Ep 24: 5 Retirement Lessons You Can Gather From Farming
We spend a lot of time we researching and gathering information but some of the best guidance for retirement planning can be found right in front of us. We’ll show you that’s the case by taking farming and extracting five lessons that you can apply to your planning strategy.
The Reality of the Matter:
Farming has always been the heart of our great country but doesn’t it seem like the perception is that it’s a simple way of life? If you’ve ever owned land with animals and crops, you know that it’s far from a walk in the park.
Many people would be surprised to learn that there are many comparisons between farming and retirement planning. You might have to dig a little deeper to find them, but when you look close enough you find many lessons that can be applied to you financial plan.
On this episode of the Retirement Reality Podcast, Mike Kojonen will explain how five different aspects of farming relate to retirement. Mike might not be an expert on farming, but he and his family have a hobby farm that they manage with different animals so he understands the basic principles. We’re talking the chicken and the egg, managing land as an asset, predators coming for your property, and of course the mighty rooster. They can all teach us something about retirement planning.
We’ll also take a question from a listener who isn’t on the same page as her spouse about meeting with a financial advisor. Is it okay to do it on your own? Mike will share some experiences he has from working with clients in a similar situation and share some things to consider if you’re in this same position.
From assets to investments to predators, there’s plenty to process and we’ll do that today. So check it out and see if you can think of any other comparisons.
1:02 – Mike and his family own a hobby farm with multiple animals.
2:20 – Let’s take farming and relate it to retirement planning.
2:33 – The first lesson is understanding liquid vs non-liquid assets.
5:08 – The second lesson we can find in the chicken and the egg.
8:13 – The third lesson is protecting yourself from risk like predators on a farm.
10:34 – Long-term care is another predator people don’t always consider.
11:53 – Hidden fees is the last one that can attack your ‘chickens.’
12:30 – The fourth lesson is a diversity of crops to make sure your business isn’t too reliant on any one asset.
15:39 – The final lesson can be taken from the rooster.
17:31 – Mailbag question: I’d really like to meet with a financial advisor but my husband says we’re fine handling our investments ourselves. Is that okay to do on our own?
Thanks for checking out the Retirement Reality Podcast. We’ll talk to you again next week.