Lessons from the Pros

Specialty Skills

Are You Physically and Fiscally Fit for your Later Years?

When you trade it is of paramount importance to have a macro plan that outlines things like your goals, the markets you will trade and the strategies that you’ll employ as you continue to build your trading skill levels. As well, you’ll want to have a micro plan for each and every trade outlining for instance your levels, entry decisions, stops and exits. The importance of this planning process cannot be overstated. It is just as important to have a plan for your physical and fiscal health in retirement.

Fitness, whether you are talking about physical, mental or fiscal, is going to involve optimizing resources, a focus on what matters most and willingness to relentlessly follow-through; and that goes double for preparing to retire into your golden years. Standing on the precipice of senior citizenry is not for wimps. In fact, if you don’t jump in of your own accord you will be pushed in if you live long enough. Your senior years can either be the best time of your life, or if you’re unprepared as so many in the US are today, it can be the worse time of your life. Naturally, as you age your body will begin to lose much of its luster. Age related illnesses have a way of standing outside the door unannounced. Aches and pains, arthritis, Parkinson’s, MS, leukemia, Alzheimer’s, dementia, depression and cardio-vascular disease are just a few of the plethora of ailments that plague older folks. Additionally, income levels plummet and become fixed as rising prices shoot for the moon. On the contrary, it is important more than ever in your life to approach your last few decades on the planet with fierceness and a relentless pursuit of being the best that you have ever been. Here are some things to consider:

Have a purpose for your life. Just because you’re older doesn’t mean it’s time to give up. Identify the legacy that you want to leave for your progeny both fiscal and otherwise. I don’t believe anyone said at the end of their lives, “I wish I had spent more time at the office.” Your macro purpose is your compelling reason for living in your golden years. Of course, having a reason that revolves around just being able to go one more year might be what you’re thinking about. But, I would go further. As you think about your legacy that you’ll leave behind, you may want to consider part of that legacy being in a denomination that can be used as legal tender. Also, the well-being of your children and grandchildren may be just the thing to focus on with a little more intensity. So, making sure that you are exercising and eating in a healthy fashion in order for you to remain active with them can go a long way towards keeping your body and mind healthy. The point is that you’ll want to connect with is what matters most in your life in order to use passion to fuel your everyday enjoyment.

Make a list of what fulfills you. This could include hobbies, traveling and becoming connected with a competitive team. Make a schedule for them and keep it. These will enhance your life. When you focus your energies on activities that you gain great pleasure from your body releases endorphins that not only help you to feel good, but they also lower stress levels and bolster your immune system.

Have service in your life; that is, a way to give back. Sit on a non-profit board, volunteer at the local little league or hospital and become a mentor to a youngster. Research demonstrates that when you give of yourself it not only helps the planet and our community; it is one of the ingredients that greatly increases happiness. Giving of yourself in service is one of the most precious gifts that you can share.

Become deliberate in fostering deeper relationships with children, grandchildren, family members, friends and neighbors. This is what life is all about. We are social beings and the more we are interconnected the more social supports we have and the better able we are able to manage stress, support immune functions and live happily and healthily. Make an agenda for getting involved with local clubs, meet-ups, religious functions and other activities. Don’t just make time for them; make them one of your priorities.

Now with regard to your money; quiz yourself on questions such as these:

  • Where should I be investing my money?
  • Am I managing my debt properly?
  • What are my options for socially responsible investing?
  • I’m retired; how much can I safely spend each year?
  • Will my family be provided for in the event of my disability or death?
  • Do I have the right kinds and amount of insurance coverage?
  • Am I paying hidden fees on investments and other financial products?
  • Will I have enough for retirement?

Free WorkshopLike anything else, having a plan for your later years is going to place you way ahead of the game. Having a nest egg is only part of the solution. You’ll want to manage your wealth and have an income stream that has your money working as hard for you then as you worked to make it. These are just a few important items to consider as you ponder your transition into senior citizenry; and if you are already there, it is never too late to hone your plan and ensure that you are putting as much in and getting all that you can out of your life. Just as you are planning your trades, trading your plans and aiming to follow all of your rules and keep all of your commitments to yourself as you trade, you’ll want to approach your retirement with the same level of intensity. Your A-Game is important at all times, not just in the trade. If you would like more information on online wealth management contact your Online Trading Academy representative for more information. Also, get my book, “From Pain to Profit: Secrets of the Peak Performance Trader.”

Happy Trading,

Dr. Woody Johnson

DISCLAIMER This newsletter is written for educational purposes only. By no means do any of its contents recommend, advocate or urge the buying, selling or holding of any financial instrument whatsoever. Trading and Investing involves high levels of risk. The author expresses personal opinions and will not assume any responsibility whatsoever for the actions of the reader. The author may or may not have positions in Financial Instruments discussed in this newsletter. Future results can be dramatically different from the opinions expressed herein. Past performance does not guarantee future results. Reprints allowed for private reading only, for all else, please obtain permission.