Before I start to extoll the benefits of renovating in retirement, I think I should mention that I think the concept of retirement is completely flawed.
The whole idea of having your nose to the grindstone for forty years then to be put out to pasture is ridiculous. 29% of people don’t make it to 65. Many that that do make it, have their identity so wrapped up in what they do. So when they finally stop, they feel lost.
Worse still, many stay in jobs where they are unhappy or insecure.
Staying in a job that doesn’t light you up has a massive ripple effect on the people you work with – your family and friends, and most importantly YOU.
Most people hang in, not wanting to take the risk of creating the life of their dreams for fear of failure.
Jim Carey shares in this video how this turned out for his father and how it has shaped his future living his dream.
“You can fail at what you don’t want. So you might as well take a chance at doing what you love.” – Jim Carey –
When you spend a large part of your waking hours dissatisfied, you are no fun to be around. So DO SOMETHING ABOUT IT.
You don’t have to wait for your 60’s to live a life you love.
Retirement makes you old. If you love creating beautiful homes, renovating in retirement will keep you active, inspired and young,
Mark Antony said, “If you do what you love, you will never work a day in your life”
Don’t Retire. Recreate So You Never Do A Day’s Work Again
I want to share with you my four-step process to prepare for renovating in retirement.
Step 1: Do A Personal Audit
It is important to understand your position before you start and you may need to restructure. Here are some of the questions you should be asking yourself.
- Do you have a mortgage on your family home?
- Do you have any investment properties
- Can you scale down your day job while you prepare for your next step?
- What’s your risk appetite
- What’s your passion
- How much superannuation do you have accumulated?
Step 2: Design your ideal life
Remember life is short, You need to make time for what’s important.
- Work out how much you want to work and what’s important to you.
- Factor in time for the relationships, activities, exercise, holidays that you want to pursue
- Work out the income you need to have your ideal life.
The advantage of renovating and property is that it is per project basis. Therefore, you can factor in lumps of profit and time to travel.
Step 3: Prepare For Lift Off
This can take up to two years so the earlier you start, the better. Consider a period of semi-retirement to prepare yourself.
- Get Educated– This is not the time for trial and error, you want the fast track, so learn from someone who has made the mistakes before you so you get to shortcut the process. It can be done in three days – PROVEN PROFIT RENOVATION INTENSIVE
- Research- Allow three months of weekends to identify and research a profitable area. Any new business requires a serious commitment to research. Renovating is no exception. This is your insurance policy.
- Get a team of competent professionals behind you so that you get the best advice available. (Property accountant, financial planner, insurance broker, buyers advocate, lawyer, builder etc).
- Get Finance – This is usually the most challenging aspect of getting started so I suggest getting a line of credit for as much as possible before you pull the pin so you have some funds to work with. If that’s not an option, look at finding a joint venture partner. Not only will it help with finance you will have the added benefit of someone to share the experience with.
Don’t wait for retirement to live a life you love. Many don’t make it and those who do often find it less than ideal.
Instead, recreate your life to do what you love so you never have to work a day in your life again. Take some time to prepare and consider a period of semi-retirement to do this. And most importantly, design your ideal life so that you make time for the things that are important to you.
The best thing about renovating in retirement is that it is on a project-basis. Hence, it gives you lumps of time and money to spend on your dream life.
If you can’t wait that long to get started. Register for our next free online training to people who want to explore renovating in retirement.
To redeem, go to this page –