  The worst that can happen is that things don’t work out, you get rolled a little bit, so you dust yourself off and try something different.  Ironically, that’s also one of the best things that can happen.  Because that failure is feedback.  It turns out we’re pretty terrible at knowing what’s going to make us happy.  The more stuff you try, even if you don’t end up liking it, the better idea you’ll have of what’s important to you, who’s important to you, what you like, what you dislike, what makes you happy and what you’re passionate about. 

All of those things help you understand yourself and they make you more self-aware so you can design a life that takes you where you want to go.  Finding out that you actually hate to travel or you stink at gardening or golf is awesome.  That means you won’t waste any time or money on those things during the prime of your retirement.  Instead you can triple down on the things that you do care about. 

So start taking some at bats today.  Get out there and try stuff.  Take a trip.  Pick up a new hobby.  Learn something new.  Meet new people.  Challenge yourself.  Get outside your comfort zone.  Sure, you might strike out a few times.  But you’ll get better.  You’ll figure out what you really want out of life and you’ll be doing something about it.  And that’s what living an intentional retirement and an intentional life is all about. 

Be Intentional,

Joe

Finish the year strong

Finish the year strong

We just wrapped up Labor Day Weekend here in the U.S.  That is the unofficial end of summer and it means we only have four months to go before we finish up this year and start a new decade.  That’s plenty of time to get a few things done and finish the year strong. 

Think about any financial, investing, lifestyle, relationship, health or retirement goals you had for 2019.  How have you done so far?  How can you make the most out of the next four months?  Focus in on one or two areas where you’d like to make progress before year-end and get to work.  Maybe that’s making a written retirement plan, increasing your savings rate or making a plan to finally get debt free.  Maybe that’s repairing a relationship, starting a new workout program or learning a new skill.  Maybe you’ve reached your health deductible for the year and it’s a good time to schedule that procedure.  Or maybe it’s time to plan that trip (always a good idea).  Think about how good it would feel to finish the year with a few major items checked off your To-Do list.  Think about how much progress you could make in 2020 if you ended 2019 with solid momentum. 

Part of my job here is to help people avoid complacency.  To push you to have a tough conversation with yourself about what you really want out of life and to encourage you to take those plans really seriously.  Consider yourself pushed.  Touch base if there’s anything I can do to help.  And props for everything you’re doing so far.  The fact that you’re following along at this site tells me that you’re no slouch.  Saving for retirement and being intentional with life are not easy tasks.  Most people don’t do it.  You’re in that small minority of people who are laying the foundation for their future through discipline, hard work and good stewardship.  Well done!  Keep up the good work.  Finish the year strong.

Be Intentional,

Joe

Internal vs External Scorecard

Internal vs External Scorecard

Warren Buffett once said:

“The big question about how people behave is whether they’ve got an inner scorecard or an outer scorecard.  It helps if you can be satisfied with an inner scorecard.”

The scorecard he’s talking about is how you measure success in any given endeavor.  Are you playing your game or someone else’s?  Do you compare yourself to others and try to win based on what they or the rest of the world think of you?  Or do you focus on the things that matter to you and judge your success based on the goals and metrics that you’ve set for yourself (i.e. your internal scorecard)? 

You can “succeed” with either scorecard.  It’s just a question of whether or not that success is likely to bring you happiness and fulfillment.  Most people use a combination of both scorecards, but during the first two-thirds of life the external scorecard often wins.  As a student, you had a literal scorecard and it measured how well you did compared to the other students and whether you reached the milestones of success set by the school.  You likely focused on that scorecard to please your parents or gain acceptance into college or a career. 

During your working years there’s pressure to focus on the external scorecard as well.  Are you the top salesman?  How much money do you make?  What is your job title?  How much is in your 401k?  What professional designations do you have?  What industry awards have you won? 

And since we use the external scorecard at work, we often use it in our personal life as well.  How big is your house?  What kind of car do you drive?  What brand of clothes do you wear?  Where do you vacation?  Are your kids in private school? 

There’s nothing inherently wrong with any of those things, but if the only reason you want them is to please others or win some foolish game of status or achievement, then you’re winning at the wrong game.  It’s possible to look totally successful on the outside and be a mess on the inside.

The internal scorecard and retirement

When you retire, you buy yourself the freedom to design your own game and set your own rules.  You get to decide what constitutes a success.  This is a much more rewarding game to play and it is more likely to result in happiness and fulfillment, because the metrics you’re focusing on are the things that are important to you.  It takes work, however, because you need to create the game and set the rules.  That means deciding what you really want out of life and then holding yourself accountable to achieve it using your internal scorecard.  Your scorecard will look different than mine, so I can’t tell you what to do, but I can give you some general ideas on how to do it.  Below are a few resources that can help.

Ebook:

A Brief Guide to Retirement Bliss

Articles:

Video:

For lasting happiness, get off the hedonic treadmill.

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Three ingredients of a meaningful life

Three ingredients of a meaningful life

Because retirement is a time filled with fun, travel and leisure it is easy to make the pursuit of pleasure your orienting principle.  That would be a terrible mistake.  There’s nothing wrong with pleasure, but it must exist in the context of something deeper.  Let me explain.

Meaning vs. Pleasure

I’ve written before about Viktor Frankl.  He was a psychiatrist and holocaust survivor who wrote the book Man’s Search for Meaning about his time as a concentration camp prisoner.  Frankl founded a school of psychology called Logotherapy (literally “meaning” therapy).  He believed that striving to find meaning is the primary motivational force in humans.  This was in contrast to Freud, who believed that the pursuit of pleasure was the driving motivation.  

I’m in Frankl’s camp.  In my experience with retirees, those who focus on meaning often have a deep sense of satisfaction, purpose and happiness.  Pleasure is a welcome byproduct of their pursuit of purpose. Alternatively, those who can’t find this deeper sense of meaning often self-medicate with pleasure.  Pleasure with no greater purpose eventually feels hollow for most people.  So how can you orient your retirement around meaning?

How to find meaning

According to Frankl, there are three different ways to find meaning in life.  I’ll list those below and then relate them to retirement.

Through projects or work.  All of us are designed to do something meaningful and productive.  Retirement doesn’t somehow remove that need, it just means that you no longer have to base your choice on how much something pays.  Maybe that means working part-time in a field that’s always interested you or volunteering for an organization you’re passionate about.  Or maybe it’s running for your local school board or working on a big community project.  Whatever it is, find something that will engage you and leverage your time, treasure and talents.  What people really need, according to Frankl, is “the striving and struggling for a worthwhile goal, a freely chosen task.”

Through experiences and relationships.  Retirement (and life) is at its best when we have loving, healthy relationships with friends and family and we are engaged in meaningful pursuits.  

Through challenges or suffering.  This one might seem a bit counterintuitive at first, but if you think about the times in your life that made you who you are, that taught you the most, that filled you with pride and a sense of accomplishment, my guess would be that a lot of those times grew out of a significant challenge, heartbreak or tragedy.  Frankl believed that we should welcome challenges and suffering, not because they’re fun, but because they can often bring meaning and growth.  He knew that we can’t always control our circumstances, but we can always control our response to our circumstances.  That from a guy who was in a concentration camp and found a way to redeem his suffering and use it as the soil from which he grew his philosophy, vocation and life’s meaning.

“Between stimulus and response there is a space. In that space is our power to choose our response. In our response lies our growth and our freedom.” – Viktor Frankl

So as you move toward retirement, absolutely plan on doing fun and interesting things. Splurge on yourself. Be a little selfish.  Just don’t treat the pursuit of pleasure as your ultimate goal.  If you do, you’ll likely be disappointed.  Instead, seek meaning and you’ll likely find pleasure and happiness as well.

Be Intentional,

Joe

Use the 4 disciplines of execution to get your retirement dreams off the drawing board

Use the 4 disciplines of execution to get your retirement dreams off the drawing board

When it comes to retirement, you absolutely want to dream big.   Just don’t forget how important it is to eventually get those dreams off the drawing board.  Here’s a simple framework that can help.  It’s called the 4 Disciplines of Execution (4DX for short) and was developed by several people at FranklinCovey and discussed in their book by the same name.

Discipline #1: Focus on the wildly important

The authors of 4DX write: “The more you try to do, the less you actually accomplish.”  It you try to do too much, very little gets done and the things that you do, don’t get done well.  Concentrate your efforts on a few wildly important goals so you can do them well. 

It’s up to you to choose what “wildly important” things to focus on when it comes to retirement.  Here’s my suggestion, informed by almost 25 years of helping people plan for retirement: Focus on money and meaning.  The money will help you sleep at night (and fund the type of retirement you want).  The meaning will give you a reason to get out of bed in the morning. 

Discipline #2: Act on lead measures

Once you identify your wildly important goals, you need to measure your progress toward achieving them.  The authors of 4DX suggest there are two types of metrics you can use to measure your progress: lead measures and lag measures.  Lag measures track the thing you’re actually trying to achieve.  In our example above, having enough money to fund your retirement was one of the goals.  A lag measure would look at whether you’ve reached that goal.  Unfortunately, that comes too late to be helpful.  Instead you want to track lead measures.  Those are the behaviors that eventually lead to successful lag measures.  So in our example of money, lead measures could be things like 401k contributions, savings rates or investment returns.

Discipline #3: Keep a compelling scorecard

“People play differently when they’re keeping score,” the 4DX authors write.  The scoreboard brings out our competitive spirit, drives us to stay focused on lead measures and gives encouragement when we see progress toward the ultimate goal(s).  Returning to our example, maybe your scorecard tracks each pay period that you were able to save a certain percentage of your income.  Or if you’re tracking meaning, maybe your scorecard tracks every time you have a date night with your spouse, take a trip or work at learning a new hobby.  Whatever your lead measures, keep a scorecard to track how you’re doing.

Discipline #4: Create a cadence of accountability

In the final discipline, the 4DX authors say that you need to put in place a “rhythm of regular and frequent meetings of any team that owns a wildly important goal.”  Depending on your goal, that “team” could just be you or it could include others like your spouse, financial adviser, friends, children, etc.  Meet regularly with whoever has a vested interest in the outcomes you’re trying to achieve so you can track your progress and hold each other accountable.

Dreaming without doing is a recipe for disappointment.  The 4 Disciplines of Execution will help you turn your retirement plans into reality.

Quick Note: I recently posted a video to YouTube on the 8 Habits of Successful Retirees.  If you haven’t seen it yet, you can click the link to watch it and click “Subscribe” to see future videos.

Be intentional,

Joe