I am really excited today to introduce you to Leisa Peterson. She has some terrific credentials – Leisa is a Certified Financial Planner, with a 25 year career in financial services. She created a company called WealthClinic that focuses on helping people transform their relationship with money so that they live with greater freedom, more peace of mind and more fulfillments.
Leisa has interviewed me twice. First for a book, “The Retiree Next door, Financial Professionals Reveal Their Retirement Secrets”. Second for The Art of Mindful Wealth Clinic she was sponsoring. Leisa is refreshingly different.
I define successful retirement as, “Having enough money to last the rest of your life, without having to constantly worry about money.” Most every interview I do is about the accumulation and retention of money. Leisa helped me understand that many extremely wealthy people are unhappy, yet many with modest means are truly happily enjoying their golden years. We are going to elaborate on that today.
I want to thank Leisa for carving out some time out of her schedule and allowing me to turn the tables and interview her.
DENNIS: Leisa, you had a great career as a Certified Financial Planner yet you gave up your career to focus more on the human side of the issue. You must have seen some needs that were not being addressed. Why did you totally change directions in your career?
LEISA: Many times over my career I witnessed what I now call mindlessness when it comes to money – and people never realized it. I don’t mean just as it pertains to investing and taking care of it, but also when it comes to the behaviors and habits connected with it.
One example of this is the many times people would sit down to work with me as a financial advisor and I could feel how a part of their whole entire being ‘left the room’; I was only communicating with part of the person. This may sound strange but I have very intuitive skills from when I was a young child. I could feel what was happening emotionally for the people I worked with. When I helped people with their money, I could feel this absence arise. It made me sad that people were limiting their understanding and enjoyment of life in connection with their money relationship.
DENNIS: Prior to officially starting the interview we discussed several topics which are important to you. Can you give me the top three from a priority standpoint and then we can address them individually?
LEISA:
1. All joy and happiness reside in the present moment. In the present moment we are most often not suffering when it comes to money. It’s when we think about our past regrets or about the future when it comes to money that we often end up suffering. The past is gone and we have no idea what the future will really hold for us.
2. It’s very important for people to know their income and spending history when it comes to money. I teach some very unique and practical ways to think about budgeting that inspires people to live more fuller lives and see greater potential than they ever thought possible. It all starts by knowing how much is coming in and how much is going out – so you can ask yourself insightful questions and know if you are really getting the value exchange for the time spent earning that money among other things.
3. I always recommend having a plan for the future. Once you put the plan in place and take action, let go of expectations of what the outcome will be. We suffer a great deal when things don’t go as planned. It amounts to arguing with reality – which is a waste of time and life. Instead, learn how to love what is, even if it isn’t perfect – and open your eyes to a new world around you as a result.
Realistically it is taking financial and emotional charge for the rest of your life. Who came up with the idea that you should not be personally responsible for your financial and emotional well being?
Who says you need to stop working and earning income at 65? Maybe you are better off changing careers and having some fun.
And finally, “Rewrite your life program.” If you are 65, statistically you will live for 20 more years and with medical advancements, perhaps some more. Don’t let anyone tell you that you can’t do something you really want to do. People are skydiving in their 90’s. If you want to go back to college, do it. If you want to follow your dream and paint, do it. You just need to get started.
DENNIS: Wow, each of those could make an article. Let’s start with the first one. I’m a believer that using a financial expert is like going to the doctor for an annual checkup. While we may delegate some of the responsibility for looking after our nest egg, we should never abdicate that responsibility. Is that what you are talking about? If so, what are some ways you have helped clients be more comfortable understanding their role in today’s financial world?
LEISA: It all starts with what is happening inside of us – knowing ourselves well and understanding what we are worrying about and why. Understanding why we don’t take risks and why. Understanding what we most want from life and why.
I help people step back and examine their life to see what they really want and then take steps to bring that into reality – also to let go of what is causing you pain or challenges. It’s easier said than done, but I help people shift inside before focusing on the outside world of money, which drastically changes when we know ourselves better.
DENNIS: The second point you made was about continuing to work. What can you tell us about encore careers and how your clients have fared?
LEISA: I know most people end up going into careers for the income and not for their passions. Of course you have to be careful when following a passion to make sure there is a viable way to earn money. In this world you can earn money, and actually lots of it, in a WIDE variety of ways. It is only your beliefs that hold you back – it isn’t what you choose to do. If you think you cannot earn money following your passion, you are right.
My clients come to me when they are entering chapter two of their life; they are ready for change and want to discover a greater way to live. Don’t confuse that with retirement, that is only one example. They may have gone through a divorce, lost their job or become empty nesters. Chapter two is a mind set, not a chronological age.
It may mean a career change but it also may mean getting out of debt so that they can enjoy what they are doing now more. People enjoy stepping into a new life that includes more freedom and that is what I am often focused on helping them to bring into reality. We help them understand the choices and then achieve what is realistically best for them financially and emotionally.
DENNIS: I saved my favorite one for last.
One observation I made at our 50th high school class reunion was this. I have classmates that are whitewater rafting, going on safaris, taking exotic trips with grandchildren, and a lot of other cool stuff in between. I also have classmates who dressed, looked and acted like our grandparents did when they were 68 years old. To me it was one group had reprogrammed their future while others were living the life others expected of them.
My wife Jo and I moved from Florida to Arizona just before my 75th birthday. I had friends ask me if “I was crazy” and one remarked, “At your age, you are doing what?” We resented that. What the heck does age have to do with it? We packed and unpacked over 300 moving cartons. Sure it took a bit longer than it would have if we were in our 30’s, but so what? In your work in helping clients formulate their dreams and making them come true, can you pass along any tips for how to get that done?
LEISA: Write down your dreams – and include all areas of your life – not just something like travel. Write down what you want for your health, for your relationships, for your business, for your money, for fun, whatever makes you happy, but write it all down and let it speak to you – let this process reveal what you are ready to bring into reality and why. This is the beginning of the most amazing journey of your life!
DENNIS: Wow! Powerful, but realistic at the same time. Leisa, thanks again for taking the time today, I know our readers appreciate it.
LEISA: My pleasure, thank you.
If any reader wants to contact Leisa, please go to her website wealthclinic.com. I urge you to take advantage of her free e-book, “5 Simple Steps to Creating Mindful Wealth”.
Leisa’s message really hit home with me. We only get one trip in this event called life. Many times I said, “I’m racing to beat the heart attack”. I was concerned about accumulation of capital and felt I was too busy working to take the time to be happy. Happiness would come later, when I had the money in the bank. Leisa helps people understand those are not two mutually exclusive events, they can be done at the same time.
And Finally…
“A government big enough to give you everything you want, is strong enough to take everything you have.” – Thomas Jefferson
For more information, check out my website.
Download our FREE special reports:
An Honest Person’s Guide to Social Security
10 Easy Steps To The Ultimate Worry-Free Retirement Plan
10 Things You Need To Know, That Brokers Won’t Tell You About Dividend Paying Stocks!
Until next time…
Dennis
www.MillerOnTheMoney.com
I love it! One question, will someone restart the ponzi so I can snag some 18% returns in boring-as-shit American funds? Oh, and I’ll the dollar to buy something and society to adhere to decent norms, values, and so forth. While you are at it, my health care premium is almost 20k with a 12k deduct…..yeah…..that’s killing me, any ideas? Fuck, while I’m hear I gotta say basic public university education/yr at 16k is really a boot up my ass and after looking at my grocery bill……….otherwise, I’m afraid my fucking skittle shitting unicorn is in the shop so guess I better just prepare for whatever the unpleasant as hell shit is coming and do it with a smile!
“It all starts by knowing how much is coming in and how much is going out – so you can ask yourself insightful questions and know if you are really getting the value exchange for the time spent earning that money among other things.”
That is the ‘money shot’ right there. For most people, the first part, if looked at coldly, is ugly. Unfortunately, we have a society of miserable debt slaves because they failed to do the first part before even getting the college loan, then were forced in to the ‘career’ that in many cases never comes close to the second part, then after taxes, debt payments, etc. all of a sudden they are in this vicious cycle.
EVERY parent should be teaching their kids the above points. Every one. Then, from an early age, starting with the FAFSA slave owner application they can make sure that they can always enforce the second priority.
If the slime sucking brokers and investment advisers, insurance huskers are so brilliant they wouldn’t need us clients – now would they? Then some of them (like Fidelity) say that you should plan to live to 93 – Jesus H Christ!
I would bet that less than 3% of the populace retire. First of all if you’re married (like me) – I can’t stand to be in the house for more than four days, before my old lady drives me nuts. There’s only so many places to hide a bottle in the garage.
Then also there are continuing expenses: medicare / property taxes / property insurance / auto insurance / new appliances / maybe a new roof / new car? – the list is endless.
With my paid off home – it costs me about $1,400 a month just for taxes, insurance, utilities – think anyone can afford to retire? Fixed expenses alone will eat your principal up a heart beat.
If a male life expectancy is 84 – a reasonable retirement age might be 75.
I think you’re right.
My dad retired a few years ago – he is 67 now. In two weeks he is going back to work full time. I guess it was a long winter in the house with grandma. 🙂
Obviously you are associating and working with the professionals and government employees that still have some sort of garuenteed defined benefit package unlike the people who have been financially raped and pillaged to assure their retirement future . I was a trained industrial mechanic with the third largest steel company in the world and though told that I had 1/3 rd of a 30 year pension due to my 11 years service . No fucking bail out at 100 cents on the dollar for me and about 30,000 others and that’s just one company . 42 years of working and only my own IRA and social security to rely on again ha ha ha …Now for the health insurence ha ha ha ha ha ….
And you want to talk about fulfillment in retirement when we out here in fucked over land are saving the last bullet for ourselves . That’s our long term disability plan , the hope is to have enough brain & muscle control to go out on our own terms just before they tax us out of our home !
Last bullet, for the disability clausee – I LOVE IT!
I just took photos of a house. Sale price is $890,000. The owner said they paid $89,000 in 1979. They only lived there for 9 of those years. The rest of those years the home was rented.
I’m pretty sure many many many people who have a comfortable retirement are simply lucky. Dumb luck.
Yes, there is a boatload of luck involved………like buying several thousand shares of CSCO on its ipo and not being stupid with it……….
This guy is a fool as is his sidekick. Once again, no mention of debt, not one. Boat Guy: I was lied to by my airline and I certainly drank the Kool Aid. The worthless fuckers shopped for a judge, declared bankruptcy, negated the pilot’s contracts and I ended up with no retirement. The day they finally threw our contract out the window $11 million cash was conveniently found for the four top (((officers))) to split. Mrs Ragman and I went from anticipating a very nice retirement to living on SS and a very small IRA. Not complaining, just stating the facts.
I know your pain ragman , just think of the facts involved . You have law enforcement , courts (judges) all supported by our tax money and when the judge allows the bankruptcy to leave you and I out in fuck over land a government employee wonders why we could give a fuck if there shit is underfunded . The owner of the steel concern that managed to see the pensions flushed down the shit hole owns the largest private residence in the US in the Hamptons and some how I am to believe me paying 28% tax on under $100,000 while Mitt Romeny paid 15% on $12 MILLON is fair because he did not get his dick beaters dirty earning it . Yes I know capitol gains just another version of your shit is shit while my shit is stuff !
My retirement plan = A pack a day of smokes and a pint of vodka, plus a 9mm pistol. See you all on the other side!
What kind of 9mm cheesesteak would not want the wrong people to get it when you are thru but don’t hurry I can think of a laundry list of worthless fuckers and I know a 10 round clip comes up short . Remember if we can , make the other guy blow his brains out !
When the shit hits the fan, I wonder how safe the Hamptons are really going to be.
Some enterprising soul is going to do brisk business selling pitchforks and torches.
Here is the truth Wall St. doesn’t tell you. Based on my own experience. You don’t need $millions to retire. You may do some traveling in your 60’s. By the time you’re in your 70’s your life will primarily consist of watching TV and cooking dinner. By you’re 80’s, that’s about all you do. And looking forward to taking the grand kids out for ice cream or going to high school plays. That doesn’t cost a lot.
You will be very happy with this life, it’s what all old people do. It’s what my Grandparents did and my parents do. Contrary to Wall St. advertising, you will not want to be a 70 year old who owns a vineyard. Yea, and how many 70 year olds do you personally know who go whitewater rafting or go on a safari? That’s what I thought.
Where does masturbating fit in? Ernest Borgnine swore he kept that up well into his 90’s. It’s free. I’m planning on taking up hang gliding big-time in retirement.
Dear Uncle Charley,
Some time ago, Gail Sheehey wrote a book called “Passages” and followed it up with, “Beyond Passages.” She contends that 80 is what 70 used to be, 70 is what 60 used to be etc.
I am getting close to 80 and believe your comments to be correct; however my experience is your timing is off a decade. While my peers are not hang gliding, they are traveling a lot, eating out regularly and very active.
A lot of your expenses are lower because you don’t need work clothes and are not commuting; however, even with Medicare, medical costs are higher. Families are spread across the country and travel costs are expensive.
Another poster said, “You don’t want to be the richest guy in the cemetery!” I agree with that; however I don’t want to be flat broke at the wake either.
Most of our peers adjust their lifestyle to their nest egg and have learned to “enjoy what you have”. Why not?
Best regards,
Dennis Miller
Regarding retirement ‘planning’ I would refer the writer and his cheer leader to the wisdom of one Mike Tyson, he of the: “Everyone has a plan till they get a punch in the mouth” reality version.
Going from personal experience, believe me, the Tyson doctrine of retirement is by far the best one to follow.
You don’t want to be the richest person in the cemetery.
Retirement for the masses is an artificial, short lived, fiat financed, phenomenon. In terms of total number of humans that ever lived on Earth, true financial retirement has been enjoyed by very few. Only the generations of the 20th century, about 5, out of 1000 generations in the last 20,000 years achieved it.
I think it’s going to be some time before we see it again.