Summary

In this episode of the Happiness in Retirement podcast, host Bill DelSette shares his personal journey and insights on the relationship between money and happiness. Drawing from his experiences growing up in foster care and working various jobs from a young age, he emphasizes the importance of work ethic and the simple joys of life. Bill reflects on how, despite achieving financial success, he found that true happiness stemmed from meaningful relationships and engaging in activities he loves, rather than the accumulation of wealth. He discusses the paradox of wealth, noting that while money can provide comfort, it does not guarantee happiness, and often leads to increased worry about loss.

Bill highlights the significance of relationships as a key predictor of long-term happiness, referencing a Harvard study that underscores the value of close connections over material wealth. He encourages listeners to focus on building relationships and finding joy in simple, low-cost activities. The episode concludes with Bill advocating for a non-attachment to money and material possessions, suggesting that true fulfillment comes from experiences and meaningful interactions rather than the pursuit of wealth alone.

Chapters

00:00 Introduction to Happiness in Retirement
00:57 Bill's Early Life and Work Ethic
04:15 Pursuing Education and Career Choices
06:36 The Relationship Between Money and Happiness
10:14 The Importance of Relationships
12:11 The Loneliness Epidemic and Social Connections
16:03 Finding Meaning Beyond Money
18:03 Experiences vs. Material Wealth
19:55 Conclusion and Final Thoughts

Takeaways

"The road to retirement should be an adventure, not a survival strategy."
"Having more money doesn't necessarily make you happier."
"The quality of close relationships is the biggest predictor of long-term happiness and health."
"Focus on meaningful things that don't cost a lot of money to find your happiness."
"Invest in relationships and emotional connection."

In this episode of the Happiness in Retirement podcast, I had the pleasure of interviewing Glen Allen, a valued member of Del Sette Capital Management, who is on the cusp of retirement. As the host, I wanted to explore the multifaceted nature of retirement, especially from the perspective of someone who has dedicated years to the financial industry and is now preparing to transition into this new phase of life.

We kicked off the conversation by discussing Glen's feelings about retirement. He expressed a sense of readiness, thanks to his extensive financial preparation and the solid benefits package he has through his wife. However, he also acknowledged that a significant part of his identity is tied to his work, which raises questions about how he will reshape his life post-retirement.

Glen shared what he will miss most about his job, including the stimulating environment of trading and portfolio management, as well as the relationships he has built with clients and colleagues. He emphasized the rewarding nature of helping people improve their financial situations, which has been a cornerstone of his career. On the flip side, he is also eager to leave behind the high-stress responsibilities that come with the territory.

As we delved deeper, Glen reflected on the challenges of transitioning from a structured work life to a more open and flexible retirement. He humorously noted that his wife, Fran, is already anticipating the adjustments he will need to make, as he is used to a fast-paced work environment. We discussed the importance of maintaining a sense of purpose and meaning in retirement, which is something Glen is keenly aware of.

Glen shared his excitement about having more time for family, particularly to assist his aging parents, and to engage in volunteer work at his parish. He also expressed a desire to explore his passion for ceramics and Native American pottery, as well as to stay connected to the stock market, which has been a lifelong interest.

We touched on the financial aspects of retirement, where Glen candidly admitted that, despite his expertise, he still has lingering worries about market dependency and the absence of a pension. He emphasized the importance of having a solid financial plan and the need for individuals to think about their lifestyle and spending habits in retirement.

Throughout our conversation, Glen provided valuable insights into common misconceptions about retirement, particularly the need for individuals to consider what their lives will look like once they leave the workforce. He highlighted the importance of having a distribution strategy for retirement savings, as many people focus on accumulation but overlook the complexities of drawing down their assets.

As we wrapped up the episode, Glen shared his hopes for the future, including travel aspirations and a desire to remain engaged and active in his community. He expressed optimism about the potential for global collaboration to address pressing issues, reinforcing the idea that retirement can be a time for personal growth and contribution.

This episode is a rich exploration of the emotional, financial, and social dimensions of retirement, offering listeners a unique perspective from someone who is navigating this significant life transition. Whether you're approaching retirement or simply curious about the journey, Glen's insights will inspire you to think deeply about what your own retirement could look like.

Welcome to this special episode of the Happiness in Retirement podcast! Today we’re diving into a topic that we haven’t explored in depth before on the podcast: investing. While we often focus on lifestyle tips and financial planning strategies, I believe it’s crucial to discuss our investment philosophies at Del-Sette Capital Management, especially as they relate to achieving a fulfilling retirement.

In this episode, I share our core investment principles, emphasizing that investing is not merely a spectator sport. It’s an integral part of a comprehensive financial plan, and as fiduciaries, we are committed to acting in your best interest.

Key Takeaways:

1. Invest in Yourself: The greatest investment you can make is in your own health, education, and personal development. Continuous improvement is essential for long-term success.
2. Adopt an Optimistic Mindset: In a world often filled with negativity, maintaining an optimistic outlook can lead to better life satisfaction and investment decisions. I discuss the importance of viewing market declines as opportunities rather than threats.
3. Limit Portfolio Monitoring: Frequent checking of your investments can lead to emotional decision-making and poor outcomes. I highlight a study by Vanguard showing that those who check their portfolios less often tend to earn higher returns.
4. Separate Money from Emotion: Mixing emotions with investing can lead to biases that negatively impact performance. I outline common biases such as loss aversion and overconfidence, which can cloud judgment.
5. Be an Owner, Not a Loaner: I encourage listeners to invest in common stocks rather than bonds, especially for younger investors. Owning a piece of great companies can lead to better long-term growth.
6. Save and Invest for Growth: For those in the accumulation phase, I recommend saving at least 15-20% of your income and focusing on growth-oriented investments.
7. Invest for Dividends in Retirement: As you transition into retirement, I stress the importance of investing in dividend-paying stocks, which can provide a potentially reliable income stream.
8. Buy Time with Your Money: Finally, I emphasize that money should be viewed as a means to enjoy life and buy time for the things that matter most.

Throughout the episode, I remind listeners that while we cannot predict the future, we believe that adopting these philosophies can significantly enhance your chances of building a secure and enjoyable retirement.

If you find yourself uncertain about your investment strategy or alignment with your goals, I encourage you to reach out for a conversation. At Del-Sette Capital Management, we are here to help you design a portfolio and retirement income strategy that brings clarity and confidence.

Thank you for joining me today! If you found this episode helpful, please subscribe, leave a review, and share it with someone who is planning for their future. Until next time, stay focused, stay disciplined, and invest with purpose and optimism!