Kathleen Peddicord’s Top 19 Travel Tips
Whether you’re moving to a new country or taking off on a two-week holiday, here are 19 things you should know before you go:Read More
Whether you’re moving to a new country or taking off on a two-week holiday, here are 19 things you should know before you go:Read More
I’ve been watching the Dominican Republic for more than a decade, waiting for the time to place it on our short list of the world’s top havens.
At last, I believe this Caribbean nation’s time has come.
With a stable government and a steady economy that grew by 7% in 2015, the Dominican Republic is ripe and ready for expats, retirees, and investors looking for a safe and affordable option in the Caribbean.
What makes the DR so attractive right now? I put it down to these five things:Read More
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:Read More
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 withRead More
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.
Two expat friends in Panama are planning their first-ever trip to Paris. They’ll spend Christmas 2016 and New Year’s 2017 in the City of Light.
What should they be sure to see and do, they’ve asked me…
In response to their question, here is a bucket list for Paris virgins.
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.Read More
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.Read More
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.Read More
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.Read More
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.
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.Read More
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.Read More
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?Read More
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…”Read More
Second Acts: The New Retirement Solution to health, wealth, and happiness
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.
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.
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?
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.
If 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!Read More
“The Secret to Successful Retirement is to Retire TO Something Not FROM Something.” – Katana Abbott
I 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 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.comRead More
A few years ago, I was interviewed on the topic, It’s Never Too Late to Become a Midlife Millionaire, by a brilliant interviewer, Lorwai Lan, on her show, Your Money and Your Mindset. Just a few weeks ago, she sent me an email saying that our interview had been the #1 downloaded podcast on the CEM network with over 30,000 downloads, so I went back and listened to it. It really was a great interview, and I invite you to listen yourself by clicking here.
One of the things that we talk about in the interview is mindset. This idea of mindset is so important, because no matter how much you make or have, you will never be able to keep it, grow it or feel secure and joyful about it — unless you have a healthy relationship with money! 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?
We also know that when new wealth is created in families, there is a 90% probability that all the wealth will be gone by the third generation. It’s known as “Shirt sleeves to shirt sleeves in three generations”.
So what is your mindset around money? If you received a large sum – millions of dollars, could you hold on to it? You say yes, but how are you treating the money that you have today? Do you respect and appreciate it? To create, grow and keep wealth, you will a healthy relationship with it and an action plan.
How does this idea of “Becoming a Midlife Millionaire” feel too you?
Our relationship with money – how we feel about it AND what we do with it – will have a profound effect on every area of our lives, because until we develop a truly sacred relationship with it and that means both the “Inner Work” and the “Outer Work” of money, we will never be able to ask for what we are worth, keep what we do earn, invest confidently to make it grow, or feel secure and confident about it once we have it.
I’ve worked with hundreds of women who have come to me to get help with their money and we always start with the “Inner Work”. If you are struggling with your relationship with money, thinking it’s too late to become wealthy, waiting for someone else to solve your financial problems, hoping the issues will go away by simply ignoring them, or going deeper and deeper into debt, even being afraid to spend it, or invest it, then it’s time to take action.
So the “Inner Work” is identifying our beliefs and disempowering beliefs around money, and then shifting, healing and releasing those beliefs while creating new empowering beliefs AND actions.
The “Outer Work” is what you are doing with your money. Are you getting paid what you are worth, do you respect it, are you saving and investing for your future?
No matter where you are in your life, there is hope. I can promise you this one thing. There is always hope and there is always a solution. So where do you start?
Step #1: Start with the Inner Work- your beliefs around money. What has been coming up while you were reading this article? I’ve helped hundreds of women heal their relationship with money by helping you identify your money personality which is based on your disempowering belief and your biggest challenge.
There are 5 money personalities:
Once you identify your disempowering belief, challenge and personality, then it is time to release, forgive and heal. This process could take years or if done with a professional, it can be instantaneous. It’s truly step number one. This one step will shift everything. I’ve seen it happen with hundreds of women, frequently with immediate almost magical results.
Step #2: Now you can begin the Outer Work – Taking Action. So this is where you begin to look at where you stand and where you want to go. It’s time to be brutally honest, to clean up messes, set goals, and get the help you need. Steps could include:
Step #3: Don’t give up. Don’t try to do this part alone. Get support and surround yourself with like minded women who are on the same path. You can do this by joining our free Smart Women Community. There are Facebook Groups, free resources, 100 days of inspiration, weekly inspirational radio shows, and online forums.
I believe in you. I have been there and know how to do this. I have surrounded myself with dozens of supporters and they are all part of this community of smart, successful women who are willing to reach out and help each other. Check out these free resources and let us know how you transform. We want to hear from you!
Certified Financial Planner®, Katana Abbott, is Transformational 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!
Last week, my husband and I met with our financial planner, John Dankovich. He is one of the partners at the firm where I provide financial planning and investment management for my clients. Yes, even though I am a Certified Financial Planner, I still have my own advisor. It keeps my husband and me disciplined. I am a big picture person and John is the detail person who does the number crunching. We make a great team, so we also work together with my own personal clients.
Having a trusted advisor is one of the very best gifts you can give to yourself. As a Wealth Coach, I can help you with both the big picture and your game plan. So often I hear of advisors just looking at the investments or just the insurance. Comprehensive financial planning can include many areas of your life: financial position (where you stand), goals like education, starting a business and retirement, plus taxes, insurance, estate planning and your legacy.
A great financial planner will ask you to create a detailed budget, asking when certain expenses end, decrease or increase — like college expenses, health insurance costs and medical out of pocket, home improvements and maintenance, and even downsizing. They will used these numbers all through your analysis, and calculate how taking your Social Security and pensions at different times will affect your nest egg and amount you need to save today.
My husband is eligible for his pension at 55 and wants to compare retiring at age 55 to age 65. I think he will find it eye opening at the least. There is magic to knowing these numbers.
When you look at your retirement plan, do any of these apply to you?
If you answer yes to any or all of these, then you are not alone. In a recent “Retirement Confidence Survey” conducted by the Employee Benefits Research Institute they asked “How confident are you about Retirement?” The results were:
I believe that “work” is the New Retirement Solution and so do more and more baby boomers who are looking at their options.
The silver lining, according to Lifescience.com people who continue to work during retirement often experience better health than those who don’t work. 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 by doing something we absolutely love. I call this Retiring To Something — Not From Something. I believe that this new retirement for most of us will consist of a simpler lifestyle with less consumerism and working at something we are passionate about. If my husband does want to retire early, we will have the numbers, and it will include going through this process…and I am sure it will include Costa Rica, Panama and golf!
This certainly is a different retirement than our parents and things have changed dramatically over the last two decades. Most of the clients I work with are interested in working in retirement not only for financial reasons, but to continue doing something meaningful where they are utilizing their unique abilities, life experiences and making a difference in the world.
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.
The secret is creating your plan now and then taking action. This is the first of an ongoing series that will help you create that plan. Please make sure you don’t miss this series and share them with your friends by sending them to www.smartwomenscoaching.com. Plus your friends will get my free video course designed increase your confidence and wealth, our weekly ezine and radio shows, and 100 days of inspiration quotes from women.
Your exercise today is to “Find Your Stuff“.
Pull together all your savings, investment, 401k, IRA, pension and Social Security Statements. Don’t delay. Please do this now before you forget. Once you pull all of this together, your next goal will be to find a good financial advisor that you can trust.
I just finished the book called, “How to Retire Happy, Wild and Free.” In this book, Zelinski suggests retiring as soon as possible while you are still young and healthy and then finding ways to enjoy your retirement more by discovering your life purpose, pursuing hobbies and enriching your life. If you do work part-time in retirement, he suggests doing something that you love regardless of the pay.
While his book is focused on how to enjoy your retirement more, I have been inspired to use some of his suggestions for women in midlife who are still working but feel that they are really ready to write that next chapter of their lives. I have found that often when a woman has reached 40-50, if she has not found something that she is passionate about in her career; it begins to affect her entire life. Imagine what it would be like if you could create the ideal life of your dreams working at something that you love.
Ask yourself these questions:
If you answered “no” to any of these questions, you may be ready for a major change. Zelinski states, “A few individuals are lucky enough to have had their career work and some passionate pursuit be one and the same. Thus, they can continue happily working part-time in their field well past retirement, without having to discover their true calling. Unfortunately, this is not true for most of us.”
Whether you are looking to retire early, change careers, start your own business or just want to make your life more interesting, consider doing some soul searching or assessments to discover your true passion in life.
There was a point in my life when I was working in a regular job, working 60 hours a week, day after day doing the same thing over and over. I hated it. I used to wake up and look at my husband and say, “Gotta make the donuts.” I cannot imagine living that way again.
How many of these statements reflect the way you feel right now about your work?
If your work is running your life, consider the idea of reinventing your life to one filled with passion–where you can wake up every morning excited to start the day! It is possible, but it will take some work on your part to make it happen.
Life is too short to live without passion and purpose. I have seen too many individuals work right up to 60 or 65 only to discover that their health is gone and with it–their dreams. One of my neighbors had been working overtime, six days a week, to maximize his pension. He was going to retire at 60 only he never made it—he died of a heart attack while driving home from work. He and his wife had a financial plan and she will be fine financially, but what good is a bunch of money if your dreams are crushed? Could he have retired 10 years earlier; could he have found something else to do for the last 10 years that was good for his health — that he loved doing and perhaps could do for the next 20 years if he chose? I believe the answer is “yes”.
Since it is very difficult to spend your last nickel with your last breath, it’s important to have a plan. I love the idea of retiring as soon as possible to pursue your passion and even earning an income from this passion! I have discovered this secret for myself and am in the process of creating multiple streams of passive income.
Begin to envision your ideal life…what would you do for free…what gets you excited and how would you like to spend the rest of your life? Journal about this and write down what would have to happen in your life to make this a reality.
Certified Financial Planner®, Katana Abbott, is a Life Purpose and Legacy Wealth 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!