Retirement - Stop Worrying & Start Planning (eBook)

Eric Muir (Autor)

eBook Download: EPUB

2016 | 1. Auflage
100 Seiten
First Edition Design Publishing (Verlag)
9781506901411 (ISBN)

Infos

Everyone hopes for an enjoyable retirement. But hope is a poor substitute for thoughtful planning and intelligent investment. Obstacles to a successful retirement abound. My hope is that this book will help you gain a better understanding of both the pitfalls and the critical aspects of preparing for retirement.
In addition to overcoming information overload, you must manage your way through a minefield of Wall Street and Bay Street marketers, media talking heads, analysts, prognosticators and a host of people within the industry whose livelihood depends on you repeatedly making emotionally driven financial decisions.
By becoming more knowledgeable, you will be less likely to be distracted by misinformation and more likely to make intelligent planning and investment decisions. You will also be more confident that you are making the right choices for retirement and beyond. I hope to help you become a smarter, calmer, more educated investor and ultimately achieve a truly rewarding retirement.

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Foreword

 

Twenty years ago, I began working with Eric Muir, conducting seminars for his clients on retirement, estate planning and other related issues. I’ve had the pleasure of working with Eric ever since.

Twenty years ago, I also carried a pager so I could be summoned to the hospital for the birth of our first child. A lot of things have changed since then, but the challenges to a fulfilling retirement have remained the same. Eric wisely addresses one of the major challenges — procrastination — in the very first chapter of his excellent book.

Delaying decisions is an easy trap to fall into. As an estate planning lawyer, I interact with a lot of very sophisticated business people who routinely postpone important estate planning issues because “there will be time for that later.” I’ve spoken to people who actually put off creating a will because they fear doing so will hasten their death! For many, not thinking about the issue helps make it go away.

Sad to say, it doesn’t go away. We’re all going to die, whether we plan properly for it or not. It’s nobody’s fault and it’s certainly not the result of creating a will. Similarly, if we live long enough, we will reach retirement. If we don’t plan properly, we won’t have a very pleasant time of it in our later years. Those who fail to plan won’t have many good choices and it won’t be anyone’s fault but their own.

Procrastination is the big pitfall. You must become informed and take action. If you don’t, all you’re going to do is make sure that there’s plenty of additional work for people like me. I see people put off important decisions all the time because they don’t want to deal with a sensitive topic or because of cultural beliefs. Either way, it’s a serious mistake.

One reason why I respect Eric is that he genuinely cares about his clients and knows how to convince them to act. He has the knowledge and dedication to guide them past the many obstacles to successful planning, but he uses those talents in a way that helps ease his clients’ concerns and realize their goals. Eric knows his clients well. He knows their dreams, their problems, and their families, not just their finances. He’s constantly in touch with them, following up. That level of personal communication is something that has always amazed me. How he is able to keep so close to his clients and continuously monitor both the financial and the personal side of their lives is wonderful.

Virtually any financial advisor can tell you how your portfolio is performing or how this or that stock is doing. Eric sees the bigger picture. He understands that what is equally important is where you are in your life. What are your plans for the future? What are your needs right now? What’s happening with your kids, your career?

I often tell financial planners that I’m envious of them. The planning business involves lawyers, accountants, bankers, insurance people and so forth. I view the whole thing as a big wheel. At the center of the wheel are the really good financial advisors like Eric. He gets it. The seminars we do together for his clients are a good example. He is constantly identifying potential issues for his clients so that they might benefit from bringing in an accountant or lawyer or insurance person. He’s got the global view. He keeps his clients updated and monitors their progress. That’s not easy to do. Not every financial advisor has that kind of dedication to stay close to their clients. It pays dividends and his clients love him.

People can sometimes be intimidated by the seeming complexity of the planning process as well as the perception of the Ivory Tower of the legal profession. Eric’s very good at bridging the gap, getting people comfortable and teaming them up with lawyers and other financial professionals who will mesh with them. 

He’s also adept at helping clients see their own big picture. He helps them avoid tunnel vision or focusing too much on a single issue, such as avoiding probate. A lot of people are obsessed with the idea of having to avoid probate, but that’s just one piece of the puzzle. I see people who latch onto the simplest solution to avoid probate, such as putting an asset into joint tenancy with their children. But if it’s not done correctly it can open up a whole Pandora’s Box of other issues. Sometimes action isn’t the best course. Sometimes it’s better to sit back and to think about it. Eric has the confidence and patience to advise clients to do that when he believes it’s in their best interest. He’s a great example of one of my mantras: “Act in haste, repent at leisure.” Sometimes, you need to take some time and think soberly about these things before you move ahead. He’s that voice of reason that helps you slow down and think things through properly. 

Eric is really good at dealing with sensitive issues. At our seminars, we regularly hear people ask about passing assets on without getting into litigation. This can be a delicate issue, especially in families with more than one child. There seems to be a black sheep in every family. Here in B.C. we have legislation that allows people to challenge a will if they feel it doesn’t provide for their proper maintenance and support. It’s one of the broadest types of legislation across Canada. If parents decide to give a larger part of their estate to one child over another, the child who’s been disadvantaged will often commence an action. It effectively freezes the estate until the matter is adjudicated. Eric is able to bring these delicate issues out in the open in discussions with his clients so they can find appropriate solutions. So often, planners and lawyers will simply ask people what they want to do with their assets and fill out basic documents. That may be fine in some isolated cases, but again, it can open up all kinds of problems after it’s too late to do anything but go to court. Eric’s close relationships with his clients allow him to explore these potential pitfalls and help find solutions to avoid them before it’s too late.

When I meet with clients, I need all of their information about everything that has to do with their family dynamics — who’s the black sheep, which kids have gotten loans, which kids don’t get along with whom — before I discuss their assets. Even for a simple will it can be difficult to acquire all the necessary information. Some people are very private. I have to explain to them that I can’t create the plan that is going to get them to where they want to get to unless I know all the details of their life. That’s another reason why I appreciate Eric’s attention to detail. When one of Eric’s clients agrees to be referred to me, he makes sure I have all the necessary information, both in terms of assets and personal issues. He tells me about any potential red flags so I don’t have to spend needless time trying to pull that information out of people. Obviously, they are comfortable sharing it with Eric so he can share it with me. It becomes a very efficient process that way.

There’s no point going to a financial professional if you’re not going to be forthcoming and candid. I think the people here in B.C. are well served by lawyers. It’s difficult to become a lawyer here; we have a high standard of education. Most lawyers are very thorough but there remain some who have the “scribe” mentality. They simply ask for your name, the name of your beneficiaries, and create a will. It doesn’t help people, but it’s sure great for the litigators. It really sets the table for them later on.

It’s so important for people to do their research and seek out advisors like Eric who are experienced and knowledgeable but retain the common touch. Many professionals don’t understand that it’s not about merely giving clients information. It’s making sure to present it in such a way that they truly understand and can apply it to their circumstances. It’s having open communication versus talking down to the client, which contributes to the procrastination and the Ivory Tower syndrome that keeps people from doing what needs to be done. Eric’s very good at explaining things thoroughly and making sure people understand.

It’s rewarding to hear people’s comments at the seminars Eric and I conduct together. After twenty years, the reactions to our presentations are pretty much the same as they were when we first started.

People express their relief at finally being able to understand; the process is no longer a mystery. They are able to get their mind around it and see that they are not stuck, that there are solutions. They become excited to see that with some planning, they may actually be able to achieve what they want to achieve. For some, the breakthrough is sharing their experiences with others and learning that they’re not alone. Many with problem children or other issues feel as though they have failed in some way and that they are different. They discover that the majority of families have similar issues.

The seminars help create a more positive attitude for these people. They feel empowered and come away with information they understand and can put to use. They feel they can now move forward. They are more comfortable talking with financial professionals and can more easily articulate what it is that they want. I very much enjoy doing these seminars with Eric. I find them personally rewarding because I deal...

Produkt-Details

• Erscheint lt. Verlag: 30.4.2016
• Sprache: englisch
• Themenwelt: Sachbuch/Ratgeber ► Beruf / Finanzen / Recht / Wirtschaft ► Geld / Bank / Börse
• Themenwelt: Sachbuch/Ratgeber ► Gesundheit / Leben / Psychologie ► Lebenshilfe / Lebensführung
• Themenwelt: Recht / Steuern ► Wirtschaftsrecht
• Themenwelt: Wirtschaft ► Betriebswirtschaft / Management ► Finanzierung
• Themenwelt: Wirtschaft ► Betriebswirtschaft / Management ► Personalwesen
• ISBN-13: 9781506901411 / 9781506901411