Passive Wealth Strategies for Busy Professionals

Preparing for Retirement and Staying Fulfilled with Fritz Gilbert

September 3, 2020

Fritz Gilbert retired in June 2018 after more than three decades in Corporate America, where he progressed through various levels in a multinational corporation serving the global aluminum industry. His award-winning blog, The Retirement Manifesto, is focused on “Helping People Achieve a Great Retirement.”

In this episode, we are talking about retirement but not just about the numbers and financial aspects. We are talking about how to stay fulfilled in retirement, how to retire, how to get ready to retire, how to know you’re ready to retire, or maybe you shouldn’t retire at all—and being mentally prepared with your lifestyle to retire.

[00:01 – 04:36] Opening Segment

  • I talk briefly about great value that awaits you in this episode
  • Let’s welcome our guest, Fritz Gilbert
  • Quick plug to Fritz’s book, Keys to a Successful Retirement
  • Fritz gives a bit of background about himself
    • Fritz shares about his book

[04:37 – 08:53] Staying Fulfilled in Retirement

  • Fritz shares about obsessing over what retirement would be like
  • Frits gives powerful advice on how you can stay fulfilled in your retirement
    • Retirement is going to be different for everyone
    • It’s not something that you know what it feels like until you experience it
    • Experiment on things that you are interested in

[08:54 – 16:45] Preparing for Retirement

  • Fritz talks about how you can know you are ready to retire

    • If you haven’t taken the time to think about the non-financial aspect of retirement, you are not yet ready to retire
    • It’s an instinctual thing. You’ll know when you are ready to retire
  • Fritz gives us a glimpse of his preparation for his retirement

    • Simulating what retirement would look like over and over again
  • Quick Ad Break

[16:48 – 21:17] Digging Yourself Out of the Hole

  • Fritz talks about people retiring at an old age with very little savings

    • It’s never too late to start
  • Fritz talks about the FIRE movement (Financial Independence, Retire Early)
  • Find a way to increase your income without increasing your expenses

[21:18 – 28:56] Side Hustling

  • What keeps you motivated, and what does it feel like having a “side hustle” in your retirement?

    • Get to the point where you don’t need a side hustle before pulling the plug
    • Find a side hustle that brings you value beyond the monetary aspect
  • I share a story about my grandfather

    • Retired in his 60’s and continued living and working at his farm
  • Fritz talks about his 10-day retirement trial

[28:57 – 37:01] Closing Segment

  • Quick word from our sponsors
  • What is the best investment you’ve ever made other than your education?
    • Becoming a passionate personal finance “hobbyist.”
  • What is the worst investment you ever made?

    • Fritz shares a story of why you shouldn’t invest in individual stocks.
  • What is the most important lesson that you’ve learned in business and investing?

    • “Enjoy the moment while being responsible for the future.”
    • “Be intentional in striving to have balance in your life.”
  • Final words from Fritz and me

 

Tweetable Quotes:

“Don’t spend your whole time thinking about tomorrow. Enjoy your today but be responsible in saving for your tomorrow.” – Fritz Gilbert

“Retirement is kind of one of those big milestone changes in your life that you can’t anticipate what it’s gonna be like until you actually go through it. And I would say finding fulfillment in retirement is kind of the same thing.” – Fritz Gilbert

“Don’t get so obsessed with work. Don’t get so obsessed with saving money. Don’t get so obsessed on anything. Really seek balance, life’s a lot better that way.” – Fritz Gilbert

 

You can connect with Fritz on Facebook, Twitter, and Instagram. Visit his website https://www.theretirementmanifesto.com/

 

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