What Financial Baggage Should You Leave Behind? | Decluttering Your Finances

Be one of a kind with Mike's Plan.

Welcome to the One of a Kind Financial Show Daily with your host, Mike Milligan. Well, today's Wednesday. It's hump day, guys.

And, uh, this is Mike on the mic today.

It's also the middle of the month, October 15th. You know, many people will be traveling in 5 or 6 weeks to, uh, because Thanksgiving is one of the busiest travel seasons of the year. That's where airports are packed, the roads are Slam as everybody's trying to get home for turkey and dressing, right? But recently on the One of a Kind Financial Show, Gary and I talked about like what you pack in your suitcase when it comes to retirement. We talked about where is, uh, if retirement is a journey, what's in your suitcase? Enjoy this segment and I look forward to connecting with you deeper to build a one of a kind financial plan.

Think about the last time you packed for a big trip. You probably overpacked, maybe forgot something important, or tried to prepare for every possible outcome. Retirement is no different. Many people carry emotional baggage like guilt, fear, fear of spending or identity loss, and financial clutter like too many accounts or oversized house or unclear goals. Now today, this segment, we're going to help you unpack what truly belongs in your suitcase and what needs to be left behind. And we're going to talk about how to make the most of your retirement. left behind for a smoother retirement journey. Our first question: Is your financial mindset stuck in accumulation mode, Mike?

Well, retirement is a psychological shift from building wealth to spending it wisely. Many people cling to scarcity thinking or, or, or have fear that they're going to outlive their money. Gary, I tell a story often to prospects and clients about hikers. A really experienced hiker who gains elevation and then comes down elevation on a big hike, they'll always take 2 different sets of tools with them, right? A set of tools to go up the mountain and a set of tools to come down the mountain. See, when you're going up the mountain, right? Or when you're accumulating money, right? It's about the return on your money. When you hit retirement, it's about the return of your money. There it is, Gary. 4th time's a charm. There we go. So, it is a psychological shift. From accumulation to deaccumulation, because the deaccumulation is about getting guaranteed income during retirement.

Now, what emotional baggage are they still carrying, Mike?

Well, some retirees carry guilt about leaving a job, regret about missed opportunities, or even unresolved family tension. So those soft, non-financial roadblocks really can affect people as they're going from a 40 or 45-hour work A workweek job, into a time where every day is a Saturday. And so, in order to kind of get this shift from working to non-working, you have to have a vision for what retirement is going to look like. And that vision comes with every conversation we have for folks, because if you don't have a vision for retirement, Then every day will be a Saturday. And Saturdays are times that you spend the most money, that you lose track of time. And so retirees, you know, to get rid of some of that emotional baggage, you have to get a vision for retirement and what that is going to look like.

The show is a one-of-a-kind financial show. I'm Gary Nolan. Thank you for joining us, spending time with us. We appreciate it. I want to give you the phone number, get on Mike's calendar, get you all set up with that comprehensive plan. with that one-of-a-kind financial plan that Mike's going to talk about in just a couple of minutes. 800-748-1838, 800-748-1838, or text the word ideas to 600-700, ideas to 600-700. So what's the financial clutter that slows them down, Mike?

Well, it could be too many investment accounts. It could be a poor tax structure. It could be insurance that's no longer needed. Or even an oversized, outdated home where they're clinging on to the memories of the past. See, the clutter of having too much of something hinders the decision-making process that's needed. Gary, just because you're retired does not mean you're dead. That is what a lot of people— A lot of people sometimes, they feel like this is the final chapter. Retirement is many chapters. It's not one, right? It's the go-go years, it's the slow-go years, it's the no-go years, as Tom Hegna puts it. And for others, it could be about, as Riley Moynes put it in a recent podcast I did on the Ideas by Mike, there are 4 phases of retirement. See, getting rid of financial clutter allows you to really live a one-of-a-kind life in retirement. Because then you don't have to declutter at that very— those different chapters of retirement.

Got about a minute left in the segment here. What are the must-haves in a successful retirement suitcase, Mike?

Well, other than just stocks and bonds, you need to have something— you need to have strong relationships, a community that you can go and spend time in. That is going to lift you up. You need to have purpose around your health, right? Because this is the time to focus on walking a little bit more and being active so you can extend your healthspan as well as your lifespan. And then it's about the impact. So, one of the things that we are the must-haves is a good community, a focus on your health, and an impact where you're going to spend time. We call that Retirement Chi. And that's the first thing we do, we build a vision, and building the vision for actually the one-of-a-kind financial plan.

Yeah, talk about the one-of-a-kind financial plan, Mike.

We build the one-of-a-kind financial plans every day. See, most people struggle for how they turn, just like I did in this segment, they struggle with how do I turn my assets into an income that I can outlive? How do I turn my assets Or my tax strategy into something that I can live with so I don't overpay my Medicare premiums or taxes in retirement. The One of a Kind Financial Plan is built so that to take care of the biggest expense you'll ever have, which are taxes, a retirement income that you cannot outlive, an investment strategy that meets the needs of retirees so you can get the return of your money in retirement, a long-term care plan. that takes care of you through your whole life and a legacy plan that tells your family, I love you, at the end. We build one-of-a-kind financial plans that have retirement chi, the vision for retirement, so that you can live a one-of-a-kind life.

You heard it from Mike. No cost, no obligation to get a better handle on your financial situation. That's that one-of-a-kind financial plan that Mike just talked about. Again, no cost, no obligation. Get a better handle on your financial situation. Here's the phone number: 800-748-1838. 800-748-1838. Or text the word IDEAS to 600-700.

One last message from our compliance team. As a reminder, Mike Milligan, Certified Financial Planner, is an investment advisor representative of Advisory Alpha, LLC, an SEC-registered broker-dealer. All opinions expressed by me, Mike, or any podcast guests are solely our opinions and do not reflect the opinions of Advisory Alpha. This recording is for informational purposes only, should not be relied on solely for investment, tax, or legal decisions, and it's in no way intended to communicate or guarantee specific performance or suitability of any security instrument or product as we may have discussed. Investment advisory and financial planning services offered through Advisory Alpha LLC, a registered investment advisor. Insurance products are provided by Ideas by Mike, a licensed agency located in Texas. Located in Norfolk, Virginia, and licensed to do business in all 50 states. While tax and legal issues may be discussed in the general course of financial and investment planning, Advisory Alpha does not provide tax or legal services. Please consult with your tax or legal professional prior to making decisions related to these issues. If you want us an appointment with Ideas by Mike or One Oak Financial, please reach out via our website. This podcast is produced in conjunction with Mike Milligan, LLC.

Transformation's yours, fulfill the need. Mike's got the way to help you rise and stay. Leadership impact you'll find in your one-of-a-kind mind. Be one of a kind. Take the flight. Mike's the guide. You'll shine bright.