The Starbucks effect

The Starbucks effect is everywhere, it has become a status symbol to carry the latest Starbucks drink around..., you see them at work, you see them in the mall, I see them often in church.

Now don't get me wrong, I enjoy a good cup of coffee just like everyone else... I drink probably 3 cups a day...but it is symptomatic of a problem many people have of wasteful spending ... It can have a negative effect on your retirement planning.

The difference in my coffee however is that I make it home at probably 5% of the cost of the "Real Deal".

The Starbucks effect is another method of keeping up with the Joneses, and has become a status symbol of not only baby boomers but the entire population.

Now before you think I've gone off the deep end, and there couldn't be possibly anything wrong with enjoying a fine cup of coffee... You miss the point, the point is that most people purchase coffee at Starbucks to impress other people...or peer pressure.

This can easily become a way of life, lead to buying

  • Most folks would rather retire than work
  • The fact that the longer you wait to retire the older you will become...duh
  • The older you are the less time you will have to enjoy retirement
  • If the desire to retire is strong enough you will find a way to spend less

Furthermore if you have accumulated enough cash to generate 100% of your working income... Why on earth are you still working?

My own experiences with financial planners

I remember in the salad days of commercial real estate my financial planner became one of my best friends.

I can also remember that many of the "investments" I made were based upon how much taxes I could save/shelter... Hindsight being 20/20...I would've been better off to pay the taxes and reduce my tax return from a tome, weighing a pound, and saved the $1000 plus per year I paid a CPA to prepare my taxes.

When we met for lunch in nice restaurants, wearing about $3000 worth of clothing between us, you have the mindset that you're always going to live like this...

Get the picture... There are many ways to earn on a part-time basis that don't involve commuting, stress,etc.

My story

I had been retired for 14 years when the 2008 stock market crash turned my retirement plans upside down... Folks if you're like me, call me stubborn, I really enjoyed being retired and was looking for ways to earn money but still appear fully retired.

By that I mean working when and where I want to, for as long as I want to, and not have this work interfere with the things that have become important to me... Golf, flyfishing, travel and spending every other hour with my wife of now 37 years... There is no way either of us will go back to real work.

Here was the great solution for me that will work for you too.

Conclusion

Finding jobs for baby boomers is going to be the rule rather than the exception due to the current lousy economy... But the right side is that you would be much better off finding something to do that you truly enjoy... Rather than just looking at it as a source of income.

Welcome to retirement baby boomers... You have earned it and now you should enjoy it.

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