Diversify Your Life, Not Just Your Investments
Do you genuinely love the business you’re running? If so, you might think that you’ll never retire.
However, unless you die at a relatively young age, you will reach a point where you will no longer be able, either physically or mentally, to work full-time. If you are in a knowledge job, that age likely isn’t 65. You probably still have another decade or so to work. Unfortunately, quite a few people will be forced to retire earlier than planned earlier due to illness or a layoff.
The good news is that there’s a free lunch when it comes to activities and people you enjoy: spending time on them and with them makes you more productive when you are working full-time as well.
Modern retirement is probably not what you think
A lot of entrepreneurs seem to believe retirement is slamming a door. On the pre-retirement side, there’s you and your fulfilling work and family. On the other side of the door, there’s you in a rocking chair staring at the TV all day.
That’s not how it works, unless that’s what you want. By the way, we both know you don’t want this! At least not after the first, say, week, in retirement, after which you'll be dying to do something.
I talked a lot about retirement when I was a financial planner. One of the myths in that field was that you had to have a pile of money in cash the second you decided to retire.
In reality, most people will live at least a decade and for many, two decades more after they retire. That means some of your money pile has to be in stocks and/or stock mutual funds instead, because you still have a long-term financial goal.
Another myth about retirement is that you leave behind everything you’ve been working for all your life.
In reality, you don’t suddenly become a different person the day you recite the magic words: “I’m retiring.” It’s pretty common for people who have officially retired to come back in a part-time or consulting capacity, at least for a few years.
Your brain won’t magically disintegrate into a puddle of goo the day you retire, unless of course you’ve been using AI too much. If you take care of your brain, which keeps you productive and healthy while you’re working, you’ve probably got plenty of time with a brain that still functions well.
But if all you did during your working life was work, what will you do with your extra time?
Having fun makes you more productive
Most of us have been “trained”, one way or another, to just keep grinding through when your mind is begging for a break. Or when your body is crying out for sustenance and hydration.
Not only is that bad for your brain, it makes you less productive. Because after hours of working hard, your brain needs a break. When you don’t give it that break, it makes mistakes and takes too long to make decisions.
By contrast, even though it seems like taking 15 minutes for a break is a mistake, it gives your brain a chance to recharge and refresh. If you need water or a snack, they’ll help too when you get back to your desk.
Sometimes people tell me they don’t feel rested after a break, and that is usually because they didn’t actually take a break. What they did was stop working on the problem, but go online to scroll feeds, check emails, or read online articles. That’s not giving your brain a break.
Your brain can rest if you:
Walk around the building, maybe with a colleague & not discussing work
Get a water/snack
Play with a pet/partner/child
Stare out the window
Pull out some weeds from the garden
Two other needs the brain has are socializing and having fun. These can be combined, though not always in the case of introverts. Yes, introverts do need some time in the company of friends and loved ones, but we need a lot less time than our extroverted friends and family do.
One thing that pre-retirees don’t always think about is how many of your friends are linked to work. If you only ever socialize with your best buddies at work, it’s going to be really hard when you’re retired and they’re not. You’ll be down for a two-hour lunch at your fave spot, but they can’t get away. Sometimes retirement is how people discover that they only have friends from work.
So think about your friendship circle. If more than half of the people you hang out with come from your workplace, it’s a good idea to start making friends outside work now. I’m not saying that you shouldn’t have any friends at work, but if they’re the extent of your social circle, you literally need to get out more.
How to make friends as an adult? It’s definitely harder than it is for kids. But one of the best ways is to join a group… that does the things you find fun and interesting.
You may have been working so hard for a while now that you don’t know what’s fun. That’s OK. Usually if you think back to childhood, you’ll remember a few things you liked back then. Those are good places to start. Or maybe what you did in college or shortly thereafter, before you had all the responsibilities you have now.
However, you don’t have to go by childhood activities if that doesn’t work for you. If there’s something you always wanted to try, try it. This isn’t something to monetize, though that certainly can happen. The point is for you to have an activity that’s fun and keeps you engaged, and doesn’t take place only at work or with people from work.
What’s fun for others may not be fun for you, and vice versa. You might find that you liked something when you were younger but you no longer have any interest in it. That’s OK too. That goes for businesses too sometimes!
If your friend likes Dave & Buster’s and you would rather spend a morning at the dentist with lasers in your mouth (it’s me, hi, I’m the problem it’s me) then don’t go to Dave & Buster’s.
Some people need a lot of stimulation to have fun. You might enjoy going to theme parks or doing adventure sports. Have at it! Other people might be happy with more sunset hikes and the occasional midweek picnic at the local park. You do you!
Happy brain, happy work, happy retirement
Having fun and socializing (to the extent that’s comfortable and possible) are hardwired needs for the human brain. The way we were taught to work dehumanizes us and doesn’t work with the natural talents and abilities of the human brain.
Finding fun and socializing outside of work is good for the brain, keeps you productive, and helps ease you into retirement when the time comes. Retirement doesn’t feel like a door slammed, but more like one door closing and another opening. If you don’t have anything to do when you retire and all your friends are still working, you’re going to be bored, lonely, and unhappy. You’ll also probably feel like you’ve lost your purpose.
I used to live in the Coachella Valley in California, and the population there is mostly retired. They're still active: exercising, enjoying organizations they belong to, being charitable, all the things. They didn’t see retirement as a loss of self, they saw it just as a new chapter starting.
When you’ve diversified away from your job as being the only activity in life, you still have your sense of self. Work is just one aspect of who you are, even if it’s a very important one.
Recap (tl;dr):
Retirement doesn’t have to mean that you lose your identity and purpose in life. If you approach it as just another chapter in the book that is your life, you’ll be able to find meaning and fulfillment even when you’re no longer working. Having hobbies and friends outside work helps you transition, and even more importantly, keeps your brain active.
Want to reconnect with an activity you loved but don’t know how you'll find the time? Click here to set up your free consultation.
Photo by Vicky Hladynets on Unsplash.