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I’ll address a common concern among female entrepreneurs: is it too late to catch up for retirement? After a client’s heartfelt question, I delve into the misconceptions about retirement that many of us have been taught.

We’ll explore two crucial keys to retirement success: consistency and automation.

Plus, I’ll guide you on how to blend enjoying life now with planning for the future. Tune in to redefine your approach to retirement and find out how to create both financial security and a fulfilling lifestyle.

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Resources: Is It Too Late To Catch Up For Retirement?

Podcast Key Points

0:00 – Episode Overview
1:34 – The Idea of Retirement
3:22 – Saving Everything For A Rainy Day
8:53 – Most Likely To Become2 Keys To Success In Saving For Retirement
9:57 – Staying Consistent
10:26 – Prioritization of Saving


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Is It Too Late To Catch Up For Retirement? 2 Keys To Retirement Success As An Entrepreneur

Catching Up for Retirement

Let’s talk about retirement today. Today’s episode comes from a question that a client submitted to me, and what she said was, I’m older. Like, I want to know if it’s too late for me to catch up on retirement. So I’m really excited to get into this because there is a lot here that we’ve been conditioned to believe.

Changing Views on Retirement

We were all taught, you know, go to school, get good grades, get a good paying job, and then you’ll be set to retire. But where did that idea come from? Because honestly, like, that thought process that a dream doesn’t work any longer. This was created during the industrial age.

The Reality of the Economy

Look at everything that has happened in the economy and inflation. Things are not the same place that it was before. So the idea of retirement is that something that you’re even working towards is having a conversation with a friend a couple weeks ago about the idea that, you know, we have to save everything. And there was a lot of comments on there that people didn’t understand what I was talking about.

Enjoying Life Now and Later

We have been conditioned to believe that we need to save everything. There’s a lot of indoctrination that goes on that we need to save everything. We need to do this. And, you know, you’re wrong if you’re in debt and all of those thought processes that we have to do all these things to be able to get to this age, this retirement age, and then all of a sudden you can live life.

Balance in Retirement Planning

What if you could still have fun, enjoy, create those lasting memories now and still work towards the future? It can be a both thing. And that’s one of the keys that we have to work through with retirement, especially as entrepreneurs, because, you know, we want to create this lifestyle. But then we feel like we have to be doing all these things as well.

Consistency is Key

It’s not if you feel like you have to catch up for retirement, it implies you’re behind and you’re not behind there, there’s nowhere like that’s just the thing. We’re just working to improve. Where you’re at is where you’re at. There’s nothing we can do to change the past.

Financial Freedom Explained

Most of us as entrepreneurs, we enjoy what we do. Are you really, truly looking to build this and then walk away, not do anything, or you just want to be able to do it less? And this is kind of where, like, financial freedom, the idea of financial freedom comes into play. So you attain financial freedom when it’s passive income.

Passive Income Streams

Passive income means it does not take you. So your coaching business is not a passive income stream. There’s nothing wrong with it being an active income stream, but we need to be aware that’s not financial freedom. So long term, yes, maybe you want to walk away.

Structuring Business for Success

You want to sell your business, whatever that might be, and that’s fantastic if that’s what you want to do. But for a lot of us, I think we enjoy what we do. We have that, that drive, that passion. Like, we have to stay active.

Automation and Consistency

We want to keep doing things. Maybe we just do less of it, less hours, and that’s still feasible. And that’s a whole different conversation because then we can talk about pricing structures and packages and all those to streamline and scale. And I do a lot of that now.

Importance of Automation

Two keys to being successful long term. The first one, staying consistent. You have to be consistent. And this is why we talk about with the savings account, even if it’s just dollar 25 a month that you’re putting in, if things are really tight.

Automation for Savings

You are so much more likely to succeed when you automate it. Now, a lot of times we’ll hear those talked about with traditional, like traditional w two income that you can put, I don’t know, 10% into savings or, you know, we had the 401K, whatever that might be. And it’s done before you even see the money. And that works great if you can do that that’s automated.

Making Automation Manual

You could, if you’ve got payroll set up and all those things, and just probably have to pay your bookkeeper or whoever a little bit more to set up those things. So the way that we automate air quotes here for the podcast listeners way that we automate this in a manual way is our weekly check ins. So every single week when you sit down and do the income, the first thing that you do is designate the spot. Now you can do this twice a month if you want.

Small Steps Make a Difference

Put it in a separate bank if you’re doing your savings account. If you’re finding like a 401k or something, that’s going to be a little different because that’s out-of-sight, out-of-mind. But put your savings account at a separate bank so that you don’t see it when you log into your checking account. We can link to that episode as well because we’ve done an episode on that crazy results show up when you just do that little thing.

Conclusion

If you’re a client, make sure you’re in the Facebook client community. We can feature you here on the podcast as well. That’s it for now. We’ll see you next time.

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Aimee Cerka
Aimee Cerka

The Money Confidence Coach - She helps motivated women, like you create the happiness, family life, financial security, and long-term wealth they deserve. Create unstoppable finances so that when the next curveball is thrown your way... You're prepared. Click Here to Learn More

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