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Thinking you’re invincible

3. Thinking you’re invincible. The solution seems simple for many who haven’t saved enough for retirement: just work longer. But that assumes any number of things can’t and won’t go wrong, including a pink slip, illness, or injury. If the pandemic has taught us anything, it’s that the world is unpredictable. Who would’ve thought that so many governments around the world would actually force businesses to shut down?

My friend owns a couple of bars and made a small fortune catering to tourists in a city nearby before the pandemic hit. Money problems were far from his mind just a couple of years ago. But he told me he lost over $400,000 last year because bars are deemed high risk and were forced to close for much of the year. And even when they were allowed to open, they were not allowed to have more than a handful of customers at a time. On top of that, they had to pay a boatload on cleaning supplies and masks for all their workers.

He’s been fighting for his survival for months, but it could be worst. He can’t even imagine how tough it has been for his employees who he’s had to let go, re-hire, just to let go again. Life is unpredictable. Hope for the best but plan for the worst—so make sure you can retire even if the date of your retirement is not entirely under your control.

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Tapping your retirement for emergencies

4. Tapping your retirement for emergencies. Sometimes crises arise and your emergency fund isn’t enough to cover the expenses. It can be tempting to look at all the lovely cash sitting in your retirement accounts and think about how it could solve your crisis. But not only is thi...

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Underestimating the destructive power of inflation

5. Underestimating the destructive power of inflation . Most people understand that inflation wreaks havoc on any budget, but few people plan for it. Just look at those around you who’ve retired. Have you noticed that many of them start out living pretty comfortably and then they...

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Assuming you’ll save more later

1. Assuming you’ll save more later. It’s very easy to procrastinate on setting up retirement accounts and making saving a priority. You’ve got a paycheck now and too many places to spend it. Maybe in the future, when you’ve gotten a raise or two, you can amp up your retirement sa...

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Putting yourself last

2. Putting yourself last. We all want the best for our children and our families, but it’s dangerous to sacrifice your own future for them. Don’t be tempted to fund your child’s college education ahead of your own retirement—they can always take loans to continue their education,...

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Heroism

Heroism

A man can’t be anyone’s hero until he becomes his own hero first.

To become his own hero a man must be willing to plumb the depths and explore the aspects of his life that are most dear to him, his relationships with his wife, friends, children, and even coworkers.

When he’s accomplis...

An Example:

Ben has just lost his job. He’s devastated.

"What am I going to do now?" he asks.

He falls asleep at night, swimming in a sea of negative emotions.

In the morning, he wakes up distraught. “This stuff always happen to me,” he thinks. “I have the worst luck.” Ben's negativ...

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