100: Delayed Gratification - Preparing Portfolio for Retirement - Minimize Taxes in Retirement

01:54 - The Power of Delayed Gratification 12:48 - Preparing Your Portfolio for Retirement 25:14 - Minimizing Your Tax Burden in Retirement 43:05 - Interview with Sophia Stone - Founder of Halotopia Jewelry Motivational Segment - Delayed Gratification You’ve likely noticed there are a large number of kids today who can’t handle the idea of waiting for whatever it is they   If you’re serious about building a lasting business to a very high level, you must subscribe to this idea of delayed gratification. Without it, your hard work will bring small instant rewards but not something that will begin to grow exponentially. In case you didn’t know, delayed gratification is the intentional act of forgoing current pleasure for the sake of a future reward. Delayed gratification basically comes down to the power of self-discipline. It’s no different than the struggle we have around eating the right foods or not eating late at night right before we go to bet. Sometimes you have to say ‘No’ to an immediate reward (like a late night snack) in favor of a much better reward further down the road. Using Motivation to Increase Your Efficiency Utilizing delayed gratification to increase your long-term results is a powerful tool, but you can increase that power exponentially when stack increased efficiency on top of your delayed reward.  Let me explain… If someone came to you and said: “Hey, I’ve got an all expense paid First Class trip to Tahiti and I’d love for you to go, but you have to leave tomorrow.” You’d suddenly have a tremendous amount of motivation to complete the work you had to do this week, in a much shorter amount of time. The best way to make sure you get everything done before your trip to Tahiti is to take a few minutes and write everything down. Give yourself the time and mental space to do a complete brain dump of everything you need to have done before you leave. Here’s the Hidden Secret to Efficiency Most people have a very hard time accepting the reality I’m about to share with you, but I promise you it’s held true for everyone who tries it. The more vacation you take, the more efficient you become. It’s hidden because it doesn’t make sense to people. How in the world can I go on more vacations and make more money? It’s because vacation allows you to experience mental and physical downtime which recharges you so you’re more efficient when you get back to work. The increase in efficiency far outweighs the lost time to vacation. Preparing Your Portfolio for Retirement Questions about your investments as you move into retirement There are things that work against you when you retire that worked for you before retirement. One of the big concepts that fall into this area is something called dollar cost averaging. Dollar cost averaging is when you commit to putting money into your investment every single month. Doing this, you average out the ups and downs of the market. When you retire, you’ll most likely stop adding money to your portfolio. In fact, in retirement, you’ll be taking money out of your portfolio every month and you risk doing the opposite of dollar cost averaging which can be a huge downdraft on your portfolio. There is a completely different structure for your portfolio when you go from your income producing years to your retirement years. You need to know what changes are needed to protect your assets so they last through your retirement years. Make sure you have this conversation with your advisor so you can strategically reduce the taxes on your wealth over time. You have to make sure you’re moving your money into safe harbors which will protect your wealth in retirement. It important you don’t fall for those who are making claims about the market they can’t substantiate. The truth is, the only thing we know about the market is that it’s going to do one of three things today. It’s going to go up, it’s going to go down, or it’s going to go...