49. Don’t Retire, Graduate! with Eric Brotman

Eric Brotman is the author of the book Don’t Retire...Graduate! He’s also the Chief Executive Officer of BFG Financial Advisors and host of the Don’t Retire...Graduate! podcast. On this episode of CFO at Home, Eric and Vince discuss updating our concept of retirement, challenges that Millennials and Gen Z need to consider when planning for retirement, and more.

• Key Takeaways:
• • Retirement should be an advancement to doing the next version of you, whatever that looks like 
  • Parts of our current retirement system (like Social Security) were built to help support you for the very short period of time between retirement and death. Longer life spans have changed the game.  
  • The idea of retirement today is not so much the absence of work, but rather the absence of needing to work (Financial Independence)
  • Retirement planning requires more intentionality to those in their 20’s and 30’s today than in the preceding generation because of the number of different employers they can expect to have
  • • List out your assets and liabilities and build a cohesive plan around them 
    • Have a accountability partner
  • Key factors in determining a debt pay-off strategy
  • • Interest Rate
    • Impact on Cash Flow
    • Impact on Net Worth
  • Paying yourself first is as important (if not more important) than budgeting
  • Understand the money habits of your partner before commingling finances 
  • Being wealthy is being financially independent enough to never work another day in your life. For most of us, this will still require discipline and living within certain spending parameters. 

• Resources:
• • Book - Don’t Retire... Graduate! 
  • Podcast - Don’t Retire... Graduate!
  • Brotman Media Group
  • FinancialPlanningForAll.com

• Contact the Host - vince@thecfoathome.com