In this episode, Dr. Shay speaks with John Hankins about his career journey motivation to save for retirement throughout his life. John shares his journey from a scarcity mindset shaped by his parents' upbringing during the Great Depression to a successful career and retirement planning. John also shares the importance of contentment and gratitude which Dr. Preston Cherry elaborates on. Dr Shay and Dr Cherry explore the difference between defined benefit and defined contribution retirement plans, the stages of retirement planning, and a shared enjoyment of Stevie Wonder.

Takeaways

• Defined benefit plans offer guaranteed payments, while defined contribution plans require individual investment choices.

• Preparation for retirement involves understanding your financial needs and emotional readiness.


• The transition into retirement is a multi-stage process that requires planning.


• Understanding your 'enough' is essential for financial contentment.


• Flexibility in financial goals can lead to better outcomes.


• Financial freedom encompasses feelings, finances, and future planning.


• Connecting with your future self can enhance financial decision-making

To stay in touch with Dr. Preston Cherry, check out his work here:

https://www.drprestoncherry.com/

The Life Money Balance Podcast

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