OFI 1020: Are You Dreaming Of Retiring? Why Not Re-Frame What Retirement Really Means?

Off-Farm Income

KEY IDEAS: We are going to re-define "retirement" this week and show you how to get there immediately! "RETIREMENT" Our new definition of retirement is not the absence of work. It is the thrill of waking up in the morning and doing what you want to do. When we are in a job that is not the correct fit, we wake up and do what we have to do. Or, we do what someone else wants us to do. According to the United States' Census, farmers comprise the second oldest average age of any career type in the U.S. One of the reasons this is, is that so many people dream of farming. So, they "retire to farming." When they are finally free of the shackles of their day job, they get their pension, buy a farm and start living their dream. These people have re-defined retirement. They are not ceasing to work. They are doing extremely challenging work, but it is work that they want to do. They are waking up and doing what they want. My question for you is, why wait until you are 60 or 65 years old to start retirement? Why not start right now? Can you find something that you want to wake up and do every day? If so, why not do it now? It is the exact same thing you are going to do when you retire and finally get to live your dream. Do you ever see yourself giving up your dream of farming to "cease to work?" If not, why not start now? How will this harm you? FREAKONOMICS - RETIREMENT KILLS: A NEW MARKETPLACE PODCAST Stephen J. Dubner did an episode of Freakonomics about retirement. In this episode he shows that people who retire early and "cease to work" actually die sooner than those who keep working. Luckily for you and me, we are going to "work" in retirement, but it will be doing something we want to do. Don't get focused on some arbitrary date where you get to "cease working." Know that you are going to "work" for the rest of your life because you love agriculture. So, what is the harm in starting now? It's not like you are going to ruin your retirement and "have to work longer." You are going to work longer anyway, by choice! Do it now! CONTENTMENT: What we are really looking for is "contentment." We want to get to the point that we are happy with what we have, and if we never bought another material possession we would be just as happy. When you reach this point, the amount of disposable income you need to maintain your lifestyle decreases. This makes it possible for you to make this transition. Your variable expenses shrink because you are in the right fit, you are happy. You don't need as much money to live or to be happy. Thus, you can afford a pay cut when you are building a business or pouring money into your farm. I have never heard "contentment" explained better than in Dave Ramsey's book, "The Legacy Journey: A Radical View of Biblical Wealth and Generosity." This is a book about the Biblical principles of wealth management. I highly recommend that you check this out when considering the direction your life is going in right now. HINT: you do not have to be religious to understand the principles, they cross all lines, but this is based on the Bible. MAKE IT HAPPEN: I sincerely hope that you will make this happen for yourself as soon as possible. It has been one of the most powerful transitions in my life, second only to becoming a father and possibly becoming a husband. I want you to do it sooner rather than later and be re-born just as I have been. Please let me know how I can help. Contact me anytime! More Places You Can Listen to Off-Farm Income And Matt Brechwald: