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Posted by on Mar 27, 2017 in Contributing Expert, Money & Finances, Money Mindset | 0 comments

Don’t Let Your Money Beliefs Sabotage Your Wealth and Happiness

Don’t Let Your Money Beliefs Sabotage Your Wealth and Happiness

Several years ago, I was interviewed by Lorwai Lan, the brilliant radio show host of Your Money and Your Mindset. My topic was It’s Never Too Late to Become a Midlife Millionaire. I later discovered that this interview was the top downloaded podcast on the CEM network with over 30,000 downloads. You can access it by clicking here.

One of the things I discuss is mindset. The idea of mindset is so important because unless you have a healthy relationship with money, no matter how much you earn or have, you will never be able to keep it, grow it, or feel secure and joyful about it. This is why 70% of lottery winners squander away their winnings within a few years. We have all heard these stories and think, “I’d never do that!” Oh really?

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Posted by on Mar 20, 2017 in Contributing Expert, Money & Finances, Money Mindset, Retirement | 0 comments

Are You Confident About Retirement?

Are You Confident About Retirement?

My husband and I recently met with our financial planner, John Steves.  He is my fabulous former partner at Ameriprise.  Yes, even though I am a Certified Financial Planner, I still have my own advisor. It keeps my husband and me disciplined.  Besides, I am a ‘big picture’ person, and John is a ‘detail’ person who does the number-crunching and also has his ears and eyes on the market daily.

Having a trusted adviser is one of the very best gifts you can give to yourself.  I can assist you with the big picture, the discovery process, and help you create a game plan. However, you also want someone to run your financial plan, looking at every area of your financial life, including what would happen if you died prematurely or couldn’t do what you do anymore.  Too often I hear of advisers just looking at the investments or just the insurance.  True financial planning includes six areas of your life:

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Posted by on Mar 1, 2017 in Contributing Expert, Retirement | 0 comments

The 2 Biggest Concerns Retirees Have Before Living Overseas

The 2 Biggest Concerns Retirees Have Before Living Overseas

Two Biggest Worries Living Overseas

The Forbes reporter who interviewed me this week wanted me to give it to him straight.

“Living or retiring overseas,” he began, “is an exciting idea on the surface… but there must be downsides.

“What are the biggest concerns people have after making a move to another country, once the honeymoon is over?” he wanted to know.

“I can think of two,” I told him…

The first big-deal distress that can take hold after settling into a new home in a foreign place is missing family and friends, especially children and grandchildren, back in the place where you came from.

If you’re used to being a regular part of your grandkids’ lives, breaking that connection will hurt.

You have more good options for addressing this risk today than ever. FaceTime, Skype, and video chat technology make it possible to “see” your kids and grandkids everyday if you want.

Of course, FaceTiming with your 4-year-old grandson is not the same as bouncing him on your knee, but it can make the separation easier to deal with.

If you have children or grandchildren in your life who you want to keep in your life after you’ve relocated your life to a new country, make sure you include a generous travel allotment in your budget. Build in the cost of visiting them and of having them come to visit you and then make those visits count.

What a great opportunity for your grandchild to spend two months each summer with

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Posted by on Jan 27, 2017 in Contributing Expert, Retirement | 0 comments

Retirement Overseas Is Cheaper Than You Might Think

Retirement Overseas Is Cheaper Than You Might Think

Two Reasons You Can’t Afford Not To Retire Overseas

Your retirement nest egg has been marginalized, and you’re thinking there’s no way you could afford to retire overseas.

This is probably the most-often-given reason for why someone who’s interested in the idea of launching a new life in a new country hesitates or even abandons the idea altogether. And it’s the least valid. Here’s the truth: You can’t afford not to retire overseas.

I’m speaking both literally and figuratively.

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Posted by on Oct 28, 2016 in Contributing Expert, Retirement | 0 comments

Why Starting A Business In Panama Made Perfect Sense

Why Starting A Business In Panama Made Perfect Sense

 Panama’s Trump Card

In 2008, I took my leave from the publishing company where I’d been working for 23 years. I was 45 years old and living in Paris. I spent the next three months exploring that city on foot, early to late each day, and got to know Paris well.

I also learned that three months is my limit for doing nothing, even in Paris, and returned home from a long walk one afternoon to announce to my husband that I wanted to start a business of my own.

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Posted by on Oct 3, 2016 in Business & Marketing, Business Mindset, Money & Finances, Money Mindset, Retirement, Smart Women Tips, Success | 0 comments

Are you ready to take the Leap?

Are you ready to take the Leap?

I was talking with a friend yesterday who told me that she had lunch with several women in their late 50s and early 60s who were discussing their “Dream Jobs.” I couldn’t believe it. Most women would be planning for retirement, but instead, these ladies were dreaming about their perfect job.

Why the mindset shift? I believe it’s because many women have spent their lives living someone else’s dream. By midlife, the kids have probably left home and the spouse may be approaching retirement and looking to slow down. Many women are finding this to be the ideal time to explore, reinvent, and try something totally new.

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Posted by on Sep 28, 2016 in Contributing Expert, Retirement | 0 comments

How Ambergris Caye Grew Into A Bonafide Expat Enclave

How Ambergris Caye Grew Into A Bonafide Expat Enclave

Coming Of Age In The Caribbean

My first visit to the island of Ambergris Caye, Belize, I climbed down the stairs of the eight-seater airplane, grabbed my bag from nearby on the runway where it’d been placed by the pilot who doubled as landing crew and baggage handler, and carried it with me across the dirt road to the hotel where I had a reservation.

There I was met by the real estate agent who had promised to show me around. He wore shorts, a T-shirt, and no shoes. “Welcome to barefooted paradise,” he greeted me. I was 23-years-old.

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Posted by on Aug 23, 2016 in Contributing Expert, Retirement | 0 comments

Dealing With Friends And Family When Retiring Overseas

Dealing With Friends And Family When Retiring Overseas

Your Dry Cleaner Doesn’t Have To Get It

Unless you’re very lucky, your friends and family aren’t going to understand.

When you tell them you’re thinking about moving to a new country for your retirement, their responses will likely range from bemusement to shock and horror. They’ll think you’ve lost your grounding and are over-indulging in fantasy…or, worse, that you’ve flat out lost your mind.

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Posted by on Jul 28, 2016 in Contributing Expert, Retirement | 0 comments

The Best Place to Retire Overseas as a Single Woman

The Best Place to Retire Overseas as a Single Woman

It’s easier to adapt to a new life overseas when you move with a spouse or partner. You can laugh (or cry) together at the inevitable trying times that arise. It’s more of a challenge to move abroad on your own, and it can be even more intimidating for single women than it is for single men.

Some retirement destinations are far more suitable for single women moving abroad than others. One place that could be a good fit for many women is Álamos, Mexico.

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Posted by on Jun 13, 2016 in Contributing Expert, Retirement | 0 comments

The Truth About Retiring And Living Abroad With Children

The Truth About Retiring And Living Abroad With Children

Your New Life Overseas With Kids

The advantages to raising children abroad are many, from a second (or even third) language to a second passport. Children raised overseas are generally self-confident, open-minded, and resourceful. They learn to make friends easily and to adjust and to adapt quickly.

If you’re hesitating making an international move because you have children, you’re making a mistake.

That, however, is not to say that raising kids in another country is easy.

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Posted by on May 18, 2016 in Business & Marketing, Contributing Expert, Enlightenment, Inspirational Audio & Video, Mind, Body & Spirit, Mindset, Money & Finances, Money Mindset, Movie Reviews | 0 comments

‘Money Monster’ surveys lessons in responsibility

‘Money Monster’ surveys lessons in responsibility

“Money Monster” (2016). Cast: George Clooney, Julia Roberts, Jack O’Connell, Dominic West, Caitriona Balfe, Giancarlo Esposito, Christopher Denham, Lenny Venito, Dennis Boutsikaris, Emily Meade, Condola Rashad, Aaron Yoo, Carsey Walker Jr., Greta Lee, Makhaola Ndebele, Darri Ingolfsson. Director: Jodie Foster. Screenplay: Jamie Linden, Alan DiFiore and Jim Kouf. Story: Alan DiFiore and Jim Kouf. Web site. Trailer.

We’re all no doubt aware of the notion that “actions speak louder than words.” However, many of us may be less familiar with the corollary that “consequences speak louder than actions” (even though we’ve often personally felt its impact). So how do we cope with the potentially troublesome effects of this principle? It often comes down to a question of responsibility, a concept explored from multiple angles in the gripping new thriller, “Money Monster.”

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Posted by on Mar 28, 2016 in Contributing Expert, Retirement | 0 comments

The Retire Overseas Challenge No One Talks About

The Retire Overseas Challenge No One Talks About

One Of The Often Overlooked Challenges Of Retiring Overseas

Planning for a retirement that includes spending some or even all your time in another country is an increasingly appealing idea. As a result, it’s easier than ever to find help making a plan to retire overseas. However, one challenge you will face as you launch your new life in a new country is seldom discussed. I call it the panic stage.

No matter how long you’ve planned for this or how much research you’ve carried out, there is a good chance that, sometime during your first year in your new country, perhaps even during your first month in your new home, you’ll wonder what in the world ever possessed you to think leaving home was a good idea.

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Posted by on Feb 28, 2016 in Contributing Expert, Retirement | 0 comments

Unretirement: Broadening Your Retirement Perspective

Unretirement: Broadening Your Retirement Perspective

How To Retire Where You Want, How You Want, And When You Want (Even This Year)

Many, including, perhaps, you, are understandably concerned about retirement. How will you manage it?

Here’s how: Don’t retire. Retirement was last generation’s goal. Ours needs to see through it.

The dictionary defines “retirement” as a state of “being withdrawn from the rest of the world or from a former busy life…” Even if you could afford to do that, who’d want to?

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Posted by on Feb 2, 2016 in Money Mindset, Smart Women Tips | 0 comments

How to find money to invest

How to find money to invest

In today’s tip, I want to show you how to create an Investment Portfolio totally funded by free money!  Creating wealth and what I call Awakened Prosperity which includes health, wealth and happiness – doesn’t normally happen just by accident. Wealth and prosperity in most cases are created through a combination of many smart choices and smart habits.

So my tip today is about just one way to find money to invest for your retirement by being a smart shopper!

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Posted by on Jan 28, 2016 in Contributing Expert, Retirement | 0 comments

The Real Reason To Retire Overseas Is Purpose

The Real Reason To Retire Overseas Is Purpose

Retire-overseas-purpose-702x336

Cheap And Sunny Are Great, But They’re Just A Start—Here’s The Real Reason To Retire Overseas

“I just don’t know what to do now. I mean… what do I do with myself at this stage? Where do I go?…”

It was early one morning a few days after Christmas, before the rest of the house was up. My mom was sitting across the kitchen table from me, looking down into her coffee mug.

“I’ve been considering options nearby. I’ve looked at retirement homes, but I’m not ready for that yet. I’ve looked at condos, including the ones where your aunt is living. I’ve spoken with real estate agents about townhouses and private communities.

“I know I need to do something, and I’m ready to make a move. I want to take a next step in 2016. But I have no idea what that step should be…”

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Posted by on Dec 21, 2015 in Retirement, Smart Women Tips | 0 comments

Second Acts:  The New Retirement Solution to health, wealth, and happiness

Second Acts: The New Retirement Solution to health, wealth, and happiness

Second Acts: The New Retirement Solution to health, wealth, and happiness

  • How do you really want to spend the second half of your life?
  • Is your goal to someday retire, or perhaps, you’re planning on working forever?
  • Have you ever thought about what it would be like to get paid to follow your passion and fulfill your life purpose? Would it even be considered work anymore?
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Posted by on Aug 25, 2015 in Money & Finances, Money Mindset, Retirement, Smart Women Tips | 0 comments

How to Get Clear Before Starting a Business in Retirement

How to Get Clear Before Starting a Business in Retirement

You’re not alone if you are one of the 80,000 Baby Boomers who is approaching or currently in retirement and looking for a way to generate income to supplement your savings, Social Security, and pension.

Many of the women I work with are looking for a way to generate this income by starting some sort of business that will allow them to leverage their unique abilities and talents as well as give them the freedom to travel, take care of themselves and give back.

I believe for most, the new retirement solution will be a combination of work, fun, learning, and giving back.

Before quitting your job, taking an early retirement to start a business in retirement, there are three steps I recommend you take:

Step #1: See where you stand financially by creating a financial plan. Yes, this means meeting with a financial planner who can help you take a peek at what you want to do before you do it. A financial planner can help you look at your current income, expenses, debt, investments, insurance and company and government benefits to help you see alternate scenarios before you take a leap.

  • Examples could be downsizing, working part time, how working longer affects pensions and Social Security, even moving overseas where costs are much lower. BTW, I’ll be interviewing Kathleen Peddicord of Live and Invest Overseas about doing just this.
  • In fact, reducing your expenses just $10,000 per year during retirement can have the net effect of $250,000, because at 4% it would take an additional $250,000 to generate that $10,000 over a 30 year period.
  • Doing a financial plan can also tell you how much income you need to generate from a business to cover your income shortage.

Step #2: Create a formal business plan. Take some time to work with a business coach or your CPA to help you create your business plan, identify what type of business you want to create, how you would generate revenue, programs, products, services and the key players you will need in the business. There is a lot more to this, including branding, marketing and outsourcing, but the key here is to plan before you leap.

  • One mistake I see people make is to retire thinking they can start a business which will give them freedom and income, only to find themselves overwhelmed, losing money and wondering what they got themselves into.
  • You can keep your business model very simple by doing the planning before you put your shingle out.

Step #3: Assess your strengths and weaknesses by understanding the concept of Front Stage/Back Stage

How many business owners start a business looking for freedom only to end up as the “Chief Cook and Bottle Washer” vs. thriving by focusing on their unique abilities in a team where others are doing the same?

  • Example of Front Stage: Someone who is a “Front Stage” person could work for a CPA firm, but would not be happy behind a computer working with numbers. In fact, a “Front Stage” person would be terrible at it. “Front Stage” people flourish by growing the firm, developing relationships with new clients and strategic partners, and problem solving, but they would want to hand-off the details to their team of “Back Stage” folks. Neither is better than the other — they both play very different and important roles. You can be an engineer, CPA, consultant, graphic designer, yoga teacher, and be in either one of these roles.
  • Example of Back Stage: A young lady who worked for me a few years ago had an engineering degree from U of M, with a specialization in accounting and got a job as a financial planner after graduating. She passed all her exams and loved working on the financial analysis. She thought she had found a career she loved until she was told that it was now time to get on the phone and find clients. She ended up leaving the career feeling like a failure. This is sad, yet it happens so often.

I immediately saw she was a “Back Stage” person and helped her get a job doing administrative work for a local CPA firm. She is now thriving managing the details for the lead CPAs in the firm.

So here is the key, to truly enjoy your “retirement lifestyle” will working in your new “retirement business” you will want to get crystal clear about what you should be focusing on, what you want to delegate and outsource and who you’ll need on your team.

And remember, just because you are the owner doesn’t mean you need to be front stage. You could be the owner and do the technical or managerial tasks, while partnering, delegating or outsourcing your marketing and front stage work.

In addition, your team can be virtual. My Virtual Assistant, Tara, lives across the county and takes care of all the detail work so I can do all the creative, big picture, and connecting with others.

My biz partner, Chris, makes everything better and is fabulous at graphic design. I also have a book editor and marketing expert who lives in North Carolina. We all have specific skills and work together great as a team.

Without my team, I would be overwhelmed and unable to implement. With my team, most systems, like the radio show for example, run totally without me. This way, I can travel, create, connect and lead which is what I love and do best.

Online Assessment and Consultation:

Want to know what you should be focusing on and what you do best? I suggest you start with an assessment.

One of my favorite assessments for identifying your key strengths or roles you should focus on in business as well as who you will need on your team is called Wealth Dynamics. The assessment is not free — it runs $97, but I believe it’s worth every penny.

You can visit the main website to learn more. They even have a nine-minute video that describes the process. When you take the assessment, you receive a very detailed 32 page assessment. Again, here is the link to check out the Wealth Dynamics assessment.

 

Katana AbbottIf you take the Wealth Dynamics assessment and want to review it with me, I am offering a limited time 30-minute complimentary Breakthrough Coaching Session which is a $200 value. During this call, we will talk about your business idea, what role you should play, and who you need on your team to thrive. Just visit www.TalkWithKatana.com and you’ll be taken to my online calendar when you can pick a time to chat!

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Posted by on Jul 8, 2015 in Retirement, Smart Women Tips | 0 comments

The Secret to Successful Retirement

The Secret to Successful Retirement

“The Secret to Successful Retirement is to Retire TO Something Not FROM Something.” – Katana Abbott

Work Or RetireI call this concept Reinventing Midlife and with over 76 million baby boomers who will be facing retirement over the next few decades, the dream of having enough money saved to support you through the 2nd half of your life can be daunting.

According to a study by the National Institute on Retirement Security, “The average working household has virtually no retirement savings. When all households are included— not just households with retirement accounts—the median retirement account balance is $3,000 and $12,000.

In an article by Randall Hansen, Ph.D., I think he sums up the new Retirement Solution pretty nicely when he states that, “For many, retirement will indeed no longer signal the end of working, but more so a career and lifestyle transition, where the retiree has multiple options — such as continuing to work (though perhaps at a different pace), returning to school for additional training or education, changing careers, venturing into entrepreneurship, becoming more involved in volunteer work, or simply enjoying leisure and travel possibilities — a mix of working, learning, relaxing, and trying new things.

This is exactly what I did at age 48, when I sold my financial planning practice of 20 years to venture out to create a non-profit — Smart Women’s Empowerment — where I could teach financial literacy and entrepreneurship, to write, speak and coach others to do the same.

I remember when I first got this idea after reading a book by Zelinski called, Retire Happy Wild and Free. His concept was to retire as young as possible, to downsize one’s lifestyle and then to retire to a life of leisure. Although this may sound appealing to many, as a financial advisor, I did not find it very realistic. Instead, I thought:

• What if you could follow your passion doing something you love in retirement, make a difference and get paid, would it even be considered work anymore?

• For most, the answer is no!

Let me give you an example of three women I have worked with who have shared their stories on Smart Women Talk Radio:

• Retired marketing expert, Peggy Tabor, thought joining the Peace Corps at age 60 would allow her to experience adventure, make a huge difference and allow her retirement portfolio to grow. When she returned, she was so moved by her experience, that she told me her Social Security was now a Millionaire Lifestyle. As we were having lunch, she mentioned that she was still in awe eating the beautiful salad, with roasted salmon, and fresh water with ice cubes, after three years of having to get her water from a dirty river. She returned and pulled money from her retirement to build a well for her village.

• Retired teacher and Andria Doria Survivor, Pierette Simpson, who took early retirement to become an international author, speaker, screenwriter and documentary filmmaker.

• And like Harvard trained OBGYN, Susan Sklar, who retired from her medical practice after healing herself through holistic and functional medicine to become an anti aging physician, author, speaker and retreat leader.

The key is to have a plan, to follow a process and to have a mentor to take you through the steps of identifying your passions, your vision, your values as well as your unique abilities and challenges as well as understanding your finances so you can create wealth while living a life you love. I’ve created a 30 minute video and workbook that will take you through the process I have used and have used with hundreds of others. It’s the third video in a 3 part series and you can access it for free at: www.midlifemillionairesecrets.com Be sure to print out the workbook, and then do the exercises as I take you through my Six Pillars of Awakened Prosperity System.

 

Katana AbbottKatana Abbott, CFP®, is a Life and Legacy Coach™, and founder of the Six Pillars of Awakened Prosperity System™, the proven step-by-step process that shows you exactly how to create wealth, make a difference and live the life you love.  To get your F.R.E.E. Video Course and receive her weekly money, mindset and manifesting articles on attracting more wealth, joy and ease into your life, visit www.smartwomencoaching.com

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Posted by on Dec 23, 2014 in Contributing Expert, Money & Finances | 0 comments

How to Make an Offer

How to Make an Offer

FeaturePics-Kittens-163941-1126984-350x350I’m sure you so desperately want to get out of the “trade and hour for a dollar” mindset so you can leverage and make more money. Right?

In order to do that you need to be offering more than one hour sessions. If you are  brand new at business, hourly sessions are an easier way to bring in cash flow but you also want to plan for the next steps.

You are so skilled at what you are offering to the world!  You want to help people in all the ways you know how; which are many!

Whether you are a healer, a coach, or an educator, your work has been your  gift and this is who you are!

However, you also live in the world and can develop a business that has a constant financial flow.  Right?

There is actually an art to putting together an offer that speaks directly to your client’s heart and offers enough clear benefits, outcomes, and assurances that make it easy for someone to say YES.

My story: Before I learned this process I spent a lot of time and energy putting out offers and no one would sign-up!!

I was frustrated and at times felt hopeless. I knew my stuff was good so what was the problem??

Finally I learned the system and it is not difficult but there is an order to follow.

Almost immediately I noticed a change.

People downloaded my freebies on my webpage.
My teleclass sign-ups tripled.
My seminars began to fill up.

You might  be making the big mistake by trying to “sell” to people way too soon.

I’m sure you know what that feels like being on the receiving end.  Yucky!  

Making any kind of offer includes these pieces first:

•  Knowing exactly who you are speaking to.
•  Engaging them in conversation.
•  Building empathy.
•  Solving their problem.
•  Meeting them where they are.
•  Offering really good solutions and/or ideas.

Until you have done all six of these things above you aren’t ready to make an offer.

People are still waiting and listening. They want to feel the connection.

Here is an easy activity for you to do. Go to your home page and see if all six of these points are there in some form.

Which ones are missing?
Which ones are you not sure about?

 

KS13-027-Edit-2-199x300Kaya is a specialist at guiding wise women entrepreneurs to translate their gifts into their business so they can be empowered leaders and make a much bigger difference!  She is the author of “Clear Your Focus Grow Your Business,” as well as over 20 other programs and ebooks aimed to inspire, guide and support entrepreneurs to fulfill their own missions.

Through her own wisdom from life and professional experience of over 30 years, she has helped thousands of people internationally and online as a business mentor, consultant, counselor, facilitator and author. She’s owned five small businesses as well as her present venture, AwakeningBusiness.com. Kaya says, “If I can grow a successful business, you can too. You just need the system to follow and the commitment to make it happen.”

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Posted by on Nov 17, 2014 in Money & Finances, Smart Money Tip Videos | 0 comments

Purposeful Work — The New Retirement Solution

Purposeful Work — The New Retirement Solution

retirement

 

How do you really want to spend the second half of your life? Is your goal to retire someday or perhaps you’re planning on working forever? Have you ever thought about what it would be like to get paid to follow your passion and fulfill your life purpose — would it even be considered work anymore?

In a recent “Retirement Confidence Survey” conducted by  the Employee Benefits Research Institute they asked “How confident are you about Retirement?”

The results were:  

American workers are more pessimistic about their ability to retire comfortably than at any time since the survey began about 20 years ago.

The lack of confidence may actually be good news, according to EBRI, because it means Americans may be waking up to the realities of retirement including the need to save more than they are currently.

  • According to the survey about one‐third of workers tapped their retirement savings to pay for day‐to‐day expenses and many of them didn’t have much saved in the first place.
  • Just 59% of workers are currently saving for retirement and one‐half of them have less than $25,000 tucked away, according to the survey.

Work is the new retirement. This new awareness of the cost of retirement may be one reason that many people ‐‐ of all ages and income levels ‐‐ are planning to work after they retire.

  • A recent Gallup Poll found that about 80% of Americans plan to work during retirement.
  • Most plan to work part‐time, although some say they may need to work full‐time just to make ends meet.

The silver lining, for those who were looking forward to a retirement of full‐time leisure, is that people who continue to work during retirement often experience better health than those who don’t work, according to studies cited on LiveScience.com.

  • As long as the work remains low stress, retirees who labor are less likely to suffer from major diseases such as cancer, high blood pressure, and cardiovascular disease. They are also less likely to become depressed.

This is great news…because I see many of us continuing to work – but doing something we absolutely love…I call this Retiring To Something Not From Something…and I have a whole program around this!

I love Costa Rica…and have been there six times and I may even live there someday.  In fact, just last March I took 10 women on a seven day Create Your Perfect Life Retreat.  The experience was transformational and many of the women are reinventing their lives.  It’s an amazing and spiritual place.  One of the places I visit, the Nicoya Peninsula, is known as one of the Blue Zones in the world.  A place known for the highest number of centenarians – people 100 years or older.

After looking into this, I learned that these were the key factors for the local people known as Ticos’ amazing longevity and happiness:

  • A strong sense of community.
  • Organic, vine ripened fruits and vegetables
  • Fresh, high mineral content (like calcium) in the water
  • And lifetime physical labor

 

Story:

When I was in Costa Rica with my daughter for her 18th birthday, we noticed how happy all the “Ticoswere even though most of us in the US would say they were living in poverty.

Our condo overlooked the ocean, and one day we were sitting in the shade and looking across the street watching this group of Ticos working on the hot roof in the 95 degree sun.

They were mixing cement by hand and building these pillars, climbing ladders and pouring the cement into these handmade structures bucket by bucket. It seems just grueling…and you know what they were doing?  Singing!  They live very simply and work very hard, but they are joyful too.

At night, they pile into the back of pickups to go home on dusty dirt roads to very simple lifestyles.  But they are happy and this is the key!

I believe that the “New Retirement” for most of us will consist of a simpler lifestyle with less consumerism and working at something we are passionate about – that allows us to fulfill our life purpose – even making a difference in the world.  And I see us doing this into our mid to late 70’s.  Look around you and you will see many vibrant 70 year olds doing amazing things and having fun.  Remember, we will probably end up living into our late 80s and 90s.

This could provide several important financial benefits:

Working longer could allow you to delay how soon you take your Social Security benefits.

  •  In fact your benefit grows by approximately 8% each year from age 62 (the earliest age you can begin collecting) until age 70. Claiming at age 70 instead of age 62 increases your lifetime monthly benefit by 76%

It will allow you to grow your retirement nest egg, rather than taking income so early.

  • Let’ say you have $500,000 at 60 years old.  Allowing it to continue to grow at 7% per year means it could double in 10 years or age 70 making you a millionaire.

It could even allow you to increase your defined pension employer benefits.

So some individuals may choose to stay employed longer while others will choose to retire, reinvent and follow their calling creating what some call a Second Act.  In the next weeks, I will be writing in more detail about some of these successful second acts and sharing stories of individuals who are creating wealth, making a difference and living a live they truly love.

I’ve created a free 30 minute video where I share not only my story, but the step by step process called The Six Pillars of Awakened Prosperity System™ that I use to help my clients create their perfect life and business.  I hope you enjoy it and share it with your friends!

Watch it here!

image002Katana Abbott, CFP® is a Life and Legacy Wealth Coach™, international retreat leader, radio show host, speaker and author. At 48, with over $100 million in assets under management, she sold her financial planning business to her partner of 15 years.  She left to follow her calling, reinvent herself, and to create her perfect life and business (and so can you). With 30 years of financial and business experience, she can help you create wealth, make a difference and live a life you love!

Grab your free breakthrough clarity session now at:  www.TalkWithKatana.com

 

 

 

 

 

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Posted by on Oct 27, 2014 in Contributing Expert, Money & Finances, Uncategorized | 0 comments

My Family Plan, Follow-up from October 7th Show

My Family Plan, Follow-up from October 7th Show

family planAs you may recall, I shared a story on the show about our family appearing on Oprah a few years ago. I got to share most of the story but time ran out before I could share “the rest of the story.” Katana asked if I would be willing to re-tell the story and how our family plan has impacted our kids’ lives.

To simplify it, it was about our family’s 10/10/80 Plan. My wife, Sue was watching Oprah one afternoon while making dinner. At the end of the show they said that they were going to be doing a show on teaching children about money and values, and, if the listeners felt they did anything different or unusual in this facet of their family life, to send the show’s producer a summary. Well, Sue sent them a summary about how we included our children in running our family’s finances. Three days later they contacted her and asked for more information. A few days later they sent a filming crew to our home to interview all of us.

We shared with them that we ran the family finances as a business: I was the CEO, Sue was the President, and each of our two children were Vice Presidents. We held family business meetings every two weeks for the purpose of paying the Vice Presidents their salary. Their salary was just for their being part of the family and sharing in the family financial resources. They were not paid for doing chores…you just did those because you were part of the family. Their weekly salary was determined by multiplying $1.00 times their age; so if they were 10 years old they received $10.00 per week, which meant their gross pay was $20.00 at each family meeting. From their gross pay they had to contribute 10% to our Family 401k plan and 10% to church. This meant that they kept 80%. The family financial business matched their 10% contributions to the Family 401k plan which was intended to teach them how these types of matches could provide a 100% return on their investment immediately. We wanted them to learn that this is the type of retirement plan they would be primarily dealing with when they got into the work world. The contribution to church was intended to inspire them to help others out of their reward for work and find their blessings. We also had annual bonuses at the end of the year. If Sue and I were thinking about making a significant charitable gift, we discussed it in terms of how using family funds might affect other things we might do with family money such as fewer family vacations or postponing some significant family purchase.

You wonder when you do this type of thing will it have any long term impact on the kids. Well, between our daughter’s freshman and sophomore years of college she got a job at a large retailer. Her job training was to take place for most of a Saturday. When she got home, we expected that she would tell us about the position, what department, hours and hourly wage. But guess what? The first thing she shared with us was that after 30 days she could put money the company’s 401k plan and get a match. The second thing was that after 60 days she could buy their stock at 10% discount!

Well, 30 days went by and she called and asked “How much should I put in the 401k plan?” She was shocked when I told her “Nothing.” She was only going to have earnings that year from her summer job and would not have any taxable income; therefore, she would get no current tax benefit and all distributions to her in retirement would be taxable. I asked her how much she had thought about contributing. I told her we would match that amount and put it all in a Roth IRA which does not create a tax deduction now, but, when she makes withdrawals in retirement, none of the distributions will be taxable.

Remember the 10% the kids had to put in the family 401k plan? The kids both used those funds as part of a down payment on their first home (in effect, another type of investment instead of the stock mutual fund.)

Some of you reading this might be thinking to yourself, “I wish I had thought of something like this with my kids.” Well, how about sharing this idea with your children to be used with your grandchildren; or, maybe you’ll want to do it with your grandchildren directly. By the way, there is a book out entitled “Three Cups – Teaching Children how to Save, Spend, and be Charitable with Money is as easy as One, Two, Three” by Tony Townsley and Mark St. Germain (you can find it on Amazon). I wish I had written this book to reflect our family’s story!

mkd_05bIn his 25 years as a financial professional, John Dankovich has seen a lot of change. Through every market shift and economic high and low, he has been there…the consistent voice of wisdom in the lives of hundreds of families.
As a pioneer in the field of values-based planning, John has helped build remarkable lives for automotive executives, physicians, owners of private companies, and established families. He has spent his life making a difference in the lives of the clients he serves and in our community. John and his wife Sue have two grown children and reside in Clarkston, Michigan.

To learn more about John go to http://www.mkdwealthcoach.com

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Posted by on Sep 22, 2014 in Contributing Expert, Money Mindset | 0 comments

Clarity the Secret to Confidence, Wealth and Happiness

Clarity the Secret to Confidence, Wealth and Happiness

As summer is coming to a close, many of us are looking at our year end goals and asking ourselves how am I going to do what I want to do, whether it’s about money, career, relationships or health.  Sometimes seeing just how far we need to go can feel overwhelming and we can lose confidence, feel discouraged and even go into fear.

Six Pillars 300x296 Clarity the Secret to Confidence, Wealth and HappinessWe all know that operating at this level will never get us what we want, because, “we get what we focus on most”.   So if we are operating from a mindset of it’s impossible, too much work, I don’t know how, I don’t have the money or the support, then that’s exactly what we are going to get.  It’s a spiritual law, the Universe always gives us what we ask for.

The Problem:  According to Dr. Bruce Lipton, to author of The Biology of Belief, 95% of the time, we are operating from the subconscious level of our mind, so our “little child” is running the show with lots of negative self talk and disempowering beliefs that are meant to keep us safe.

This voice keeps us from the having clarity and confidence to do what we really want to do.  My client put it best in our session a few weeks ago when she said, “When I don’t have clarity, I get muddled and go into a dark place.”  Can you relate to this?

So what do we do to get clarity?

I have a process called The Six Pillars of Awakened Prosperity System

  • Pillar #1 The Dream where you create your vision.  It’s where you want to go.  If you don’t have clarity about what you want and where you want to end up, how do you expect to activate the power of the Universe?  How will others know what you want so they can support you?  This is so crucial.  It’s where you start.
  • Pillar #2 Discovery is where you get clarity about who you are, why you are here, what you came to do (your purpose and mission).  These are huge concepts that create your foundation to your integrity, your platform and your values.  This is also where you identify roadblocks and challenges.
  • Pillar #3 The Leap is where you simply make a decision and work through the fear around it. You don’t need to know how yet.  This is where The Voice will get very loud telling you every reason why you should play it safe.  You certainly what support here.
  • Pillar #4 The Plan is the point that you create the actual steps, your team, develop systems, you analyze, whether it’s your health, your money, your business or your relationships you are working on.  This is where you will also want help from experts and a mentor.  Don’t try to do this on your own.
  • Pillar #5 The Dance is where it begins to get fun because you are finally implementing and testing.  This is all about making mistakes and this is where you learn and grow.  This is also where you will want to have support so you don’t give up.
  • Pillar #6 is Mastery.  Yes, at one point we finally reach mastery.  You have mastered the task whether it is creating wealth, getting out of debt, creating a business, writing your book and becoming a bestselling author, or taking charge of your health.

What happens when you reach Mastery?   You will have a new dream and begin the whole process again.  Feel free to watch my free 30 minute video.  Then if you want to go deeper, you are invited to schedule a complimentary Discovery Session to help you reach those year-end goals with clarity and confidence.  Isn’t it time to create wealth, make a difference and live a life you love?

 

Katana AbbottKatana Abbott, CFP®, is a Life and Legacy Coach™, and founder of the Six Pillars of Awakened Prosperity System™, the proven step-by-step process that shows you exactly how to create wealth, make a difference and live the life you love.  To get your F.R.E.E. Video Course and receive her weekly money, mindset and manifesting articles on attracting more wealth, joy and ease into your life, visit www.smartwomencoaching.com

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