retirement

Will You Be a Boom or Bust?

August 16, 2018 By kwmccarthy

The following text of this On-Purpose Business Minute is dedicated to Baby Boomers, but the video is applicable to anyone in, entering, or exiting the workforce.

Think of a Baby Boomer you know—he or she may be your parents or you.

Three big trends are converging to create an economic swirl of circumstances that will define their next twenty to thirty years.

Baby Boomers are now hitting retirement age in record numbers.
The world economy is unstable and so are many retirement and pension plans.
Baby Boomers are retiring from jobs, but not from life, or the desire (need!) to keep earning.

Many Boomers will find themselves with

an empty nest
plenty of time on their hands
a desire to make a difference
a smaller retirement nest egg or pension than anticipated

Rather than heading for assisted living, they’ll be doing a “working retirement”—some by choice and others by necessity.

So what’s your plan for retirement?

Many of your friends may be saying, “I want to retire to Florida or Arizona to play golf, eat out, see movies, read books, relax, and visit my grandchildren.” Some of you may be thinking, “I’m interested in beginning my own business.” I hope so!

Perry James is a character appearing in both The On-Purpose Person and The On-Purpose Business Person. He’s a retired gentleman who provides mentoring and consulting services to a variety of small- and medium-sized business owners.

Perry is based on a dear friend and mentor of mine—Perry Nies, an MIT graduate with a Harvard Business School MBA, and retired business executive and owner. When I was in my early thirties Perry engineered me through some true business challenges. To this day we remain friends and are connected through church. At over 90 years of age Perry is an engaged and vital contributor who still consults and is involved in ministries. He’s also a role model for many Boomers of how to have an On-Purpose retirement.

The Baby Boom began in 1945. Today, the wave of Baby Boomers is being presented with a remarkable opportunity to dream and plan their “retirement.” Many will become “retired professionally” but seek to keep an active hand and mind in the affairs of business and life. I know for a fact that the Millennial and Gen X Generations need their wisdom, experience, and skills. I’m at the tail end of the Baby Boom and I value their counsel.

What if the most on-purpose years of your career are just around the corner … and you never make the turn because you hadn’t planned on it?

This blog post is simply my way of putting the challenge before the retiring Baby Boomers—keep Booming (and blooming).

Plan new businesses
Outline books you’ve always wanted to write
Offer your talent
Be a mentor
Stay connected
Think ahead
Develop your business plan now not later

Once they’re out of the flow of activity, most never return because they’ve fallen behind and the effort to get back up to speed is overwhelming.

Avoid getting caught short at retirement without a life and work plan. Without one, you’re likely to become a Baby Buster instead of a Baby Boomer.

To Do: Begin writing what your future could be. Download the Discovery Guide to help you get started.

What Is Money Worth to You?

June 19, 2018 By kwmccarthy

What is money worth?

After watching and reading this On-Purpose Minute, I invite you to comment below.

Money, life, and work are interwoven life themes. Your money perspective paints your financial outlook. Here’s a preview:

Money matters!

There isn’t a day in your adult life when you’re not handling money.

Consider all we do with money:

exchanging money for time
making money on the job
spending money for groceries, goods, and services
doing money makeovers
investing money
counting money
worrying over money
saving money
wasting money

There are nefarious aspects of money such as counterfeiting money, stealing money, embezzling money, and “following the money.” The list could go on.

Money is everywhere. Money moves and measures the economy.

Money is our storehouse of value. Money is in our pockets and purses. Money rests on our dressers, in our drawers, and under our mattresses. When we’re short of money and long in the month, we’re worried.

Money can be the currency of a relationship, as in a couple fighting over money, investing for retirement, or saving for a home down payment. Money opens doors to social standing and status. There are people with old money and new money. Money can define a parent–teen relationship. There’s mad money. And then there’s money madness.

Money has meaning but it isn’t the source of meaning and worth.

It can be a source of security, income, worry, emotional stability or instability, the driver of our decisions, and generous giving.

Artists and theologians weigh in with gold nuggets of money advice:

1 Timothy 6:10 informs,

“For the love of money is a root of all kinds of evil. Some people, eager for money, have wandered from the faith and pierced themselves with many griefs.”

Did you catch that last phrase, “and pierced themselves with many griefs”? Talk about self-inflicted problems! Money is the result of service, provided there is a mechanism in place for a fair exchange of value.

Pink Floyd’s Money lyrics (first stanza below) from their album Dark Side of the Moon reflects the dilemma with the almighty dollar:

Pink Floyd Dark Side of The Moon album cover — Click the cover to order from amazon.

Money, get away
Get a good job with more pay and you’re O.K.
Money it’s a gas
Grab that cash with both hands and make a stash
New car, caviar, four star daydream,
Think I’ll buy me a football team
Money get back
I’m all right Jack keep your hands off my stack.
Money it’s a hit
Don’t give me that do goody good bullshit
I’m in the hi-fidelity first class traveling set
And I think I need a Lear jet
Money it’s a crime
Share it fairly but don’t take a slice of my pie
Money so they say
Is the root of all evil today
But if you ask for a rise it’s no surprise that they’re
giving none away

In a prior On-Purpose Minute titled, “How’s Your Trust Account?” I invite viewers to consider where their trust is located … really.

Previously, I asked you to consider what you would do differently with $100,000 in your pocket.

Money will become whatever you choose it to become.

Will you become a slave to it or will you be the master of it? Come to terms with your attitude toward money. Money can be a source of great confusion and consternation. It can also be a source for provision and blessing.

Money can help you be on-purpose! Every time you use it, ask yourself, “Am I spending or am I investing this money?” Then consider if you are spending time or investing your time.

Ask yourself this simple question: What is money to me? Now you’re invited to chip in below with your comment to the question: What is money?

Let me hear from you!

Be On-Purpose!
Kevin

P.S. Perhaps you remember this “Show me the money!” scene from the movie Jerry Maguire.

Are Your Excuses Getting Old?

September 5, 2017 By kwmccarthy

Listen to what you say about yourself!

Stop using your age, for example, as an excuse that prevents you from becoming and doing what is on-purpose or what is most important in your life. Age is a fact. It comes with certain physical realities—even some limitations—but why give it greater permission than it deserves to control the well-being of your life?

You get to choose your attitude about age.

BABY BOOMER & GEN X ALERT: Do not read unless you are prepared to face reality.

MILLENNIALS: Scroll down

Judith, my wife, and I offer health coaching services that help clients create a healthier, on-purpose lifestyle. Being overweight contributes to many diseases and conditions such as type 2 diabetes, high cholesterol, and high blood pressure.

Too many of our pre-clients subscribe to the “getting old” excuse to “rationalize” unhealthy choices versus accepting responsibility and actually doing something about it.

We can’t turn back the hands of time, but we don’t need to speed up the biological clock either.

The onset of aging is inevitable, even desirable considering the alternative. Edward Bulwer-Lytton‘s quotation about aging captures the essence of the choices about growing older: “It is not by the gray of the hair that one knows the age of the heart.”

Are You Maturing or Just Getting Old? is the title of a prior On-Purpose Minute. In it, viewers were confronted with a choice to mature or simply grow old. In a slightly different twist, I pose the question again: Are you resigned to your condition or will you accept responsibility?

Frankly, your “old age” excuses are getting old.

Avoid letting the measure of life be your years on the planet. It matters not whether we’re talking your health, career, attitude, finances, or whatever. You are in greater control than your age is. Don’t let hardening of your attitude be your downfall when you can harken new possibilities into being. Embrace the changing dynamics and adventures that come with time. Rather than running from them, run to them.

When chronology defines you, then the impersonal march of time becomes your master. Instead, reject the “I’m getting old” excuse and toss out the devil of your premature personal demise on his big fat red tail.

Stop willingly accepting age as an excuse for infirmities of many makings. It is one thing to age gracefully, quite another to employ it as a rationale for self-inflicted infirmities of the mind, body, and spirit. Age is a measure of a life in years, not a life sentence.

Let’s Retire Retirement

The age of retirement, even the concept of “the age of retirement,” is an artificial construct by the government or a company. Admittedly, for many it is a very important finish line in a long and productive career. And that’s all it is!

How might your thinking be different if the age of retirement were 80 years old instead of 65?
What if you had to be 70+ instead of 50+ to get an AARP or AMAC card?
Would you take better care of yourself?
Would you dream different dreams?
Would you invest your time differently?

Did you know that the two highest risks of mortality are birth and retirement? So, you got past the first one. Now what’s your thinking about the second highest risk factor? After traditional retirement there begins an 18-month time frame of high mortality for workers. There’s a profound link between health and the loss of feeling needed or useful.

What benefits are there to succumb to these artificial ages and deadlines?

You—the independent thinker and aspiring leader—have you bought into the cultural norm and fallen prey to the group think?

Resist the lies surrounding the age of retirement as being life-defining and health-declining. Yes, circumstances and conditions change, but your spirit and purpose are forever.

Millennial Alert, Too!

Age is not just an excuse of the senior citizens; it influences youth as well.

Excuses such as “I’m too young for anyone to take me seriously,” or “Hey, you’re only young once, so I might as well get drunk tonight,” are self-deceiving ploys often unwittingly designed to put off the inevitable maturation process of becoming a man or woman of fine character.

The “age of the heart” is timeless.

Baby boomer, Millennial, or Gen X: Choose to carry a youthful spirit, attitude, perspective, and activity in your heart regardless of the condition of your physical shell. Choose to mature into wisdom, leadership, grace, empathy, service, compassion, and well-being. That choice comes at any age. We’re blessed with the Great Generation because those who remain generally personify positive and productive choice. Think that’s a clue?

Purpose is a matter of the heart.

Explore your heart’s condition and you’ll more likely embrace the depth of your being and discover just how miraculously and wonderfully made you are and can be. You’ll also live a longer, healthier, and more meaningful life. There’s a reason why I autograph my books with “Be On-Purpose!” I want to remind you to be who you truly are and the best version of you possible.

Give yourself the gift of a joyful life by rejecting your old excuses and choose to be on-purpose.

Update: This On-Purpose Minute originally aired in March of 2011.

At that time I did start working out with Anne on the stadium steps at our local high school and got back into great shape. The point is that while age and aging is a reality—if we’re using age as an excuse—we must stop and take a hard look whether we’re painting with too broad of a brush. Stop using age, any age, as an excuse and be real about what’s really going on.

Update 2: Anne was home recently and invited me to go run the stadium steps. Game on! It had been some time, but I did 2 sets of stadium steps, felt my leg burns, and discovered what I already knew: I still have it … but not nearly as much of it! : ) I need to get back in better shape.

Is a Startup Business a Smart Career Move?

December 3, 2015 By kwmccarthy

Are you unemployed, underemployed, or just plain finding that your corporate job is slowly sucking the life out of you? Are you gasping with this suffocating sense of being stuck with just enough air to breathe, yet barely enough to thrive? Is some combination of your income, lifestyle, family relationships, and health suffering because of dissatisfaction and frustration with your present work situation?

Start Small. Keep Your Overhead Low. Work Hard. Pray Unceasingly.

Starting a business isn’t just for people with business degrees and experience. Motivation, hard work, and a willingness to learn serve any budding entrepreneur.

Plan ahead for starting your business off right. In time, you’ll ease into the transition. Sometimes it is thrust upon us from necessity. Regardless of whether it is a retirement, layoff, job elimination, or simply what you want to do, starting a business is a smart move.

Here’s my list of 10 compelling reasons for starting a business:

Escape the rat race. Get out of that corporate job and transition to more meaningful and enjoyable work.
Personal expression. A business can be a creative outlet for a hobby or passion.
Independence. Set your own hours, decide who you want to target as your customers, and don’t have a boss.
Retiring to work. Retirement looms in a few years so growing a business represents a smooth transition and new sense of work identity.
I need the income. Your small business may provide extra income to cover the bills for braces, college, and vacations. As it grows it can replace your current salary and become full time.
Tax breaks. A small business is a vehicle for deducting some existing expenses from your tax return. Consult your CPA, but when the business picks up a fair share of the bills, it can ease the household budget.
Ambition. A small business can become a big business! Put your ambition to work.
Change the world. A business can be the means for you to truly change the world with your business idea, invention, or service.
Plan B Security. A sour economy can be a ripe time to start a business. In such times it may be the means to provide for one’s family and self in the event of a job loss or cutback. Security matters.
I can do better. Many businesses have begun because the founders knew they could do better than their employers or what was offered on the market. I’ve seen women-owned businesses blossom simply because the founder wanted equal pay in parity with men and to do better for her family.

Do you need to be the next Elon Musk of PayPal, Jeff Bezos of Amazon, Steve Jobs of Apple, or Bill Gates of Microsoft?

Not really … but what if you could be? Are you ready to trust your dream? Starting a business may be one of your smartest moves yet.

Be On-Purpose!

Kevin