1 00:00:00,040 --> 00:00:04,799 A lot of retirement people now are shifting towards some sort of secondary career. 2 00:00:05,000 --> 00:00:08,359 It could be something that they consulting in a business that they were part of, 3 00:00:08,359 --> 00:00:11,119 our industry they're part of. It could be as simple as uber. 4 00:00:11,839 --> 00:00:15,119 Remember, we're just living a lot longer now too, so retirement lasts a 5 00:00:15,119 --> 00:00:19,039 lot longer than it ever has for generations in the past. And I think 6 00:00:19,039 --> 00:00:23,760 people are more active, healthier, and are more capable of having a secondary 7 00:00:23,800 --> 00:00:28,480 career. You are listening to carry Lets's Financial Survival Network, where you get 8 00:00:28,600 --> 00:00:34,359 valuable information you just can't find anywhere else to thrive in today's trying times. 9 00:00:34,399 --> 00:00:40,439 You need the Financial Survival Network now more than ever. Go to Financial Survival 10 00:00:40,439 --> 00:00:46,119 and Network dot com and get your free newsletter and gift. Financial Survival Network 11 00:00:46,640 --> 00:00:55,320 now more than ever, and welcome. You are listening to and watching the 12 00:00:55,679 --> 00:00:59,799 Financial Survival Network. I'm your host carry Loves Well. If you're a bo 13 00:01:00,439 --> 00:01:06,239 or an exer, you're thinking about retirement, what it's going to be like, 14 00:01:06,760 --> 00:01:08,680 will you ever be able to do it? Well? This is not 15 00:01:08,959 --> 00:01:14,799 your father or your grandfather's retirement. You need to go to this website. 16 00:01:14,879 --> 00:01:19,879 You need to buy this book, The Fifth option dot com Retirement solutions for 17 00:01:19,920 --> 00:01:26,400 a modern economy. And I think you're going to really enjoy hearing from Walter 18 00:01:26,519 --> 00:01:34,040 Young, my next guest. The book is Fifth Option Your Retirement and why 19 00:01:34,079 --> 00:01:38,760 your retirement plan won't work the way you think it will. Walter, great 20 00:01:38,799 --> 00:01:45,200 to have you on the show. And why oh first, if you got 21 00:01:45,200 --> 00:01:48,680 a question for Walter and myself, I urge you to send me an email. 22 00:01:48,719 --> 00:01:52,840 I read them all. I'm caught up on everything now because I scaled 23 00:01:52,920 --> 00:01:57,840 back asking you for emails. Send me your email k l at kreluts dot 24 00:01:57,879 --> 00:02:01,840 com. Walter, pleasure, honor to have you on the show. So 25 00:02:02,640 --> 00:02:07,840 retirement ain't what it used to be. So you're not going to get a 26 00:02:07,920 --> 00:02:12,879 gold watch from your employer because you worked there twenty five or thirty years and 27 00:02:12,919 --> 00:02:17,560 a retirement bash. Although I'll tell you my friend retired as a pilot from 28 00:02:17,719 --> 00:02:22,800 United Airlines. I don't think they gave him a gold watch, but they 29 00:02:22,840 --> 00:02:27,680 did shoot his plane with water cannons at Newer Airport on his last flight. 30 00:02:29,879 --> 00:02:34,199 There are a few bastions where perhaps you can celebrate a long career like that. 31 00:02:35,400 --> 00:02:38,599 Yeah, so what's different now? How did it happen? What do 32 00:02:38,680 --> 00:02:42,680 you do about it? Yeah, great question. So you kind of hit 33 00:02:42,719 --> 00:02:46,039 the nail on the head, which is really we're moving from what once was 34 00:02:46,240 --> 00:02:50,319 a pension in society into a pension less society. Maybe a few of the 35 00:02:50,319 --> 00:02:53,599 boomers still work for cities or states or something like that where there are some 36 00:02:53,840 --> 00:02:57,080 pensions, but by and large, what's happening now is that we are probably 37 00:02:57,479 --> 00:03:02,360 more responsible than ever for our retirement outcomes. And I could also argue that 38 00:03:02,400 --> 00:03:07,400 we may be the least prepared for that in terms of education and understanding of 39 00:03:07,439 --> 00:03:10,879 how retirement really works. And so I decided to write a book that really 40 00:03:10,879 --> 00:03:15,759 helps take some of the latest research from the academic world and turn it into 41 00:03:15,800 --> 00:03:17,759 a story form so that it's a little more accessible to all of us, 42 00:03:19,280 --> 00:03:22,719 so we don't just get lost in the charts and grass. And the idea 43 00:03:22,800 --> 00:03:28,520 behind the fifth option is that we are now moving into a time frame where 44 00:03:28,599 --> 00:03:31,560 we have to deal with two unknown questions, and I deal with this in 45 00:03:31,599 --> 00:03:36,360 the form of a story, which is simply this. Imagine you are on 46 00:03:36,360 --> 00:03:39,879 a desert island and you recognize that there's no way off this island, and 47 00:03:39,879 --> 00:03:45,719 in front of you is a barrel of water, and that water represents all 48 00:03:45,759 --> 00:03:49,000 the water you have to drink on the island. Carrie, how much water 49 00:03:49,039 --> 00:03:54,639 would you drink each day? Well, I wouldn't be overdoing it because I 50 00:03:54,680 --> 00:04:00,479 don't want to get rid of my supplied So the minimum require to keep me 51 00:04:00,599 --> 00:04:04,759 hydrated and in good health. Right, that's exactly right. So I asked 52 00:04:04,800 --> 00:04:09,080 this question, you know, as I speak around the country and lots of 53 00:04:09,080 --> 00:04:12,360 groups, I asked that question. But there would be two other pieces of 54 00:04:12,400 --> 00:04:15,280 information that would be helpful. One is how long am I going to stay 55 00:04:15,280 --> 00:04:17,959 on this island for? Well, I can't know that necessarily. Second, 56 00:04:18,279 --> 00:04:23,319 will it ever rain? Will it ever replenish my bucket? I can't necessarily 57 00:04:23,319 --> 00:04:27,160 know that answered either. And so if I don't know the answers to those 58 00:04:27,160 --> 00:04:30,959 two questions, then what you said is absolutely correct. I must take the 59 00:04:30,040 --> 00:04:34,319 least amount of water outs each day just to stay alive, hoping for some 60 00:04:34,360 --> 00:04:38,759 sort of a rescue. But now let's change the scene a little bit. 61 00:04:38,800 --> 00:04:41,680 Let's pretend, instead of being on a desert island, that we're actually in 62 00:04:41,720 --> 00:04:46,279 your office on the last day of work, and your office provided you a 63 00:04:46,279 --> 00:04:48,480 big barrel of money, and that is the money that you have that's going 64 00:04:48,560 --> 00:04:51,959 to last for the rest of your lifetime. So Kara, ask you again, 65 00:04:53,519 --> 00:04:56,639 if you're driving home with your barrel of money, how much money can 66 00:04:56,680 --> 00:05:00,160 you spend each day? How much money can you spend each day? Well, 67 00:05:00,199 --> 00:05:02,160 again, you want to conserve it because you don't know how long it's 68 00:05:02,199 --> 00:05:08,720 going to have to last. So the minimum amount that you require for your 69 00:05:08,800 --> 00:05:14,959 needs, plus whatever pleasures you want to engage you in, so you can 70 00:05:15,040 --> 00:05:16,680 see that it. Interestingly, it's the same kind of question, right, 71 00:05:16,720 --> 00:05:19,560 So we want to ask now we want to know two more pieces of information 72 00:05:19,560 --> 00:05:21,959 to be able to dial this in, which is one how long am I 73 00:05:21,959 --> 00:05:26,680 going to live? You can't know that, and two what rate of returns 74 00:05:26,680 --> 00:05:30,160 will the market provide you? You can't know that either. And so when 75 00:05:30,160 --> 00:05:34,240 we are unable to answer those two questions, the default in financial planning is 76 00:05:34,279 --> 00:05:39,240 to take out the least possible so that it can last a thirty or thirty 77 00:05:39,240 --> 00:05:42,240 five year period of time. And in fact, the study was done in 78 00:05:42,279 --> 00:05:46,240 the nineteen nineties that asked that simple question, which is what is the maximum 79 00:05:46,240 --> 00:05:50,120 withdraw rate I can take out of a portfolio so that it lasts thirty years? 80 00:05:50,759 --> 00:05:54,680 And the answer to that question. Back in the nineties was four percent, 81 00:05:55,199 --> 00:05:57,560 So a lot of your listeners may have heard of the four percent rule 82 00:05:57,680 --> 00:06:00,600 or the safe withdrawal rate rule, and that was its origin. Today, 83 00:06:00,800 --> 00:06:05,040 you might have some arguments. Some folks like doctor Wade foul for the American 84 00:06:05,040 --> 00:06:09,199 College of Financial Services would argue that it's closer to two point eight percent. 85 00:06:09,680 --> 00:06:13,319 Others like Vanguard might tell you that it's three point five percent. But the 86 00:06:13,360 --> 00:06:17,480 whole point of the conversation is that it's a much smaller number than you're expecting. 87 00:06:17,959 --> 00:06:20,240 So what does that mean? In reality? It means that if I 88 00:06:20,360 --> 00:06:26,279 actually can save a million dollars, then I should be budgeting somewhere between thirty 89 00:06:26,360 --> 00:06:30,160 and forty thousand dollars of income to live on. And for most of us 90 00:06:30,560 --> 00:06:33,519 that's just not enough money to live on well. But also a million dollars, 91 00:06:33,600 --> 00:06:36,920 there's a lot of money to save, right plus your social Security you 92 00:06:38,000 --> 00:06:41,720 got to throw into the obsivation you're going to get some and you know, 93 00:06:42,759 --> 00:06:46,560 I think the maximums forty three forty five hundred dollars a month now in that 94 00:06:47,040 --> 00:06:50,920 neighborhood, depending on your work record. And so what people are starting to 95 00:06:51,120 --> 00:06:56,040 wake up and realize is that that the amount of money that you're going to 96 00:06:56,160 --> 00:07:00,319 save is not going to generate as much income as you would hoped. And 97 00:07:00,360 --> 00:07:02,439 so traditional financial planning will give us four options. I call them the four 98 00:07:02,519 --> 00:07:05,360 frustrating options. The first option, I'll tell you is what you have to 99 00:07:05,360 --> 00:07:09,720 save more, We'll save it. More money always solves a financial problem, 100 00:07:09,920 --> 00:07:12,800 but it's not easy to do. And the other thing, Carrie that's interesting 101 00:07:12,879 --> 00:07:16,959 is that when I have to save more, I'm sacrificing today's lifestyle hoping for 102 00:07:17,240 --> 00:07:21,000 a better tomorrow lifestyle. And so we have these two lifestyles that are kind 103 00:07:21,040 --> 00:07:24,839 of at war with each other. Right, every dollar that I save today 104 00:07:24,920 --> 00:07:27,879 is a dollar I don't get deaf fund with today, but it also means 105 00:07:27,879 --> 00:07:31,480 that perhaps I can use that dollar later in retirement. The second option is 106 00:07:31,680 --> 00:07:34,160 take more risk. Right, I could try to take more risk in the 107 00:07:34,160 --> 00:07:39,040 markets, hoping for a better return that would improve my pile of money at 108 00:07:39,079 --> 00:07:43,079 retirement. The third option is like it work longer. Right, Maybe I 109 00:07:43,199 --> 00:07:45,920 have to work to age seventy Maybe I have to work at age seventy two. 110 00:07:46,079 --> 00:07:47,600 Maybe I have to have a part time job in retirement. And the 111 00:07:47,639 --> 00:07:53,000 fourth option is a capitulation, which is I will just have to live on 112 00:07:53,079 --> 00:07:56,879 less in retirement. And that is the one that is the most heartbreaking because 113 00:07:56,879 --> 00:08:01,000 that's when you see people's eyes all of expectation of all the things they want 114 00:08:01,000 --> 00:08:03,639 to do in retirement, realize that maybe they don't get to go on some 115 00:08:03,720 --> 00:08:07,839 of these trips, maybe they don't get to go visit their grandchildren, maybe 116 00:08:07,839 --> 00:08:09,319 they don't get to go out to dinners as much as they thought. And 117 00:08:09,360 --> 00:08:13,319 they begin to tell me when I interview them, of all the things they 118 00:08:13,319 --> 00:08:16,680 don't need to do now in retirements instead of all the things they want to 119 00:08:16,720 --> 00:08:20,360 do in retirement. But there's a fifth option, and that's what the book 120 00:08:20,399 --> 00:08:24,800 is about. There's a fifth option that helps us put together strategies that unlocks 121 00:08:24,839 --> 00:08:30,319 this minimalist thinking that will give us a much more robust income into the future. 122 00:08:31,000 --> 00:08:33,519 And it is based on the latest academic findings of some of the folks 123 00:08:33,840 --> 00:08:39,440 that study this and is a way to unlock better income with the same dollars. 124 00:08:39,919 --> 00:08:45,480 And it really takes advantage of some of the old philosophies like pensions and 125 00:08:45,519 --> 00:08:48,759 things that gave us retirements back when we actually could retire with confidence and we 126 00:08:48,840 --> 00:08:54,279 bring them back into today's world in a modern economy. Okay, well there's 127 00:08:54,279 --> 00:08:58,000 actually a sixth option. It's called the Smith and Wesson retirement plan. Right, 128 00:09:00,080 --> 00:09:01,960 Yeah, so we used to call that up here at the doctor Vorkin 129 00:09:01,039 --> 00:09:05,840 plan. We fly down to Portland and he will he'll end it all for 130 00:09:05,919 --> 00:09:09,720 you there. Yeah, but we don't advocate, and I think is generally 131 00:09:09,919 --> 00:09:13,919 short sighted, bad idea. But look, you want to retire, but 132 00:09:15,639 --> 00:09:20,159 you don't have to fully retire. If you have control of eighty percent of 133 00:09:20,200 --> 00:09:24,240 your time, whereas before retirement you had control of fifty percent of your time 134 00:09:24,919 --> 00:09:31,240 or even less, then you're still retired. May maybe you're doing a gig. 135 00:09:31,440 --> 00:09:35,480 Like I met a guy the other day. He lived in the same 136 00:09:35,480 --> 00:09:37,919 town as me. He seemed to be fairly well off, but he was 137 00:09:39,000 --> 00:09:41,840 doing uber in his spare time. I think, honestly, he probably wanted 138 00:09:41,879 --> 00:09:46,440 to get out of the house and away from his wife was probably part of 139 00:09:46,440 --> 00:09:52,000 the motivation. But he was making another I would guess tomate twenty thirty forty 140 00:09:52,039 --> 00:09:56,039 thousand a year on top of his Social Security and on top of his savings. 141 00:09:56,600 --> 00:10:00,559 So what's wrong with that? There's nothing wrong? In fact, A 142 00:10:00,559 --> 00:10:05,519 lot of retirement people now are shifting towards some sort of secondary career. It 143 00:10:05,559 --> 00:10:07,799 could be something that they consulting in a business that they were part of, 144 00:10:07,799 --> 00:10:11,600 our industry they were part of. It could be as simple as uber. 145 00:10:11,279 --> 00:10:15,559 Remember, we're just living a lot longer now too, so retirement lasts a 146 00:10:15,559 --> 00:10:18,440 lot longer than it ever has for generations in the past. And I think 147 00:10:18,480 --> 00:10:24,200 people are more active, healthier, and are more capable of having a secondary 148 00:10:24,240 --> 00:10:30,600 career. The point of the fifth option is simply to introduce efficiencies of retirement 149 00:10:30,600 --> 00:10:33,679 income planning so that you don't need to use as many dollars to create the 150 00:10:33,679 --> 00:10:37,919 same income. I think of the one of the areas that people are becoming 151 00:10:39,039 --> 00:10:43,759 educated in, and I use this quick analogy, is that there's personal finance 152 00:10:43,840 --> 00:10:46,799 and there's corporate finance, and they both share the same word finance, but 153 00:10:46,799 --> 00:10:52,480 they manifest themselves in a completely different way. Corporate finance is all revolving around 154 00:10:52,600 --> 00:10:58,200 cash flow, income earnings. But unfortunately, in the personal financial ward, 155 00:10:58,240 --> 00:11:01,000 we talk about balance sheets, how much, how much right? And unfortunately 156 00:11:01,039 --> 00:11:05,960 you cannot go You cannot take your former case statement or a brokerage account statement 157 00:11:05,000 --> 00:11:09,759 to any safe way even though it might have a million dollars account balance, 158 00:11:09,799 --> 00:11:11,639 you can't buy milk with it until you turn it into some sort of cash 159 00:11:11,720 --> 00:11:16,840 room. And we have to understand the efficiencies and the strategies of how to 160 00:11:16,879 --> 00:11:20,320 do that well so that when you are an uber or you are doing a 161 00:11:20,360 --> 00:11:22,279 second career, it's more because you have a passion or an interest or a 162 00:11:22,320 --> 00:11:28,519 curiosity as opposed to having a mandate that you can't make ends meet. Okay, 163 00:11:28,639 --> 00:11:33,799 so obviously you've given this a lot of thought. People own a real 164 00:11:33,960 --> 00:11:43,200 estate, rental income, passive income. Is it worth getting into that in 165 00:11:43,320 --> 00:11:48,360 your sixties seventies to do that? Or well, yeah, I don't know 166 00:11:48,360 --> 00:11:52,080 if the question is it worth it as much as what's your what's your preference? 167 00:11:52,159 --> 00:11:54,279 Right? When when people have real estates, what they're really trying to 168 00:11:54,360 --> 00:11:58,519 do is create their own pension to some degree. Right, they want predictable 169 00:11:58,519 --> 00:12:01,440 income, but that's coming through income that's coming through Right. If I can't 170 00:12:01,480 --> 00:12:05,879 replace my active income with passive income, I never retire, right, And 171 00:12:05,919 --> 00:12:09,399 so we have to figure out how it is that I can create this income 172 00:12:09,480 --> 00:12:13,480 that's going to replace the income that I used to work for real Estate's a 173 00:12:13,559 --> 00:12:16,080 very powerful way of doing that. We know lots of people with lots of 174 00:12:16,120 --> 00:12:18,360 wealth have done that. It's just a question of whether you want to be 175 00:12:18,399 --> 00:12:24,039 a landlord or have the capacity to have someone help management manage a portfolio properties. 176 00:12:24,600 --> 00:12:26,799 So it really comes what I call the PETA factors, more of a 177 00:12:26,799 --> 00:12:31,399 pain in the ass factor is whether or not it's a good investment. Right, 178 00:12:31,480 --> 00:12:35,720 So everybody has their own preferences what they're comfortable with, and real estate 179 00:12:35,759 --> 00:12:37,919 certainly can be a good one. You know. I always say there's two 180 00:12:37,960 --> 00:12:43,759 types of retirements, the retirement that you have to take health career ends, 181 00:12:43,919 --> 00:12:50,559 you're obsolete, whatever, and the retirement that you want to take, the 182 00:12:50,919 --> 00:12:56,039 voluntary retirement where hey, you could work a little bit myself. Hey, 183 00:12:56,240 --> 00:13:03,759 I'm getting to that age, but I'm not offer and most of my entertainment 184 00:13:03,919 --> 00:13:09,600 is nocturnal in nature. Not to put a kind of devious cast to it, 185 00:13:09,639 --> 00:13:13,200 but you know, I have fun at night, so during the day, 186 00:13:13,279 --> 00:13:16,240 you know, I guess I could be taking courses, which I do 187 00:13:16,360 --> 00:13:20,519 and other things, but I'm just as happy doing something that kicks off a 188 00:13:20,600 --> 00:13:26,600 little bit of cash flow, keeps my gray matter active, and keeps me 189 00:13:26,840 --> 00:13:30,879 relevant. I guess yeah, I think that's right. And part of that 190 00:13:30,919 --> 00:13:35,480 is just that we have a much more vivacious aging group maybe than past generations 191 00:13:35,799 --> 00:13:39,480 where there is curiosity. We do have the physical capacity and we have the 192 00:13:39,559 --> 00:13:43,320 longevity to be able to have interests that go beyond a normal working career. 193 00:13:43,639 --> 00:13:46,679 And I think also we don't have a normal working career anymore. Right, 194 00:13:46,679 --> 00:13:50,759 There isn't such a thing as the thirty year gold watch more mortgage burning party. 195 00:13:52,000 --> 00:13:54,720 You know, most of people today, especially the youth, really at 196 00:13:54,720 --> 00:13:58,440 more free agents. It's almost like we all are free agents for companies for 197 00:13:58,480 --> 00:14:01,519 periods of time, and it's some point either the company or ourselves decided that 198 00:14:01,559 --> 00:14:05,519 ten years old and we'd move on. And so you know that that kind 199 00:14:05,559 --> 00:14:09,399 of pattern it could certainly well persist into our retirement ages, where we have 200 00:14:09,480 --> 00:14:13,799 small stints of jobs, maybe a break kid between them, and then we 201 00:14:13,879 --> 00:14:16,799 pick it up again as we have interest. So I'll just give you an 202 00:14:16,799 --> 00:14:22,200 example, because this is from my son, but it's something that many of 203 00:14:22,200 --> 00:14:26,080 you out there could probably do. He was working in a ski shop tuning 204 00:14:26,159 --> 00:14:31,120 up bindings and skis and stuff in high school and he said, you know, 205 00:14:31,200 --> 00:14:33,559 he really don't want to do that job anymore. And I say, 206 00:14:33,600 --> 00:14:37,120 hey, don't do it. You know, you don't have to do it. 207 00:14:37,279 --> 00:14:41,440 I'm not forcing you to get a job. I think it's good that 208 00:14:41,519 --> 00:14:46,799 you have a job, and then your own source of income for gas, 209 00:14:46,799 --> 00:14:50,720 money or fun or whatever, over and above what I give you. And 210 00:14:50,919 --> 00:14:56,960 he wound up writing content doing research on the internet. It was something called 211 00:14:58,039 --> 00:15:03,320 the textbroker dot com. And he would they have five levels of writing. 212 00:15:03,799 --> 00:15:07,799 He was a number four fifth being the highest, probably you know, post 213 00:15:07,000 --> 00:15:13,080 graduate type. And the kid was making a hundred bucks a week, working 214 00:15:13,279 --> 00:15:18,799 maybe five hours ten hours a week, doing it five to ten hours, 215 00:15:18,120 --> 00:15:22,919 and that was that was almost twenty years ago, and it really worked for 216 00:15:24,000 --> 00:15:26,039 him. So there's a lot of those opportunities out there, Well, there 217 00:15:26,039 --> 00:15:30,480 aren't there. There's tons of opportunities. As as daunting as it is for 218 00:15:30,519 --> 00:15:35,120 the youth right talked to the people in the gen millennial gen zs areas, 219 00:15:35,159 --> 00:15:37,919 and as daunting as it is for them to try to get their head around 220 00:15:37,960 --> 00:15:41,799 how does this fiance going to work? There's also perhaps more opportunities than there 221 00:15:41,840 --> 00:15:46,799 ever has been. And you know, and the proverbial side hustle that once 222 00:15:46,840 --> 00:15:50,679 it used to be something that meant that you weren't really making ends meet. 223 00:15:50,000 --> 00:15:54,039 Now really becomes a passion project for people of all ages, right where people 224 00:15:54,159 --> 00:15:58,799 have a secondary interest that they're either just using as a hobby or maybe they're 225 00:15:58,799 --> 00:16:03,240 really trying to build it up into a career over time, and they're really 226 00:16:03,320 --> 00:16:06,519 using corporate jobs or just kind of traditional ninety five jobs to pay the bills 227 00:16:06,559 --> 00:16:08,720 until he gets there. And so you know, when you know, as 228 00:16:10,120 --> 00:16:12,600 much as there is around anxiety around how am I going to buy a home 229 00:16:12,759 --> 00:16:15,919 or how am I going to retire, I think there's endless amounts of options 230 00:16:15,919 --> 00:16:19,480 now that we could take advantage of that didn't exist even ten years ago. 231 00:16:21,360 --> 00:16:25,440 All right, So, like what you're saying, opening your mind up, 232 00:16:26,120 --> 00:16:30,440 not being locked into the traditional retirement paradigm. Like my friend I told you 233 00:16:30,480 --> 00:16:38,600 about senior pilot, the most senior pilot at a major airline, you know, 234 00:16:38,840 --> 00:16:44,440 sixty five mandatory retirement. You win, and now he's flying private. 235 00:16:44,879 --> 00:16:48,080 He doesn't make anywhere near what he used to, but he lose to fly 236 00:16:48,960 --> 00:16:53,039 and you could easily support his family just on the earnings he's making as a 237 00:16:53,080 --> 00:17:00,519 private pilot. So so life doesn't end at sixty five. And and you 238 00:17:00,559 --> 00:17:07,039 know, I think that the definition welter of work, the way we relate 239 00:17:07,079 --> 00:17:11,519 to it has changed quite a bit. Because it used to be, you 240 00:17:11,519 --> 00:17:17,200 know, you worked in a factory, busted your hump for twenty years whatever 241 00:17:17,640 --> 00:17:21,799 to make money, and then that was it. There wasn't like a lot 242 00:17:21,839 --> 00:17:30,400 of personal development involved in careers, especially the more worker oriented careers. But 243 00:17:30,559 --> 00:17:36,119 now our relationship to work is completely different. We realize that it satisfies certain 244 00:17:36,200 --> 00:17:44,119 needs in our psyche, like like the idea of interacting with other people, 245 00:17:44,359 --> 00:17:48,839 of challenging yourself, of the self esteem, so many other things. So 246 00:17:49,279 --> 00:17:56,400 as the definition of work has expanded, and as it's become more understood as 247 00:17:56,440 --> 00:18:00,480 to why we work, and it's not just for money, recognition, gratification, 248 00:18:02,920 --> 00:18:07,440 personal growth. There's so many factors involved in your career. So it 249 00:18:07,519 --> 00:18:11,440 makes the idea of retirement, retiring from a job you really hated to go 250 00:18:11,519 --> 00:18:18,759 to for twenty five years every day to now it's it's it's a mixed bag. 251 00:18:18,799 --> 00:18:21,359 You know, you might be very well working in a job that you 252 00:18:21,440 --> 00:18:23,559 hate, but you know that there could be other things out there that you 253 00:18:23,720 --> 00:18:29,319 like to do that are better. Yeah, there's a wonderful Japanese philosophy called 254 00:18:29,359 --> 00:18:33,680 iky Guy that is becoming very popular, and an iky Guy is kind of 255 00:18:33,240 --> 00:18:38,240 this kind of the the mix of what I'm good at doing, what the 256 00:18:38,279 --> 00:18:41,519 world needs, what I can get paid to do, and when I'm passionate 257 00:18:41,559 --> 00:18:47,839 about and when you operate in the center of that iky Guy Van diagram, 258 00:18:47,880 --> 00:18:51,319 the Japanese will tell you never work a day in your life. And so 259 00:18:51,480 --> 00:18:53,839 for those books, there is no such thing as retirement because you are at 260 00:18:53,839 --> 00:18:59,640 the place of happiness when when those pieces all come together. And like you 261 00:18:59,759 --> 00:19:02,559 mentioned, and you know, some of us may may make more money, 262 00:19:02,559 --> 00:19:06,160 but we may have less pleasure from the job. And so I think part 263 00:19:06,200 --> 00:19:10,279 of the pursuit, especially amongst our young, is really defined that centerpiece, 264 00:19:11,000 --> 00:19:15,960 that place where their passions come together, as they really are interested in making 265 00:19:15,000 --> 00:19:18,359 a difference in the world rather than just making a buck for an owner. 266 00:19:19,319 --> 00:19:22,240 And so we'll see a little bit of shift and philosophy, I think in 267 00:19:22,279 --> 00:19:26,559 the next couple of generations to really get into place where you know, the 268 00:19:27,000 --> 00:19:30,240 enjoy your work. It's something that means is meaningful, and it's something that 269 00:19:30,240 --> 00:19:33,960 the world really needs. And you might have a very very long career doing 270 00:19:33,960 --> 00:19:37,640 it that way. All right, Well, hey, we appreciate you coming 271 00:19:37,640 --> 00:19:40,240 on. Just tell us again the name of the book and where we find 272 00:19:40,279 --> 00:19:42,200 it. Yeah, so you can go to Amazon is called the Fifth Option 273 00:19:42,599 --> 00:19:47,519 by Walter Young. Can certainly buy it on any Amazon outlets. You could 274 00:19:47,519 --> 00:19:52,279 also visit my website which is the Fifth Option dot com and has certainly been 275 00:19:52,319 --> 00:19:56,599 a pleasure speaking with you any likewise, appreciate it. Got a question Walter 276 00:19:56,839 --> 00:20:03,279 myself again, email address kl carry Lutz dot com and you'll find a link 277 00:20:03,599 --> 00:20:08,200 to the book on our website, Financial Survival Network dot com. While you're 278 00:20:08,200 --> 00:20:11,319 there, make sure you sign up for your free newsletter. Walter truly a 279 00:20:11,400 --> 00:20:15,960 pleasure. Good luck on the book and we'll talk to you again soon. 280 00:20:15,200 --> 00:20:22,160 Thank you, thanks for listening to carry Lets's Financial Survival Network your solution to 281 00:20:22,160 --> 00:20:26,640 today's trying times. For the latest, go to Financial Survival Network dot com. 282 00:20:26,640 --> 00:20:30,480 Financial Survival Network now more than ever,