Love & Finances

I hope that this Valentine’s Day brings love, joy, and peace your way. I simply ask:

What’s Love Got to Do With It?

Well, most of the time, I say…..”A lot!”

Borrowing the question from Tina Turner, one of my favorite performers, I am answering it in my own voice.  I think most of us want to build wealth for not only ourselves, but for the people we love. Most people tell me that if they want more wealth in order to have more experiences with their loved ones, leave something behind for posterity, and/or have new experiences.

Wealth is no replacement for time, but it might help make more time for doing things with (and for) the people you love. I think many pending retirees, whether yourself or a parent, are thinking a lot about their own wealth situation and may agree with me. I received this bold question from a fellow Charisse Says member:

What would you recommend to someone who is 5-10 years from retirement?

Here’s my take on a few things you can do:

  1. Figure out your post-retirement lifestyle monthly number. Basically, figure out what will your post-retirement life cost you. I went through this exercise with my own parents, and it’s important to be honest with whether your cost of living to be the same, increase, or decrease. Many pending retirees want to downsize their living situation but also go on more trips, spend money on their grandbabies, and incur more medical expenses.
  2. Determine how you will fund your lifestyle, and for how long. You need some money coming in to fund your lifestyle. If you’re lucky, you will have some pension money. But, most people will need to tap into their retirements accounts (401k, IRAs, 403b, etc.), so this then triggers other questions:
    1. Can your current portfolio can completely fund your future lifestyle?
    2. Can I afford to retire in 5-10 years, or do I need to work in my current job for more than I thought?
    3. What are my other complementary benefits going to be – Social Security, Medicare, etc.?
    4. Should I have some other form of income coming in during retirement?
    5. How long will I live? - I know, a bit morbid but think positively.
  3. Assess whether you need help navigating the waters. Some people want to change their asset allocation in their portfolios in order to either make extra money, or not lose any money, in retirement. It all depends on whether it’s worth it to try and gain a little extra money, or avoid losing any. Since many people are retiring at later ages, your personal preference may vary. Consider consulting a financial advisor. Check out my video on “Dating a Financial Advisor.” If you have more specific questions on changing portfolio allocation to meet retirement needs, leave a comment on my blog.

Boldness in action

I told you that I would continue to share bold moments with you in my personal journey, so here you go – check out this unexpected scene with this parrot on my head on my recent trip to San Diego. My husband was clearly game too.

Again, I come back to…”What’s Love Got to Do With It?”....


Enjoy this week and continue to hug those people in your life that you love – that’s why many of us are on this pursuit to build wealth.