Don't Retire, Semi-Retire!

Zurich Awes
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Zurich Awes wants you to "Live The Life You Love." Too often, he sees clients transition from working full time to retiring, and not knowing what to do with themselves. The idea of semi-retiring will help you figure out what it is YOU want for yourself when you're done working. In this podcast, we will work through the process.

Episodes

  1. 06/14/2022

    Gap Year Evaluation

    In our previous episode, we launched our Gap Year.  Now, with three months left, it's time to evaluate it. Ask yourself these questions weekly, record your answer trends, but also pay attention to your heart. Components: Loves & Loathes Must Haves & Can’t Stands Problems: That CAN be solved Problems: That CAN’T be solved. Overall Score: 1 to 10, no 5’s. Strategically Push Up the Score? Great vs Good Enough How Did it Feel Extend or Start AgainZurich explains several math equations in this episode.  We explain them visually for you here: Overall score: Count up your score, divided by the possible score, then convert to a ten point scale. For example, if you had 17 items, for a possible score of 170, but scored 140, then you would divide 140/170 = 82%. Convert that to a 10 point scale and you get 8.2.  Quantifying Good Feelings" Count the number of “good feelings” and divde by the total number of items. Translate the percentage into a digit. In other words, if you had 12 items, and felt good about 9 of them, that is 75%. On a ten point scale, that is a 7.5. Overall Score:  If you're a data-driven person, weight your results 80% toward data and 20% toward feelings.  If you're more feelings-driven, go 50-50. To get your overall score, multiply each of your scores from data and feelings by the ratio above, then add together. For example: 1. If you scored 8.2 on the data, and 7.5 on the feelings and your ratio was 80/20 data/feelings. 2. Then you would multiply 8.2 * 80% and 7.5 * 20%, and add the resulting numbers together. 3. 8.2 * 80% = 6.6. 7.5*20% = 1.5. 6.6+1.5 = 8.1 Overall Results: Extend (7+)  If you scored 7 or better, it’s worth another go. But maybe not a full year. Usually, a 7 can be improved. Zurich's rules of thumb: 7 – 8: I try again for 3 months to see if I can get over 8.  8 – 9: I try again for 6 months to see if I can get over 9.  9+ : I make it permanent  Start Again (6-)  If you scored 6 or below, something is seriously wrong If scored 4-6, look for timelines or sections useful  If scored less than 4, look for salvageable items. Maintain optimism.  Contact: Zurich Awes Financial Management Website: https://www.zurichawes.com/ Zurich's email: zurich@zurichawes.com Zurich's phone number: 763-577-1900

    20 min

  2. 05/31/2022

    Gap Year Launch

    Last time, we talked about prepping your "Gap Year."  Today, we are going to launch it.  Zurich Awes and Jon Gay cover all phases of launching your Gap Year, in the "Don't Retire, Semi-Retire" and "Live The Life You Love" process.  This emotional roller coaster will include: The adrenaline on launchThe meltdowns and panic once you get going.  This regret is natural and part of the process, It will abate.The glee of the first three weeksThe wonderThe prideThe catharsisThe happy rhythmThe reflectionIn our next session, we'll evaluate the Gap Year, and decide whether to extend or start over. Contact: Zurich Awes Financial Management Website: https://www.zurichawes.com/ Zurich's email: zurich@zurichawes.com Zurich's phone number: 763-577-1900

    21 min

  3. 04/20/2022

    Gap Year Prep

    In previous episodes of our podcast, we've reached the point where we are at our "final choice" of what the next phase of your life could look like.  Today, Zurich Awes and Jag talk about prepping for that "Gap Year," and trying out your new life. Give yourself the option to either extend this year to multiple years, or even to bail if it's not working.  And allow yourself to go through the very natural emotions of this transition - wonder, shock, awe, fear, guilt, grief, elation, and/or freedom! Plan out this year in a way that it won't destroy you financially if it doesn't work out.  At this point we are flying WITH a net.  And be sure to work with advisors who have the experience to advise you through this process. Which aspects of your life will remain active during this gap year, and which aspects will go "on hold?" HOW do you put them on hold?  There could be issues with cars, homes, insurance and especially PEOPLE!  Know how you're going to maintain relationships while you're gone, and make plans to stay in touch with the people who are important to you. As always, document everything!  And have multiple plans - not just a plan B and C, but all the way to Z if you need to.   And if something's not working, and you change a variable, be prepared to backtrack through those plans.    Have an exit strategy should you need it, and don't be afraid to fail.  Failing will only teach you. For more information on Zurich Awes, reach  him at https://www.zurichawes.com/ Or Call him at (763) 577-1900

    26 min

  4. 04/06/2022

    Do The Math

    We've reached the point in our process, finally, where it's time to crunch some numbers.  But if we hadn't done all of our prep and testing in our previous steps and episodes, this would be a futile exercise. Write down every aspect of your Current Life and your Final Choice, side by side, on 2 columns of a piece of paper.  Subtract the difference between your totals. Divide that difference by your current life total.  That's how close you are to the life you're looking for in retirement. Many people will find that total to be less than 30, or even 20 percent.  Turns out, you may be a lot closer to living out your Final Choice than you thought!   Most people could retire now, or make a few changes to do so. But if you want to be thorough, you need to run the numbers through the extensive calculus used by a financial planner.  A Monte Carlo simulation will take into account all of the different variables of both market conditions and your individual situation.  Essentially it's like "The Price is Right."  You want to get as close to perfect, without going "over," i.e. running out of money before you die. Finally, consider a "Gap Year."  You may have heard of high school graduates taking a year off before college.  The same can apply before retirement.  Take a year off and try to live the life you love.  If it works, you've succeeded.  If it doesn't, you've minimized your risk. For more information on Zurich Awes, reach  him at https://www.zurichawes.com/ Or Call him at (763) 577-1900

    22 min

  5. 03/23/2022

    The Final Choice

    After all the tests in our previous episodes, we are down to our final choice when it comes to Retirement, Semi-Retirement, and Living the Life You Love.  Or, to further our dating analogy - this is marriage. If you've reached this stage in the process, you are part of a very select few. Consider yourself lucky. You might think the next thing to focus on, is money.  It is not. Take money out of the equation and ask, "is it worth it?" Compare it to your current life.  Or, in eHarmony terms, consider your "Must Haves and Can't Stands," as well as the less rigid "Nice to Haves and Could Tolerates." Is the change worth it?  Not the big stuff, but the boring stuff - will your everyday life be too drastically different? Next, have other people done what you're about to do?  Can you find trusted advisors and fiduciaries? Or are you someone's guinea pig?  For example, it was a lot easier for Zurich to move to Florida than to move his business to St. Croix. Finally, what are the risks?  If you completely mess this up, how far back will it set you, in both time and money? After all of this, if you're still  a "Go," we'll check the math in our next episode. For more information on Zurich Awes, reach  him at https://www.zurichawes.com/ Or Call him at (763) 577-1900

    24 min

  6. 03/09/2022

    The 90 Day Test

    In Episode 4, we began three and six week tests, "going steady" with various retirement and semi-retirement scenarios.  If you'll forgive the analogy, in Episode 5, we're "putting a ring on it" and getting engaged.  In other words, we are making a longer term commitment - this time 90 days. Again, the scientific method will still apply here, but the 90 day trial is a real "stress test" for the scenarios you are enjoying.  90 days will allow you to get past the "euphoria" of 3 and 6 week tests and really experience everything - good and bad. Did 90 days feel like enough?  Do you want more, or do you want less? How did you navigate the times you got bored in more of a natural ebb and flow of things?   Again, data collection is crucial. You've made educated decisions based on 3 and 6 week data sets. Now you're commiting the same time as roughly a college semester. Pay attention and collect that data - activities, your mood, and anything else you want to score.  Again, 1-10, no 5's! What surprised you? What "Murphy's Law" situations arose? Were they deal-breakers?  After all of this, if you're still net positive about the experience, consider the long-term of retirement or semi-retirement. Will this be compelling enough to do for the rest of your life?  Can you physically do it into old age (i.e. golf vs kiteboarding). Finally, what will it take to actually do this?  What in your life has to change?  Are their stakeholders you need sign-off from? What are the logistics and timeline? If you've reached this point, you're extremely lucky.  And in our next episode, we'll take our plan to the next level. For more information on Zurich Awes, reach  him at https://www.zurichawes.com/ Or Call him at (763) 577-1900

    22 min

  7. 02/23/2022

    Apply It: Three and Six Week Tests

    In Episode 3, Zurich and Jon talked about short tests, to figure out if your ideas of retirement or semi-retirement will work. Once we've narrowed down places, experiences, and situations, we're going to commit, in much the same way we would "be exclusive" with a romantic partner. Today, Episode 4 covers three and six week tests.  And they will use the scientific method of observation, hypothesis, test, and conclusion. First, most people can do anything for three weeks.   But the key here is collecting data - both about your experiences and your mood.  Look for trendlines, using this method to put hard numbers, (1 to 10, no 5's) to your feelings.  What was only qualitative is now also quantitative. Once you've got some places or activities selected from your three week tests, you'll up the ante - to 2 six-week tests. And the key is to do them back to back. After six weeks of living somewhere or doing something, have you had enough? Do you want more?  Do you experience a sort of homesickness for the "norm" in between these tests? Can you fight through it?  Again, you'll use the scientific method  and data collection to figure out if this is a good fit. In Episode 5, we'll look at Final Tests. For more information on this process, contact Zurich Awes at Zurich Awes Financial Management: https://www.zurichawes.com/ (763) 577-1900

    19 min

  8. 02/09/2022

    Your Dreams Are Probably Wrong

    The majority of working people spend their whole careers waiting for that first day of retirement and imagining what that dream life would be.  But as we've discussed previously, that "dream" can turn into a nightmare after just a few weeks or even days. Today, Zurich Awes and Jon Gay break down the steps of testing your hypotheses about retirement.  And you can do this while you're still working, and semi-retired.  This will help you "Live The Life You Love" when you're ready to fully retire. Step 1: Try It.   Don't buy the big house or boat - rent it.  See if you're still happy with that life after more than just a few days. Step 2: Analyze the results via the scientific method. Take detailed notes about what you liked, on a 1-10 scale. (5's aren't allowed!) Keep the sevens, eights, and nines, and figure out how to improve them.  Be brutally honest! Step 3: Keep repeating Step 2, and refining it with the Test, Analyze, Brutal Honesty Approach More: https://www.zurichawes.com/ Email: Zurich@zurichawes.com Call: (763) 577-1900

    18 min

  9. 01/26/2022

    What Is Living The Life You Love?

    Today, Zurich Awes walks us through his "purpose" exercise, used to help you Live The Life You Love. We talked at the end of episode 1 about eliminating noise and figuring out what you truly want.   What motivates you?  Health? Money? Prestige? Reputation? Family?   Material things are nice, but they seldom make you happy.  Zurich explains how to find purpose that aligns with your values. Zurich talks about a Minnesotan who wanted to be a California surfer.  For him, it was worth a pay cut (when you factor in cost of living). Zurich thought he wanted an Aston Martin.  But one day driving one around the track changed that for him. Really, it's about mapping out your change. More: https://www.zurichawes.com/ Email: Zurich@zurichawes.com Call: (763) 577-1900

    20 min

  10. 01/12/2022

    Defining Retirement and Semi-Retirement

    For most people, there are six stages of retirement: Pre-RetirementFull RetirementDisenchantmentReorientationReconciliationStabilityThe idea of Semi-Retirement changes this usual trajectory.  Rather than retiring and not knowing what to do with yourself, you can figure out what you're truly passionate about while you're young enough to try new things, rather than being stuck at home watching The Price is Right and wondering "What if?" Zurich Awes has done a lot of testing in his own life to find the right way to do this.  This includes: Attempting Retirement at 36Semi Retiring at 38Trying Full Retirement in Florida at 45Finally semi-retiring in St. Croix at 48.The key to all of this Zurich Awes' motto: "Live The Life You Love."  But what is the life you love? Often, the path to figuring that out involves answering 3 questions.  Zurich explains why these questions are key. How would your life be different right now if you had $100 million and no debt?If you were going to die in one year, one month, one week, or one day - what would you do differently?If everyone you knew was gone, what would you do with your time?More: https://www.zurichawes.com/ Email: Zurich@zurichawes.com Call: (763) 577-1900

    21 min

  11. 12/30/2021

    Trailer

    I started to notice a pattern among people in my own profession. Three heart attacks or four wives by the time they were 50, because they're all working 60, 70, 80, 90 hours a week. And I just thought it was too depressing. And so I thought there had to be a better way. So I looked at the people that I thought seemed to be happiest in the world, at least in the retirement phase. And all of them seem to be working not full-time 60, 70 hours a week, but part-time 20, 30 hours a week. And I tried to figure out how to model that. My objective here is to give more people an idea of how to actually make the transition.. Do they want to send my retire or do they want to fully retire? Some people just work until 65 and stop. And that's the one binary approach they understand to their  But other people see  more flexibility. They want to travel when they're younger. They want to experience a broader slice of life. I want to show them the steps to actually restructure their life financially in order to do that. Our tagline is live the life you love. And the idea behind that is that money is a tool. Money is not the end game. We want people to build a structure, their money and their finances, in a way to actually do the things, to enjoy the things in life, to spend the time with the people that are actually most important to them to prioritize. More: https://www.zurichawes.com/ Email: Zurich@zurichawes.com Call: (763) 577-1900

    2 min

Trailer

About

Zurich Awes wants you to "Live The Life You Love." Too often, he sees clients transition from working full time to retiring, and not knowing what to do with themselves. The idea of semi-retiring will help you figure out what it is YOU want for yourself when you're done working. In this podcast, we will work through the process.

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