By John Checki, CPA, CFP, CRC
Boomers! Wow, what a generation. We live here and now. We are coming down the pike and changing everything in our path. Here are the seven biggest mistakes Boomers make.
1. Longevity: Years ago, I went to www.realage.com and discovered despite riding a motorcycle, driving a convertible MINI S, being an active Divemaster (Scuba Diver), and being married to a gorgeous blonde artist, I would live until age 94––no kidding. That was a shock. (The motorcycle is gone, the MINI replaced, and Suzi is still with me.) We’ve been asking family and friends, “how long are you planning to plan on living?” Have you gone to www.realage.com, www.sonnyradio.com/realage, or www.boomerator.com to see how long you may live? Factors to consider: Parents & family (how long do we live, what type of maladies we have), our activities, (how we work, play, exercise, and entertain). Stress level, happiness, health now, what we eat and drink, and how often and how much are all factors. Output, that’s work, play, exercise, activity, etc. All this factors in to how long, statistically speaking, we might live. Many of us will probably be surprised by how long that is from now. Do the math. Remember inflation? Might want to put in a little inflation.
- Thinking we can always work and make money: This wonderful job, career, business will continue for as long as I need it to continue, right? Not necessarily. There is an economic cycle and we’re all riding that bike together. We can earn and learn, save/invest, and live modestly or not. The or not is the basic problem with all money situations. How about switching careers so we can maximize our income between now and later? Well, if it has been a passion our whole life and we would regret never doing it for money, maybe. Yet, why not do it part time just to see if we like doing it as much as we did dreaming about doing it. If we spend less than we make, great, if not, we will need to work until we die, plus two more weeks. We can only hope someone will hire us, or buy from us. This is not always the case.
- Assuming great health and ignoring the costs of health care. We’ve always been young, strong, and healthy, won’t that last forever? How wonderful it is to have parents who lived long enough to age, so we can learn there is a beginning, middle, and an end to life. Yes, we need to take measures to assure we’re in great shape and leading a balanced life; yet, how is that working for us so far?
- Money: What happened to it? Now that we’re older and can’t drink or eat or do as much as we used to, let’s go with the best stuff, not just the good or the better stuff. Problem with that philosophy is, unless we have a vision, passion, and are willing and able to pay the price and still pay the bills, good for us. Perhaps we are in the majority, and having the best is something we want. If so, consider renting first, just to see if we just must have it or can live without it.
- Relationships: Marriage is an expensive hobby that comes with a lot more than just fringe benefits––children, in laws, moms and dads, uncles and aunts, cousins, and problems with expectations, misunderstandings, baggage, loss of abilities, growth in opposite directions all come with it. We can go from hopeless to sublime, with a little training and application.
- Not Planning: Some of us were born planners. Yet, everyone has a surprise or two along the way. Wouldn’t it be wise to plan ahead, then work that plan? Not planning leaves only valleys full of swamp and disappointment. Consulting with coaches, guides, and planners can equip us to anticipate the next turn in the path of life.
- Education: It’s an ongoing thing not just in school. This should be a lifetime experience and adventure. Education can equip us for new challenges, teach us perspective on our history, and prepare us for a bright shiny future. Ignorance and/or lack of education pushes us into worry, fear and chaos, day in and day out. Blind allies and dead ends follow. Why not invest in ourselves and be ready and able to not only stand at the door, but hear opportunity knock and be prepared to open it. Wouldn’t that be more fun than being shut in and left out? Of course, that is why wise parents, friends, ministers, mentors, family, buds, and everyone with a lick of sense continues to learn and learn and learn. It’s that E-to-E ratio: Education to Entertainment. The greater the ratio the greater the potential we have, at every age. So, one of the biggest challenges for Boomers is not getting our education in gear, on a continuous basis.So, what should we do?Find someone who specializes in helping Boomers like us. They understand us, our concerns and issues, and help people just like us. Most importantly, they have a successful track record working with Boomers. He has a multiple disciplined approach so his orientation is to understand your unique situation and help you through it. An acknowledged all-star is a great choice. Lastly he has lived through the experience as a Boomer himself. There is no school or substitute for this particular experience.
Securities are offered through Securities America Inc., member FINRA and SIPC, Advisor services offered through Securities America Advisors., an SEC Registered Investment Advisor. John Checki Representative. This is not a CPA Firm.
John and his firm have been helping some of the nicest families in North Dallas, Richardson, Plano, and Frisco for about 30 years. We specialize in Baby Boomers’ Wealth Management and have a unique and complete Wealth Management Process. You can read the rest of my story on my website. (My proudest accomplishment is my family: Children, Grandchildren, and Wife.) We love to travel, scuba dive, take pictures, study, and attend family and church gatherings.
