How to Retire With No Savings

Editor's note: This week, Steve has shared some of his best advice for living a better life. So far, he has covered the Sjuggerud Advantage and why the ultra-wealthy continue to work long after they need to. Today, he explains how to retire without worrying about money…
"Do you have any savings?" I asked my friend Tony.
"Not really, no," he answered.
Tony is in his 50s. And he didn't sound worried in the least. How is that possible?
I was surprised Tony was so relaxed…
My wife, for example, couldn't consider living like that. My wife is hardwired to save instead of spend. She really doesn't spend. And even though we have saved and invested well… she STILL worries.
When Tony quit his job, he sold off a good deal of his possessions to finance living his dream.
Tony now builds extremely fine guitars. He has earned critical acclaim. He's doing what he always wanted to do. And he intends to do it for the rest of his life.
I visited Tony in Indiana so he could help me build my own guitar…
"This is my retirement," Tony said, pointing his arms around his shop.
"The Larson Brothers built guitars until they died in their 70s," he reminded me. "And John D'Angelico and Jimmy D'Aquisto built guitars until they died, too." Tony intends to do like these legends did.
He had a "good" job as a computer graphic artist. And before that, he worked as a cabinetmaker. But making cabinets or pushing a computer mouse were not what he wanted to do with his life.
Guitars were always his passion. He'd been building and tinkering with them since the 1980s. So he took the leap. If it didn't work, he figured, he could sell off the contents of his guitar workshop and return to being a graphic artist.
I am not as bold as Tony. But I do admire him for following his passion. He took what must have seemed like a huge risk. But now he's able to say something most people will never be able to say… He's living his dream, doing what he wants to in retirement.
Tony has "retired" with basically no savings. And yet he is happy, because he has set himself up to do what he loves for the rest of his life.
Is following your dream worth a shot? Can you turn that into a way to make money? If it doesn't work, do you have something to fall back on? You only live once… Think about it.
Good investing,



Source: DailyWealth

If You're So Rich, Why Do You Still Work?

Editor's note: In the first installment of Steve's weeklong series on how to live a more productive life, he discussed the importance of waking up early and getting to work. Today, he finds out why the super-wealthy continue to work…
I have a few friends who have "silly" wealth – more wealth than they could ever need or spend.
These guys are at retirement age or older… But for some reason, they work harder than just about anyone else I know…
Why are they working so hard? Isn't the dream to "bank" enough money so you don't have to work?
I called a few of these friends and asked why. The answers were interesting…
One wealthy friend started out with this story to explain it…
I had dinner with an extremely wealthy guy last week who's 71. He just retired to the desert in Palm Springs, supposedly to play some golf. I asked him how it was going…

"Retirement is horrible," he told me. "I do NOT enjoy sitting in the desert doing nothing. I don't have a clue what I'm doing out here. I don't think I can do this. I don't need the money… But I think I'll have to go back to work."

My wealthy friend described the same feeling… "I love what I do," my friend told me. "I don't want to stop."
I asked my friends specifically what it is that keeps them working so hard…
One said, "Nothing in life beats the thrill of coming up with a big idea and making it a reality."
Another said, "I like mentoring younger people… passing on what I do and seeing them succeed at it."
A few more talked about the thrill of a great opportunity and the chance to increase their wealth. "I know there's no economic reason for me to work," one friend told me… "But that doesn't mean I don't like to get paid."
I then asked these friends if they had any advice to help people join them in the "big leagues"…
First, they explained, opportunity doesn't knock. You have to create it. And when opportunity is close by, you have to drop everything and pursue it. The more you make those sacrifices, the better your chances of finding financial success.
Second, if you KNOW MORE than everyone in the room, nobody can take advantage of you… So read a lot. Do more homework than anyone else at the table.
Finally, one friend told me, "Work to the task, not to the reward." Don't wash a car for the $5 payment, for example… Wash a car because that's the task at hand – and do a fantastic job. Then you'll get noticed for your work and have a chance to move up in the world.
So why do these "silly rich" guys still work? And how can you get there, too?
They work because they say it keeps them "alive"…
"If I stop working, I'll die," one of them told me. They believe that finding success is all about recognizing, creating, and seizing opportunities.
You make your own luck, they say, so create opportunities for yourself as best as you can.
If you do that enough times in life, you'll know you're giving yourself a legitimate shot at success… at having the kind of wealth that means you're working because you love to, like my friends, not just working because you have to.
Good investing,

Source: DailyWealth

How to Be Dramatically More Productive, Successful, and Wealthy

Editor's note: This week, we're sharing a series of classic essays from DailyWealth editor Steve Sjuggerud. Every day, Steve will share his insights on how to live a better, healthier, and happier life. Today, he shares something he calls the Sjuggerud Advantage…
A few years ago, I was out to dinner with a couple of the most successful guys I know – and they were giving me a hard time.
They were ribbing me about what Stansberry Research founder Porter Stansberry calls the "Sjuggerud Advantage."
Hey, I can take it… The Sjuggerud Advantage, as I'll explain, is a major secret to my life's success.
The nice part is that anyone can do it… The Sjuggerud Advantage requires no special skills. Let me tell the story…
We were at the Prime 112 restaurant in Miami Beach. It's a hip restaurant today, no doubt. As we were leaving, rap star Rick Ross was stepping out of his Rolls-Royce and walking in.
Dinner was great… But my definition of a great dinner is "good times with good friends." I don't need a fancy bottle of wine or an unpronounceable delicacy to enjoy a meal.
Around 9:45 p.m., I started checking my watch… And Porter and the other guys at dinner gave me a bit of a hard time…
You see, I don't drink. I don't normally go out for fancy, three-hour meals. And most important, I go to bed early and get up early.
Porter was giving me a hard time about missing out on some of life's finer things. But I know these are parts of what Porter calls "the Sjuggerud Advantage."
I've heard Porter tell others: "You don't see the benefits of the Sjuggerud Advantage across a day or two. But over time, it adds up. The guy gets a lot done."
It might sound silly. But I think the most important part of the Sjuggerud Advantage is simply getting out of bed… and doing it an hour earlier than anyone else…
"Getting to work early is such a common virtue of successful people that I'm tempted to call it the single most important thing you can do to change your life," my friend Mark Ford wrote in his book Automatic Wealth. Mark is a self-made multimillionaire.
And I agree with him…
I get more done in the first two hours of my morning than I do in any other four-hour stretch during the day. More important, I get my BEST work done then – with no interruptions and no distractions, just focus.
I probably take it too far… I've come to like driving the streets when they're empty, before the sun has come up. I think it's partly because I know I'm going to get A LOT done.
And I've found that once it gets past 10 or 10:30 at night, I'm not very productive at all. I'm tired, I'm sidetracked thinking about the day's problems, and I'm better off calling it a day and starting up fresh in the morning.
While Porter would likely tell you there's more to it, I think simply getting up early is the big secret of the Sjuggerud Advantage. It's the big secret to getting a lot done.
It requires no special skills to get up a half-hour or an hour earlier than you usually do. And most of the extremely successful people I know get their days started very early. It's a simple thing, but it could have a dramatic effect over time.
As Porter said, you might not see the benefits after a day or two… But they add up. You get a lot more done early in the morning… And ultimately, you become more successful than the next guy.
It costs you nothing, and it could make you dramatically more productive, successful, and wealthy.
It has certainly worked for me. I think it's the biggest part of the Sjuggerud Advantage.
It's so simple. But most people don't do it. Based on what I've described, though, isn't it at least worth trying?
Good investing,

Source: DailyWealth