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What Are You Going To Do in Retirement?

Small Business Finances �Rich Best
Rich Best has spent 28 years in the financial services industry, as an advisor, a managing partner, directors of training and marketing, and now as a consultant to the industry. Rich has written extensively on a broad range of personal finance topics and is published on several top financial sites. Recent books include The American Family Survival Bible and Annuity Facts Revealed: What You MUST Know Before You Invest.

What Are You Going To Do in Retirement?

What Are You Going To Do in Retirement?

Business owners are notorious for their total commitment of time and attention to their business, leaving precious little time to pursue a hobby or explore new interests simply for enjoyment. But, when your work is your passion, it can leave a gaping void in your life when you decide to hang it up, which is why some business owners “believe” they will work forever.

However, business owners who are able to find a passion outside of their work, something in which they can find true fulfillment, say it can be life-changing, bringing a quality to life that has been missing. It allows them to center their life on something other than work, bringing clarity to their ambition for a good life. With retirees living 30 or more years in retirement, it’s just not enough to know how much money you’ll have to live on, it’s even more important to know how to make the most of this next phase of life.

What’s Your True Retirement Ambition?

You’ve probably seen what happens when someone finds themselves suddenly removed from the action. It’s not uncommon for recently retired business owners to grow despondent, sometimes feeling dejected. However, people who are engaged and productive outside of work tend to be happier in all facets of their lives. So, instead of waiting until retirement to find a new passion, why not explore interests that you can enjoy today so that, by the time you cross the retirement threshold you can be a real enthusiast?

Here’s how you can stumble across a new interest or hobby or passion without really trying.

Carve out a little time to try something new each month

 The challenge for business owners is they are so laser-focused on their business, they have neither the time nor inclination to try new experiences. If you can set a goal to try something new every month, you may discover an experience that you want to pursue further. It could be as simple as working on a home project, trying a new dinner recipe, visiting local points of history or even watching a movie outside of your normal genre. It’s about opening your eyes to an experience or interest you never expected.

Learn a new skill

That’s right. You can never be too old to learn a new trick. There has to be something you’ve always wanted to try but just never had the time – playing an instrument, learning a new language, wood carving. Some people join to passions together by attending a paint and sip class combining, the enjoyment of exploring new wines with step-by-step painting instruction. With YouTube, you can never run out of how-to-videos that can teach you how to do just about anything. The key to growing your passion is to join with other people who share a similar skill or interest.

Share your knowledge

Having run a successful business, you have valuable insight and skills that have sustainable economic value. Not to you, because you have already benefited from it, but for others who can use it to open up opportunities. Working with young entrepreneurs, mentoring high school students, or training older adults, you have a rare opportunity to achieve true fulfillment while making a difference in your community. You can start now by allocating a few hours a week to using your knowledge and skills in a new way.

Many successful business owners would never be satisfied if they simply traded in a life of work for a life of leisure in retirement. After all, it’s your first real opportunity to control your time to pursue your ambition for a good life by doing something you really want to do. What’s your ambition?

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