#happiness #meaning #purpose #trascendence #storytelling
“There’s more to life than being happy.”
So begins the “Money Matters” column by Wes Moss, published in the July 3, 2022 edition of The Atlanta Journal-Constitution.
Moss, who writes about happy retirees, says crafting a life that matters may be more important than happiness.
Moss cites the book “The Power of Meaning: Crafting a Life That Matters,” by Emily Esfahani Smith, who, Moss writes, has made it her mission to show how people eschew happiness for meaning.
Her four pillars are belonging, purpose, transcendence and storytelling, Moss writes.
Belonging involves having a relationship with a person who values who you are, not for how you look or what you are willing to do for them, Moss writes.
Purpose involves the reason a person gets out of bed in the morning. It may not be what others may consider a grand purpose, but if your job was your purpose, and now you are retired, you may need to find a new purpose, Moss writes.
Transcendence is the ability to be awed by something sacred. That something may not be sacred in the religious sense, but it may give you a sense of amazement, peace or stillness, Moss quotes the author.
Storytelling is the narrative you would write about you – what makes, or made, you the person you are today.
If your life has meaning, as you see it, you are not necessarily unhappy. Your purpose may indeed make you happy.
One who does little or nothing with his or her life may be content in their relaxation, but it may be debatable whether they are actually happy. Contentedness and happiness are not the same.
Most people have meaning in their lives. As Moss writes, that meaning may be different for everyone.
Most retirees have things they can do when they no longer work. Others may keep working well beyond their retirement age.
Whatever you find meaningful, chances are it will make you happy. Meaning and happiness may go together like hand and glove.
Just as most everyone has some meaning in their lives, everyone has a story. One’s story may not be as compelling as someone else’s, but his or her story has meaning not just to themselves, but others close to him or her.
In short, meaning and happiness can be dual goals. If one finds one, the other may soon follow.
Go for both.
Peter
Tag Archives: Wes Moss
THE GREAT WEALTH TRANSFER: ARE YOU PREPARED?
#GreatWealthTransfer #BabyBoomers #wealth #inheritances #EstatePlanning
A few generations back, the parents of Baby Boomers turned, or were about to turn, huge amounts in inheritance to their children or other heirs.
Those parents had built usually modest homes for relatively modest prices, though they didn’t think so at the time. Much of that homebuilding was thanks in large part to the federal GI bill that was passed as veterans came home from World War II to start families and new lives.
Those modest homes increased in value many times over during that generation’s lifetime.
That gave the children of that generation a big chunk of wealth to inherit.
And, many of them did – big time.
Now, the Baby Boom generation has a bunch of wealth to pass on to its children – the GenXers and Millennials.
Wes Moss, who writes a Money Matters column for The Atlanta Journal-Constitution and has a similar weekly program on WSB radio in Atlanta, calls this “The Great Wealth Transfer.”
He discussed it in his column published April 24. 2022.
Moss writes that between $30 trillion and $68 trillion in wealth will be passed down from Baby Boomers.
To put that in perspective, the U.S. GDP (gross domestic product) for 2021 was $22 trillion, Moss writes.
When you take the 136 million people who are GenXers or Millennials, and you use the $30 trillion figure, that would mean each of those folks – statistically speaking — would get $220,000, Moss writes. We know that not everyone will inherit that much individually, and some will inherit much more.
Think you don’t have that kind of money in your family? Moss sites a person with a great aunt who died. The great nephew didn’t realize how much money she had. She was able to give all her great nephews and great nieces a nice chunk of change.
In other words, there could be that kind of money somewhere in your family, and you may not know it until a death occurs.
For Baby Boomers, this lesson brings about the need for proper estate planning. Yes, you may have more than what you think you have. How it gets distributed upon your death, or even before, should not be left to chance – or probate court. It would be worth the investment to draw out an estate plan, such as a will or living trust, to make sure the money goes where, or to whom, you want, when you want.
If you are a GenXer or Millennial, talk to your parents and other family members about how THEY want their estates distributed. Make sure that, if you believe you may have something coming to you, that your interest is protected.
Of course, if there are no heirs or your family members have not shown themselves worthy of inheritance, having an estate plan is even more crucial, so that your money goes where you want.
If you are transferring your wealth, get an adviser you trust to tell you how, when and to whom to give your assets – according to your wishes. Keep in mind that you should do all YOU want to do while alive with your assets. Don’t think about your heirs first. Think of you first.
Remember, too, that how, when and to whom you give will likely have tax consequences. Know those consequences, and what could happen if a mistake is made, well ahead of time.
It’s certainly great to reward loyal, loving family members or other heirs with your wealth. But if you think about you first, and plan carefully, all concerned should be, if not happy, assured that the distribution was done as you wanted it to be done.
Peter
RETIRE ASAP? GO FOR IT!
#EarlyRetirement #retirement #jobs #work #time
Are you planning, or would you like to, retire early?
Most, probably, would say, “of course.”
Others don’t plan to retire, unless forced to.
Still others would insist on a definition of “early.”
Wes Moss, who writes a Money Matters column for The Atlanta Journal-Constitution, and has a same-titled radio show on WSB radio in Atlanta, gives five reasons to retire as soon as possible. He discussed them in his Oct. 10, 2021, column.
Moss’ five reasons: drive time, no love lost for your job, a roller-coaster schedule, a lack of recognition for what you do and being capped out in terms of financial advancement.
Let’s talk about each of these. First, commuting can be a bear. It takes time from your life as a whole, it adds stress to your body and it’s costly, in terms of fuel and wear-and-tear on your vehicle.
Moss also says that grueling commutes can cause stress in a marriage. According to one study, people who drive at least 45 minutes each way to work are 40 percent more likely to get a divorce, Moss writes.
Work-from-home, or remote-working trends inspired by the COVID-19 pandemic may change commuting patterns for the long term. If your employer is flexible in this area, you might decide to work longer. Think of having a beach house, or mountain cabin, from which you could work. Would that interest you?
Perhaps you don’t really love your job, or even like it, as Moss points out. Would working from home change that perception? If you are just grinding out a living at a job that, to be kind, doesn’t inspire you, Moss suggests perhaps finding a new way to parlay your skills by consulting, or starting your own business.
Remote-working options may alleviate another of Moss’ concerns – the roller-coaster schedule. Many people have jobs in which they have to be on site at specific times. Those times could vary from week to week, turning one’s body clock upside down. If you have one of those jobs, chances are you don’t like it. If you can get out sooner, you should.
Being recognized for your good work is also important. Your boss saying nice things about you and your work are fine, but you probably need more tangible rewards. If those are not forthcoming, maybe it’s time to go.
You may also be at the very end of the pay scale for your job category. If so, then ask yourself: am I just marking time for my pension? Or, especially if there is no pension, could I go somewhere else and advance financially? If you are at the top of your pay scale, you may be near retirement age anyway. If you can afford to retire, do it.
There are many things to learn ahead of “early” retirement regarding health insurance expenses and, more importantly, what you will do with your time.
You also have to study the likelihood, even though it’s tough to predict, whether one day you will come to work and be forcibly retired, or otherwise unemployed. Know that if this happens to you, you are not likely to be forewarned.
So, think about your situation, and do what is best for you. At the same time, realize that there are ways to escape bad work situations, if you need to.
In short, if you like your job, stay as long as they will have you. If you don’t like your job, stay open to other options. They are out there.
Peter
HAPPY RETIREES
#HappyRetirees #mortgages #MultipleSourcesOfIncome #FullCalendar
There are three characteristics that make happy retirees.
Those are a paid-off, or at least paid-down mortgage, multiple sources of income and a full calendar of activities.
So says Wes Moss, who writes a Money Matters column for The Atlanta Journal-Constitution, and has a Money Matters radio show on WSB in Atlanta. He discussed happy retirees in his April 24, 2018, newspaper column.
Moss narrowed the happiness criteria down from the research he did for his book, “You Can Retire Sooner Than You Think.”
The mortgage issue is certainly up for debate. Certainly, when one is working, paying down mortgage debt is certainly a good use of money. It’s not a substitute for saving and investing, but if you have a relatively high mortgage interest rate, applying extra money to one’s principal in mortgage payments is like putting money in your pocket.
Of course, if your interest rate is relatively low, and you have a good financial adviser, you can probably do better saving your cash and investing it well. A rule of thumb: if you have a 5 percent interest rate on your mortgage, and you have a good financial adviser who can certainly make you a good deal more than that on your money – on average, of course – then saving and investing could be more lucrative over time.
On the other hand, in a down financial market, paying down that mortgage debt IS a good use of excess cash you might have. It’s certainly better than spending it on frivolous things.
Keep in mind that the more debt you pay down early in the mortgage, the less interest you’ll be paying toward the end of the mortgage. As more of your monthly payment is applied to principal, the sooner your mortgage will be paid off.
Multiple sources of income is also a good thing – not necessarily more income, as Moss points out.
We think of income sources for retirees in terms of a pension, Social Security and perhaps a low-stress part-time job that you like doing.
If you’d been a good saver and investor in your working years, you might also use some of the dividends, interest and other income your nest egg is now earning for you. Try to refrain from touching your nest egg’s principal. Whether you die young or live a long time, as long as your principal is relatively intact, you will NEVER outlive your money.
As for a part-time job, it may serve two purposes. It will provide some pocket money and keep you busy in your elder years. However, if you don’t need the job, your time may be better spent pursuing your favorite hobbies or other activities like, say, golf or travel.
Or, you could add to your sources of income one of the many vehicles out there that allow folks – retirees or not – to make a potentially substantial income by spending a few part-time hours a week. To check out one of the best such vehicles, message me. It could allow you to spend some non-stressful, even fun, time adding to your income sources and help friends do the same.
The lesson here is to plan for your retirement while you are young. You never know when you will retire – or be retired by your employer. You never know when that one bad manager comes into your orbit and kills your career.
If you plan well, perhaps forgoing some immediate pleasures to save money, you can retire, as Moss’ book title says, sooner than you think. If you are forced to retire before you want to, good planning could allow you walk away from that job with a smile.
Peter
WORK UNTIL YOU ARE 70? REALLY?
#SuzeOrman #WorkUntilAge70 #retirement
Suze Orman has made a fine career of giving retirement and other financial advice.
But when she advises people to work until age 70, Wes Moss, who writes the Money Matters column in The Atlanta Journal-Constitution and also has a radio show of the same name on WSB AM, begs to differ.
Moss discussed the matter in a Nov. 7, 2017, column.
Certainly, medical advances and the like have made living longer possible. Some folks may even enjoy their work to the point of never thinking about giving it up. Others may believe that the longer they are able to keep working, the better off they will be financially.
Moss points out that the latter is pretty much Orman’s philosophy. He quotes an old joke in financial circles: “How do you never run out of money for retirement? Work until you die,” Moss writes.
In Moss’ mind, perhaps the most important reason for not setting 70 as a retirement age is that “you may lose the sweet spot of your retirement – the years when you are healthy and active enough to live out your post-career dreams to the fullest,” he writes.
Certainly, the Social Security Administration has inched up the “full retirement” age to 67 from 65, where it was for decades. But Moss points to a Bloomberg News article that says Americans are retiring later, dying sooner and are sicker in between.
Here’s something else Moss points out: companies largely do not want older workers around. Younger workers are generally cheaper. So, even as workers approach middle age, they become vulnerable to being forced out of their jobs for one reason or another.
If you are among those who are nearing retirement, and don’t have lots of money saved, take heart. There are many ways out there you can make money in your spare time, say, a couple hours a week, without taking a second W-2 job, or working overtime (if available) in your first job. To check out one of the best such vehicles, message me.
In short, unless you really love your job, think about retiring as soon as you are able. If you can foresee your job going away before you want it to, take measures to soften the blow when it comes. If you do the right things – spend less without depriving yourself, save more money, invest well etc. – you might even be able to walk out of your job with a smile.
As Moss says, you shouldn’t make it a goal to sacrifice the best years of your retirement by working those extra years. And, once you do retire, you shouldn’t waste time sitting at home, and not venturing out of your comfort zone. Have dreams. Fulfill them. Retire with no prejudices, no pretenses and no burdensome obligations.
That isn’t to say that there are some jobs that are so great, you don’t want to give them up unless you have to. But, chances are, no matter how good you are at what you do, eventually your employer is going to want you gone.
If you’re lucky, when your employer wants you gone, he or she will offer you a package to leave. If you get an offer like that, remember that few people who take them ultimately regret that decision. If you are being paid to leave, the message you should hear is that the employer want you out.
So, if you are a Suze Orman devotee, remember that not everyone agrees that one should work until he or she is 70. A better philosophy might be this: when is the SOONEST I can retire? Once you’ve determined that, think about not only how you are going to pull it off financially, but also what you will do with your new-found time.
Work, dream, save and retire.
Peter
GROCERY SHOPPING SHIFTS IN MODERN ERA
#GroceryDelivery #groceries #Amazon
Wes Moss saw the future of the grocery industry show up at his front door in the person of Rena, who was delivering his family’s groceries.
Moss, who writes a Money Matters column for The Atlanta Journal-Constitution, ordered his groceries through a service called SHIPT. Rena, as it turned out, was his personal shopper.
Moss discussed his experience, and the future of the grocery industry, in a column published July 4, 2017.
Long before Amazon bought Whole Foods, Nielson had predicted that by 2025, nearly 20 percent of all grocery shopping will be done on-demand, Moss writes.
He recently tested the SHIPT service to see whether it could deliver a full week’s grocery list for the Moss family. Rena told Moss that she does as many as six to eight full-scale shops per day, earning wages and tips. Rena loves grocery shopping, Moss writes.
SHIPT employs tens of thousands of shoppers across the country. If the personal shopper model takes off, it could create a significant number of jobs, Moss writes.
Traditional grocery jobs may be replaced by more technologically centered roles, Moss writes. When ATMs came on the scene, it was feared the bank teller jobs would evaporate. The number of teller jobs actually increased from 500,000 to 550,000, Moss writes.
The point Moss is making is that old jobs may disappear, but, at least in some industries, they will be replaced by a different kind of job.
Many out there had good, “old” jobs. Those good, “old” jobs, in many cases, have either disappeared, or are about to disappear, before those who have them are ready to retire.
Complaining about the trend, or trying to force industry to resist such trends, is like complaining about the weather. You can’t stop progress, and, though people get hurt in the short run, good people usually end up on their feet – or even better off than they were.
Lamenting wastes energy that could be used to figure out what one should do next. Should he train for one of those “new” jobs in his industry? That may depend on one’s age, and how much he likes the industry he’s in.
If he’s like Moss’ Rena and loves grocery shopping, he may want to adapt to the new trend in whatever industry he’s grown to like. Or, he may literally become a personal shopper.
For some, though, it may be a chance to check out something new. There are many excellent ways to earn money without having a regular, W-2 job. To learn about one of the best such vehicles, message me.
Some of us see changing trends, downsizing etc. as evil. Perhaps it will turn some people’s lives upside down. But, like a fast-moving train with a weak brake, it’s difficult, if not impossible, to stop. Companies need to be flexible and nimble with the fast changes.
To those who work for such companies, your energy is better spent working on your next move than complaining about or resisting the inevitable.
Rena took good care of Moss and his family, he writes. She did so with a smile and lots of energy. He writes that it left him with a positive outlook on the future of food consumption.
A positive outlook on the future, whatever it holds for you, is the first step to improving your life.
Peter
HOW TO BE A HAPPY RETIREE
#HappyRetirement #GiveBack #StayPositive
Happiness in retirement may not entirely be based on how much money one saves for that purpose.
Many other things go into it, according to Wes Moss, chief investment strategist for the Atlanta-based Capital Investment Advisors, host of the “Money Matters” show on WSB radio in Atlanta and personal finance columnist for The Atlanta Journal-Constitution.
He discussed his eight rules for a happy retirement in his newspaper column June 7, 2016.
His eight rules include: 1) Skip the BMW. Own a car that is comfortable, reliable and affordable. 2) Stay the course on investments. Don’t chase the next “hot stock.” 3) Give back. Find a cause you care about and contribute your time, talent and money. 4) Don’t move or renovate. Make sure you are happy with your home before you stop working. 5) Buy the big stuff before you retire. When you spend your money is just as important as how much you spend. 6) Start now. He writes that 44 percent of unhappy retirees in Moss’ study group were dissatisfied with how much retirement planning they’d done. 7) Know your rich ratio – the amount of money you have in relation to what you need. Or, monthly income divided by monthly expenses. 8) Stay positive. People probably won’t retire when they want to because they don’t believe they can, he says.
It’s certainly important to save for retirement, starting at the youngest age possible. Some in previous generations did not begin saving until their children were adults, or near adulthood.
With the job situation very fluid today, one should not expect to work for as long as he or she wants. People are very often retired early not by their own choosing. If you’ve developed good saving and investing habits as a young person, you need not fear this problem.
Also, one should always have a Plan B, in case a good job goes away prematurely. It’s difficult to be a happy retiree when one is forced into the situation. One Plan B might be to turn a hobby into an income-producing activity. Another might be extensive, careful investing throughout your life.
There are other Plan Bs that allow people to make additional income without the need for an extra traditional W-2 job. For one of the best, visit www.bign.com/pbilodeau
As Moss writes, retirement is more than just sitting in a chair resting from years of labor.
It’s meant to be an enjoyable part of your life. You can certainly do things you love to do, but many experts say that it’s best to have a purpose in life, no matter what your age. That’s probably where Moss’ “give back” rule comes in.
“The happiest retirees envisioned a future and worked consistently toward that future with optimism – secure in the knowledge that while the economy and stock market can be a crazy ride, the long-term trend has been decisively positive,” Moss writes.
If you are young, think about when you might want to stop working, and prepare for that time. Set a goal. Follow Moss’ advice and don’t let fear and pessimism kill your dreams. Enjoy your young life, but also prepare for a good life as you get older.
Always have in the back of your mind that one day, the good job you have might disappear. If it doesn’t, you will have lucked out. If it does, the well-prepared person will goforth knowing he’s done his best to be happy in the face of an unexpected turn.
We can’t control our circumstances, but we can do what we can to react positively when things don’t go as we would want.
Peter
HOW TO BE A HAPPY RETIREE
#retirement #happiness # StayPositive
Happiness in retirement may not entirely be based on how much money one saves for that purpose.
Many other things go into it, according to Wes Moss, chief investment strategist for the Atlanta-based Capital Investment Advisors, host of the “Money Matters” show on WSB radio in Atlanta and personal finance columnist for The Atlanta Journal-Constitution.
He discussed his eight rules for a happy retirement in his newspaper column published June 7, 2016.
His eight rules include: 1) Skip the BMW. Own a car that is comfortable, reliable and affordable. 2) Stay the course on investments. Don’t chase the next “hot stock.” 3) Give back. Find a cause you care about and contribute your time, talent and money. 4) Don’t move or renovate. Make sure you are happy with your home before you stop working. 5) Buy the big stuff before you retire. When you spend your money is just as important as how much you spend. 6) Start now. He writes that 44 percent of unhappy retirees in Moss’ study group were dissatisfied with how much retirement planning they’d done. 7) Know your rich ratio – the amount of money you have in relation to what you need. Or, monthly income divided by monthly expenses. 8) Stay positive. People probably won’t retire when they want to because they don’t believe they can, he says.
It’s certainly important to save for retirement, starting at the youngest age possible. Some in previous generations did not begin saving until their children were adults.
With the job situation very fluid today, one should not expect to work for as long as he or she wants. People are very often retired early not by their own choosing. If you’ve developed good saving and investing habits as a young person, you need not fear this problem.
Also, one should always have a Plan B, in case a good job goes away prematurely. It’s difficult to be a happy retiree when one is forced into the situation. One Plan B might be to turn a hobby into an income-producing activity. Another might be extensive, careful investing throughout your life.
There are other Plan Bs that allow people to make additional income without the need for a traditional W-2 job. For one of the best, visit www.bign.com/pbilodeau
As Moss writes, retirement is more than just sitting in a chair resting from years of labor.
It’s meant to be an enjoyable part of your life. You can certainly do things you love to do, but many experts say that it’s best to have a purpose in life, no matter what your age. That’s probably where Moss’ “give back” rule comes in.
“The happiest retirees envisioned a future and worked consistently toward that future with optimism – secure in the knowledge that while the economy and stock market can be a crazy ride, the long-term trend has been decisively positive,” Moss writes.
If you are young, think about when you might want to stop working, and prepare for that time. Set a goal. Follow Moss’ advice and don’t let fear and pessimism kill your dreams. Enjoy your young life, but also prepare for a good life as you get older.
Always have in the back of your mind that one day, the good job you have might disappear. If it doesn’t, you will have lucked out. If it does, the well-prepared person will go forth knowing he’s done his best to be happy in the face of an unexpected turn.
We can’t control our circumstances, but we can do what we can to react positively when things don’t go as we would want.
Peter