Finishing Strong Financially
By John Checki Jr . and J . J . Checki III
or Old Dawg Learns New Tricks ?
40
Years ago , a friend gave me a call to let me know his employer had decided his last day would be ending in three months , after 32 years of continued employment and service . He asked if he could come by for a visit and bring along a couple of other engineers in the same situation . I replied , “ Sure , love to see y ’ all .”
That was 14 years ago . He and his wife are still happily retired and the strategies worked the way we had hoped they would work , despite 9 / 11 , the crashes of 2000- 2003 , 2007-2008 , and children ’ s marriages , mission trips and grandchildren , a heart condition , and a short list of health-coping opportunities . That was then and still is now . Usually it takes a good three years for anyone to realize that golly , Miss Molly , this is actually working the way we had hoped and prayed it would work .
Let ’ s outline the problem . Show how we address the obstacles , explore the solutions , illustrate the issue , and summarize what we did . Okay ? Also , we ’ ll mention a new trick I just heard of today .
The Problem : Not Working For Money & I Still Have Living Expenses . Oh , boy . We have been waiting all our lives to identify and address this particular situation . We are well-seasoned ( older ), not quite as energetic as we once were but still have life and lifestyle , assets , debts , habits , bills , perhaps a car note , or mortgage , or who could imagine , student loans . It boils down to cash flow , in and out of our checkbooks , and related asset accounts , along with our habits , obligations , expenses , and debts . Some people know their expenses and income , others don ’ t . This is a good time to take a look and thanks to modern inventions augmented with computers , the banks , our debt holders , credit cards and the like are keeping our books for us , except when we ATM cash and whoops , no one knows where that money goes .
COLLIN COUNTY Living Well Magazine | SEPTEMBER / OCTOBER 2017
Then , after we have a clue of what we own , owe , and flow , we have a good start . It begins to make some sense . Help is available with these steps , locating the numbers , determining who owns and owes what to whom , and when , what living expenses usually are , unless it hails and we need a new roof , or the car ( s ) need repairs , or air-conditioning / heating system or windows are about to be replaced . Those are nonrecurring expenses in most of our lives .
So , we now know our budget and the sources of positive cash flow ( could be social security , pension , business income , investment income , oil royalties , real estate income , farming income , and perhaps even earned income ) and know what our expenses are and what is in good repair and what is on its last leg and in need of repair . Oh , yes , we would also like to travel , since we actually have more time and flexibility in our schedules . We might have some goals to go along with our needs , expenses , wants , and wouldn ’ t it be lovely if we could have the money to travel to dream destinations , eat at nicer restaurants , escape the July and August heat , etc .
Addressing the Obstacles Golly , we might not enjoy this or that ? Getting that call from our boss . Big announcement : early retirement . Or when health deteriorates , taking us from work to doctor-todoctor appointment misery . Or the business just winds itself down and we are out of a job , if not a career . Or our jobs have moved to a place we do not want to go and are not prepared for the now of it . Yes , some have been planning this since we were in our teens , others have engaged experienced professionals to help not just plan , but plan and implement the plan . The major obstacles seem to be not knowing , what we would like during this stage of our lives , and / or having a natural distrust of anyone or everyone who offers to help us with this , or a really souring experience which has colored our thinking and perception for the rest of our lives until now .