Retiring As An Entrepreneur What Do You Need To Know

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Retiring As An Entrepreneur What Do You Need To Know – Ep. 91

Have you ever wondered how to plan for retirement as an entrepreneur?

In this episode, we’re talking about retiring as an entrepreneur. And there’s a couple of key things that you need to know. So let’s do this!

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Podcast Key Points:

0:00 – Episode Overview
1:14 – The Idea of Retirement
2:39 – Gold Standard And Why That Matters
5:35 – Sponsorship Cashflow Unlocked
6:45 – Fear Around Pulling Money To Fund Business
8:52 – Why Public School Effects Us

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Planning for Retirement as an Entrepreneur

Have you ever wondered how to plan for retirement as an entrepreneur? Or maybe you feel guilty, or shame or some sort of uncertainty about retirement and what you should do? Since you’re not choosing a traditional job, right? This episode is going to be for you. We’re going to talk today about retiring as an entrepreneur. And there’s a couple of key things that you need to know. So let’s do this!

Welcome to the Your Money Your Life podcast. I’m your host, Aimee Cerka after over 10 years in the personal finance industry and multiple personal financial and medical crisis I was fed up with the lies are being shouted from the rooftops by the Guru’s and the media. If you’re ready to eliminate fear, stress, struggle, frustration and guilt, from your finances. All the areas they affect, you’re in the right place. Welcome. I’m so glad you’re here.

The History of Retirement

Welcome back to another episode of the Your Money, Your Life podcast. I’m your host, Aimee Cerka. I am excited to talk about retirement today and retiring as an entrepreneur because there’s a couple of misconceptions, like we need to sit here and bust. Okay. Um, let’s just start. Um, yeah, let’s start here.

Okay, let’s start with like our history. The idea of retirement originally came from a German chancellor in 1889. The reason why he invented this was to appease an uprising of unemployed Marxist.

Okay. So the reason that the idea of retirement was invented was to like appease people into submission, almost Okay, right.

Traditional Retirement Options

Like, let’s just start there. There’s not a whole lot but the 401k, which were pretty popular with now, and Retirement and Social Security, some of those things, they’re talked about, like they’ve been around for a long time.

They haven’t. Okay, the 401k was invented less than 50 years ago, 1978, just after the Vietnam War. And this happened, just six years after the US Dollar was removed from the gold standard.

Okay. 1971 was when we were officially removed from the gold standard, little backstory, if you haven’t heard me talk about why that is important is the US dollar is now a fiat currency, that means there is nothing backing it there is nothing that is giving it specific value other than, quote, air quotes, they say so, okay.

The Impact of Inflation

And because of that, they can print as much money as they want, which we’ve seen whose last 18 months, over half. last statistic I saw was about two thirds of the money that’s in circulation has been printed in the last 18 months. You know, what we’ve also seen the last 18 months, unparalleled levels of inflation.

Now, I’m not sitting here blaming any level of the administration, like, doesn’t matter what side of the spectrum you fall on, there are people on both sides, but like the Federal Reserve is not even, like actually a government entity. Like there’s more there, we could dive into that. But that’s a whole nother thing.

Rethinking Retirement Strategies

The point here is all of these things, that we’re almost indoctrinated with retirement and social security and our 401k, and you have to have all these things. They’re not really time-tested strategies. And even if they weren’t time tested strategies when they were invented, and the age that we’re living in now are two totally separate things.

Now, if you want to have a 401k, that’s absolutely fine. I mean, we joke now like, what is it a 201K, there’s not as much return as things that we’ve seen previously, which I firmly believe is going to continue to happen.

You can absolutely do that. It can be a smart way to hedge some of your assets and investments. It’s not a stream of income, though, so we need to keep that in mind.

But these ideas were created for a different era and a different purpose.

Retirement as an Entrepreneur

So as an entrepreneur and taking control of your own business, what’s the goal? Are you working till you’re 65? And then you’re trying to retire like somebody who would be working in a traditional job? Are you building cashflow assets now that either you have the legacy, maybe you’re a course creator, and you have courses that can be evergreen and sold indefinitely, and maybe you’re not actually retiring and you’re just working less.

You have a team do it for you and you show up, I don’t know, an hour or two a week, like that can still be fulfilling. We’ve also proven that if you’re not active in retirement than your time to be gone, I’m trying to say that some of the nice way. If you’re not active and doing things in retirement, then you’re much more quickly to pass away, statistically, again, but like.

Building Cash Flow Assets

What if you finally could make consistent income and achieve that six-figure business without another software without putting in more hours, or without posting more on social media? This episode of the podcast is brought to you by Cash Flow Unlocked.

Inside Cash Flow Unlocked, I’ll give you three essential keys to increasing your cash flow. So that you make more money, understanding numbers, game financial control, and confidence. Even if you just don’t have the time for one more thing.

This isn’t one of those classes where you get part of the information in zero help. I call it a workshop for a reason. Yes, we’re going to go over those three essential keys. But then we’re going to walk through the first steps you need to take together so you aren’t left in information overwhelm, see all the details when it’s happening, all the things and register, simply visit Amy circa.com forward slash workshop. And in case you’re driving that link is hanging out in the show notes for you.

Customizing Your Retirement Plan

Look at it this way there was I have a client, and she was using she has a 401k and some of those retirement accounts in place. And she was choosing to invest in her business. So she pulled money out of one of those retirement accounts to be able to use that to invest currently in her business.

And at first there was a lot of fear there was like, Okay, what am I going to do about retirement? When we talked about this, I was like, Okay, what’s the goal, you’re no longer in that corporate job, we have so many different options.

Now. If you want to work less, if you want to, quote retire, we have the whole financial freedom discussion. So many of those things. If we start with like, hey, what is the goal?

Working Towards Your Retirement Goals

If you want to be able to work less when you’re older, then structure your business so that you can work less that it doesn’t always need you that you don’t just have to work one to one with clients. And there’s so many things that we can go to there.

So there’s the goal, and then like start working towards the goal. That’s what this like, what’s the difference? Where what would the solution be there is that something that you need to have this 401k, maybe you can have a real estate portfolio, there’s so many different ways that you can have assets set up producing cash flow, and we’re going to talk about this over the next couple of weeks.

Questioning Traditional Beliefs

So if you’re intrigued, like these things work, and I would almost argue that they work better. But it’s not only like a better, it’s the things that actually make the difference.

So we talked about like your financial security calculator and helping you be secure financially, in a 2023 inflation world, right. So we need to do the same thing with our retirement, our assets and our cash flow all those things, set them up for a way that makes sense now in 2023, not just be having a 401k.

Challenging Conventional Education

Because that’s the quote, thing to do. There’s a lot of things out there that we don’t even really know why we believe things that we believe. And part of that is the public school was designed.

Public school was really created during the time of the industrial age, when we were working on getting more people into the factories to help build weapons and all the other things in the factories, right industrial age. So they public school was designed to create more people to be factory workers.

That’s why we’re taught what to think, not necessarily how to think and this is not about bashing public school, there can be a million ways to improve it. And the people that work in the public school system, like they’re amazing, and they deserve a lot of support. But we have to understand why we do the things that we need to do and until we can start questioning those things.

Embracing Entrepreneurial Mindset

And actually, this is something that we’ve talked about even rather recently. This was an Instagram stories, that in public school, were taught to ask permission for everything like raising your hand, can I go to the bathroom, raising your hand, ask questions, get permission for everything. So then we grow up, and we’re waiting for permission for everything and especially as entrepreneurs, that’s something that we have to break out of, and we have to work house because if we’re waiting there for permission, we’re not, you’re not gonna get it.

There’s nobody there to give you permission. So I guess I’m going to try and give you permission like you’ve got this Take, take charge, break out of those norms that we feel like 401 k’s are the only path to retirement because they’re not.

Taking Steps Towards Retirement as an Entrepreneur

So if you want to retire as an entrepreneur, let’s set that up for success. What is the goal? What do you want this action to look like? What does retirement look like for you? How like so that way we know what we’re working towards? What do you have in place? Now? What’s the gap? What could that solution be?

Ask yourself, how can this happen? Questions? And then we can talk about your cash flow. And if you have that cash flow, like why does that matter? Why does that make the biggest difference? We’re gonna start talking about that next week on the podcast. So that’s it for now. I’ll see you then.

Next Steps

Thank you so much for listening to the Your Money, Your Life podcast, wondering what’s next. When you’re ready. There are different levels of support that you can use on the path to creating unstoppable finances and your unstoppable life. After all, your finances are unique and your support should be to ultimately will create a customized plan to ditch financial struggle for good that works for you. Your goals, your priorities, your life. Go to https://workwithaimee.com to get started with one of our most popular programs, or you can book a q&a call with me, and we’ll figure out what your next step should be.

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