As I have often written about in this space, I view my role as something more than just helping clients with financial planning and investment management.
I believe that by achieving financial independence, a person can live their best life and become their best self. This view fuels me in my mission to help Canadians learn to apply simple techniques that put their progress toward financial freedom on autopilot.
This blog is one way that I pursue this mission. I also do so through my Podcasts, my books and the client events that my team and I host. We also support our clients, readers and listeners by continually adapting based on feedback to meet their needs in new and interesting ways. In that spirit, we have made some adjustments to how we share content with you.
The first change is that I am rebranding my blog to serve you better. Beginning next week, my weekly email blog will have the same name as the evidence-driven philosophy that guides my work: Live Well, Stay Rich and Never Retire.
This change is in line with the blog’s goal of providing business owners with insights and lessons that enable them to make the most of their lives while continuing to pursue their passion for running their business.
To further enrich your reading experience, I will now begin each blog with a profile of a public figure who is past the age of 65, remains active in their field and is, by all evidence, thriving. I want to offer a steady reminder of what is possible – at any age. I will also feature various public figures who have slowly withdrawn into a quieter life, and have done so on their own terms, which is one of the opportunities provided by the Live Well, Stay Rich, Never Retire philosophy.
Take Queen Elizabeth II1 as an example. She was born April 21st, 1926, which makes her 93 years of age. She has been the Queen of the United Kingdom and the Commonwealth since February 6th, 1952. She remains perhaps the most famous woman in the world and is a symbol of inspiration, strength and duty to millions of citizens and followers.
Despite her age, the Queen remains head of the royal family. She fulfills a range of royal duties, including hosting heads of state, taking diplomatic trips, opening new sessions of Parliament, presenting citizens with awards, and meeting with the Prime Minister. She doesn’t seem to be slowing down.
Along with the above changes to my blog, I am also adjusting its timing.
Instead of arriving on Tuesdays, the articles will now appear in your inbox at 4:00 pm on Friday afternoon. My hope is that this timing will give readers an opportunity to quickly scan the content on Friday and then settle in for a more leisurely read during some downtime on the weekend. I’m also hoping this shift will give readers more of an opportunity to comment on the content.
I also wanted to let you know that The Wealth Navigator Podcast will be moving to a new time slot. New episodes will now be posted at 4pm on Tuesdays.
With those updates out of the way, allow me to give you a quick refresher on the Live Well, Stay Rich, Never Retire philosophy.
Live Well
As a certified financial planner, I have spent 25+ years helping my clients navigate the inter-connectivity of money and life. Though some people view accumulating wealth as a goal in and of itself, I don’t share that perspective.
I believe that the ultimate objective for every person is to live their best life. Through firsthand experience across decades, working with clients and travelling my own winding road, I have learned that financial independence is an important requirement for living your best life and being your best self.
When you achieve financial freedom, you are able to become the best spouse, parent, friend, colleague and person you can be.
To Live Well, I believe you must follow three guidelines:
- Live deliberately. Do not simply “go with the flow.” Decide on your own route and assume full responsibility for the outcomes of your choices.
- Identify and prioritize your goals. Take time to articulate your personal goals in writing. You can then move slowly, carefully and deliberately toward your dream life.
- Decide on a plan to achieve those goals. Having goals without crafting a plan is like desiring a trip to a special city but failing to follow the steps to get there. You end up drifting along without a particular sense of purpose and your progress is limited as a result.
Stay Rich
As a wealth advisor in Toronto, I have asked numerous clients and friends to share their definition of what constitutes being “rich.” Based on this research, I discovered that there were as many definitions as people who were asked.
What does that tell you us? Your definition of rich is yours and yours alone.
Success – in your financial planning, investing and living – relies on you being true to your own definition of rich, no matter how much your friends, family or, most of all, the media seem intent on convincing you their definition is correct. If building wealth for its own sake is your thing, then by all means go after it. But if you see wealth as having a broader purpose, my Stay Rich philosophy may be a fit for you.
From my perspective, being rich is a means to an end. I believe it is a way to achieve the things in life that make you truly rich, like security, comfort, freedom, friendships and interesting experiences.
My view is that you shouldn’t strive to earn, save and invest just build you bank account. I believe that you should do so to Live Well.
To Stay Rich, I believe you must follow three guidelines:
- Set a target for financial independence. My personal goal is to build an investment portfolio that generates enough annual income from dividends (and incoming rental income) to cover my family’s annual expenses.
- Organize your earning and saving to ensure you reach your number. Slowly and steadily save enough each month and then learn to invest the savings in profitable long-term investments.
- Make a plan. Develop a comprehensive financial plan, consistently comparing actual results with projections, and make adjustments as necessary when life changes.
Never Retire
I find the notion that a person should only work between the ages of 25 and 65 and then retire to enjoy their “Golden Years” insulting. The idea that a 65-year-old is ready to be put out to pasture makes no sense to me. I simply do not accept the notion, especially for business owners like me who are so passionate about running the company they built.
I believe that once you find your passion, you should figure out a way to keep doing it as long as you want to rather than be looking for a way to get out of it as soon as possible.
A simple truth about most business owners is that they love running their company.
Far too often, I have seen clients filled with dread at the idea of stepping back or, worse yet, making the decision to sell or transition their business to their children, only to end up drifting aimlessly through retirement, haunted by a lack of purpose.
As a commission-free wealth advisor in Toronto, I believe that every business owner should adopt the Never Retire philosophy so they can control the circumstances of their later years and be as involved in their business as they see fit.
To Never Retire, I believe you must follow three guidelines:
- Determine your unique abilities. Every business owner has passion and the skills for certain roles, such as new business development. There are also aspects of running the company they resent or lack the skill and passion to fully engage with. These might include managing human resources or overseeing the operational elements of the business. When you reach a stage in your career when you are thinking about how you want to live and work, focus on sticking to the tasks for which you have a Unique Ability.
- Accept your weak areas. As you focus on what you love to do and are good at, it’s also important to accept that there are areas of your company you aren’t well suited to oversee. Often, business owners find it hard to admit they aren’t good at certain tasks, particularly if they think they “should” be doing them. If you can be honest with yourself about your passion and skill, you can accept what you aren’t particularly strong at doing.
- Find team members with the unique abilities you lack. Retiring “in” your business relies on finding team members whose Unique Abilities complement your own. When you can arrange your team in this way – you doing your thing and other people doing theirs – the business thrives, people enjoy their work and, most of all, you are in a position to retire in your business and live your best life.
That’s it.
Tune in to my newly branded blog on Friday afternoons and let me know how the tips and insights I offer are helping you to Live Well, Stay Rich and Never Retire.
Did this article resonate with you? What did I miss? Send me a note and let’s start the conversation.
The process of finding a financial planner can be overwhelming. Our proprietary financial planning process is designed with you in mind. Its simple framework helps you make an informed decision about hiring the appropriate advisor.
Call me if you want to map out how you can Never Retire. You can also subscribe to our Never Retire newsletter, contact us to Order a complimentary book, register for one of our events, and call us to meet with a Certified Financial Planner. We offer you a range of services from a wealth plan to investment advice or help you take advantage of our investment models. Call me at 416-355-6370 or email me at richard.dri@scotiawealth.com.
Dri Financial Group 