How to change mindset after “winning the game”

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BogleBuddy12
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How to change mindset after “winning the game”

Post by BogleBuddy12 »

Hi all. I am curious; can Bogleheads tell me how you were able to change your mindset after achieving your financial or career goals?

This can apply to investing of course. But for my example, my wife and I have been able to build a great business over the past decade. This involved motivation and drive to sign up and service as many clients as possible.

But my wife and I feel we are now in the position to change our mindset and enjoy our lives a bit more. Vacations, family time, you name it. We no longer need to build, build, build, but my mind is still following the same original pattern. Find new clients, network, take every opportinity, etc. I can’t seem to turn it off.

How did you successfully change your mindset once you achieved your financial goals? If applied to investing, how did you change your mindset to pull your chips off the table? Thank you.
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Cyclesafe
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Re: How to change mindset after “winning the game”

Post by Cyclesafe »

I applied the same level of passion that I put in my career into gaming my future. Although it's tempting to kick the can down the road, it's best to complete this gargantuan effort before too much life passes. And this is especially tedious when owning a business. My sympathies.
"Plans are useless; planning is indispensable.” (Dwight Eisenhower) | "Man plans, God laughs" (Yiddish proverb)
Admiral
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Re: How to change mindset after “winning the game”

Post by Admiral »

BogleBuddy12 wrote: Tue Jun 22, 2021 12:05 am Hi all. I am curious; can Bogleheads tell me how you were able to change your mindset after achieving your financial or career goals?

This can apply to investing of course. But for my example, my wife and I have been able to build a great business over the past decade. This involved motivation and drive to sign up and service as many clients as possible.

But my wife and I feel we are now in the position to change our mindset and enjoy our lives a bit more. Vacations, family time, you name it. We no longer need to build, build, build, but my mind is still following the same original pattern. Find new clients, network, take every opportinity, etc. I can’t seem to turn it off.

How did you successfully change your mindset once you achieved your financial goals? If applied to investing, how did you change your mindset to pull your chips off the table? Thank you.
Hire someone (or a firm) to manage the day to day operations. I also suggest getting a career or executive coach. Money well spent. Good luck.
Nowizard
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Re: How to change mindset after “winning the game”

Post by Nowizard »

One issue is time. Another is finding new activities that you enjoy and putting the same characteristics into play with them (learning about the activity, regularly engaging in it, defining goals in terms of enjoyment, health, relationship benefits, etc.) Basically, your personality characteristics are not likely to change, but you do have the option of how you apply them. Retirement is not putting your feet on the porch railing and watching the world go by. It is simply a changing of priorities. You planned for your successful business, and it is time to plan for a successful retirement. It is a challenge to move from accumulation to preservation financially but planning really involves more than whatever changes in risk levels you choose to make.

Tim
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Sandtrap
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Re: How to change mindset after “winning the game”

Post by Sandtrap »

BogleBuddy12 wrote: Tue Jun 22, 2021 12:05 am Hi all. I am curious; can Bogleheads tell me how you were able to change your mindset after achieving your financial or career goals?

This can apply to investing of course. But for my example, my wife and I have been able to build a great business over the past decade. This involved motivation and drive to sign up and service as many clients as possible.

But my wife and I feel we are now in the position to change our mindset and enjoy our lives a bit more. Vacations, family time, you name it. We no longer need to build, build, build, but my mind is still following the same original pattern. Find new clients, network, take every opportinity, etc. I can’t seem to turn it off.

How did you successfully change your mindset once you achieved your financial goals? If applied to investing, how did you change your mindset to pull your chips off the table? Thank you.
The entrepreneurial and "self owned" business (both are personal financial) mindset, includes one's lifestyle, if not, ethos.
It is what makes for the seeds of your material and life success.
It is the "ambition" to grow and prosper (build build build) that seperates the successful business person who risks everything and others (insert examples).

That said, personal ambition and business (financial) creativity and drive is not something that get's "switched off" or "geared down" unless there's an existential crisis or some other personal or life trauma.

But, like a very efficient high speed bullet train (vs a low speed BART inter city commuter route "metaphor"), it can be redirected and refocused.

Actionably: per personal investment finance applied to life strategy retirement, etc, planning, (per forum guidelines).

1.
Much as you did you first and ongoing business financial and personal investment finance plan, make a life plan from present going forward that includes:
a) lifestyle changes
b) tangible and substantive financial planning and estate planning changes per (a) = a comprehensive approach.
2.
Delegate, downsize, "run clean". (business is finance is investment finance so do all this comprehensively and in stages) you're a great planner and doer.
Meticulous, methodical, diligent, etc. Do this. (something you might do anyway regardless of personal retirement lifestyle changes but from a business/financial POV and . . . investment finance POV.
3.
Consolidate (per #2) IE: Just as if one followed "Bogle/Wiki" forum portfolio investment finance basics with index and other funds.
4.
Diversify IE: As you do #1-3, diversify income streams, assets, investment portfolio, etc. Read the forum "wiki" and apply those concepts.
5.
This is not a wholesale change but a course "modification in stages" and it can happen dynamically but not traumatically.
IE: not the same for a business person as a wage earner quitting and retiring after 30 years, etc. (depends on each person: dislaimer).
6.
Plan and strategize, form your IPS, the personal financial investment portfolio grounded in low cost index funds (per forum guidelines) enhances what you already have. Look into this. Tap into the forum "wiki".
7.
As you implement your plan, evaluate short, mid, long term, and adjust. . . and enjoy your added (not new or replaced) direction.

Here is an interesting article on Morningstar on diversification of income stream, etc, that "includes personal investment portfolio finance" in the forum wiki.
https://www.morningstar.com/articles/98 ... -even-more

Above based on going through a similar life/financial stage as the OP:
(dislaimer) Lot's of ways of doing these things based on each person's experiences and so forth. This is just a few or one of many.

OP: PM me as you wish.
j :D

*for myself, it took at least 8 years after selling my company and most of my R/E holdings to shift a little by little into a "retirement" mindset. I think self employed business and entrepreneurs, especially if never having been an employee since very young, may have a different mindset toward the traditional context of the word "retirement", so that carries over into real life. . . . thus, downsize or seque in stages.
Wiki Bogleheads Wiki: Everything You Need to Know
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market timer
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Re: How to change mindset after “winning the game”

Post by market timer »

You have leveled up on the hierarchy of needs. Abraham Maslow has a few thoughts on this topic: https://www.youtube.com/watch?v=ipA_XU-fsS4

One thing that helped me is the realization that I really don't understand myself. You need to take time to reconnect with yourself. Recently, I've found it helpful to study psychology to get a better idea of how to analyze myself. Daily habits like meditation and keeping a gratitude journal are also effective.

We all carry a lot of baggage around our identity that can make it hard to grow. This identity needs to be tossed aside periodically as we organize ourselves around new life purposes. Lately I'm just trying to get out of my own way, do what really brings me happiness, and stop trying to live up to a persona that I developed to fit into society.
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firebirdparts
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Re: How to change mindset after “winning the game”

Post by firebirdparts »

Good advice from Market Timer in my opinion. I am still working, so I have no experience with the transition. I just know there are pitfalls. Some people are a lot healthier for longer if they keep striving. FWIW.

I don't know that I can analyze myself, nor that i would believe psychology, but I have certainly observed the same thing, that self-awareness is difficult and rare. People vary. If you are a driven person, maybe you have a choleric personality to use the old Hippocratic terminology. In my opinion that is genetic, and you'll have to redirect it rather than frustrate it. I could certainly be wrong.
A fool and your money are soon partners
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Cyclesafe
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Re: How to change mindset after “winning the game”

Post by Cyclesafe »

market timer wrote: Tue Jun 22, 2021 7:34 am One thing that helped me is the realization that I really don't understand myself. You need to take time to reconnect with yourself. Recently, I've found it helpful to study psychology to get a better idea of how to analyze myself. Daily habits like meditation and keeping a gratitude journal are also effective.
Reading Kahneman especially Thinking Fast and Slow was helpful for me.
"Plans are useless; planning is indispensable.” (Dwight Eisenhower) | "Man plans, God laughs" (Yiddish proverb)
Dave55
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Re: How to change mindset after “winning the game”

Post by Dave55 »

Sandtrap wrote: Tue Jun 22, 2021 7:24 am
BogleBuddy12 wrote: Tue Jun 22, 2021 12:05 am Hi all. I am curious; can Bogleheads tell me how you were able to change your mindset after achieving your financial or career goals?

This can apply to investing of course. But for my example, my wife and I have been able to build a great business over the past decade. This involved motivation and drive to sign up and service as many clients as possible.

But my wife and I feel we are now in the position to change our mindset and enjoy our lives a bit more. Vacations, family time, you name it. We no longer need to build, build, build, but my mind is still following the same original pattern. Find new clients, network, take every opportinity, etc. I can’t seem to turn it off.

How did you successfully change your mindset once you achieved your financial goals? If applied to investing, how did you change your mindset to pull your chips off the table? Thank you.
The entrepreneurial and "self owned" business (both are personal financial) mindset, includes one's lifestyle, if not, ethos.
It is what makes for the seeds of your material and life success.
It is the "ambition" to grow and prosper (build build build) that seperates the successful business person who risks everything and others (insert examples).

That said, personal ambition and business (financial) creativity and drive is not something that get's "switched off" or "geared down" unless there's an existential crisis or some other personal or life trauma.

But, like a very efficient high speed bullet train (vs a low speed BART inter city commuter route "metaphor"), it can be redirected and refocused.

Actionably: per personal investment finance applied to life strategy retirement, etc, planning, (per forum guidelines).

1.
Much as you did you first and ongoing business financial and personal investment finance plan, make a life plan from present going forward that includes:
a) lifestyle changes
b) tangible and substantive financial planning and estate planning changes per (a) = a comprehensive approach.
2.
Delegate, downsize, "run clean". (business is finance is investment finance so do all this comprehensively and in stages) you're a great planner and doer.
Meticulous, methodical, diligent, etc. Do this. (something you might do anyway regardless of personal retirement lifestyle changes but from a business/financial POV and . . . investment finance POV.
3.
Consolidate (per #2) IE: Just as if one followed "Bogle/Wiki" forum portfolio investment finance basics with index and other funds.
4.
Diversify IE: As you do #1-3, diversify income streams, assets, investment portfolio, etc. Read the forum "wiki" and apply those concepts.
5.
This is not a wholesale change but a course "modification in stages" and it can happen dynamically but not traumatically.
IE: not the same for a business person as a wage earner quitting and retiring after 30 years, etc. (depends on each person: dislaimer).
6.
Plan and strategize, form your IPS, the personal financial investment portfolio grounded in low cost index funds (per forum guidelines) enhances what you already have. Look into this. Tap into the forum "wiki".
7.
As you implement your plan, evaluate short, mid, long term, and adjust. . . and enjoy your added (not new or replaced) direction.

Here is an interesting article on Morningstar on diversification of income stream, etc, that "includes personal investment portfolio finance" in the forum wiki.
https://www.morningstar.com/articles/98 ... -even-more

Above based on going through a similar life/financial stage as the OP:
(dislaimer) Lot's of ways of doing these things based on each person's experiences and so forth. This is just a few or one of many.

OP: PM me as you wish.
j :D

*for myself, it took at least 8 years after selling my company and most of my R/E holdings to shift a little by little into a "retirement" mindset. I think self employed business and entrepreneurs, especially if never having been an employee since very young, may have a different mindset toward the traditional context of the word "retirement", so that carries over into real life. . . . thus, downsize or seque in stages.
Sandtrap makes excellent points. Give yourself time, it may not happen overnight. It took me 2-3 years to shift gears from the business mindset to a laid back cruise.

Dave
"Reality always wins, your only job is to get in touch with it." Wilfred Bion
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goingup
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Re: How to change mindset after “winning the game”

Post by goingup »

I'm not sure I can equate the drive and passion to build a successful business with passive investing. Regardless, it sounds as though the habits you've developed to become successful may no longer be giving you happiness.

Maybe time to develop new habits and mindset. I read the Power of Habit a few years ago and found it insightful. Changing daily habits requires replacing current actions with different ones. Incrementally and thoughtfully it is possible to change ourselves.

Another idea is to carve out firmer boundaries between work-life and home-life. Shorter workdays or fewer of them. Jettison unprofitable or troublesome clients. Simplify!
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Toons
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Re: How to change mindset after “winning the game”

Post by Toons »

I see it like this
Life is like a yardstick
I am in the "final 12 inches"
Hopefully ,
No one knows
What did we save and invest for ?(decades)
To enjoy the latter years to choose
To Do
Whatever we want to do.
Travel,family,etc.
If we feel we would like to do something that costs money
And it brings us or a family member pleasure and a smile
We do it.
It is just numbers,
That allows us to purchase goods and services
Through hard work and discipline
Combined with the
"Eighth Wonder Of The World"
We are able to say that



:wink:
"One does not accumulate but eliminate. It is not daily increase but daily decrease. The height of cultivation always runs to simplicity" –Bruce Lee
Dandy
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Re: How to change mindset after “winning the game”

Post by Dandy »

Work was almost always a means to an end -- financial independence. I did well but always had an eye to have enough to retire -- when I was close, the retirement decision was made by my company not me. My living below our means and having a medium double digit savings/investing rate eventually made financial independence a reality.

I still didn't know what my investment allocation should be in retirement until I basically followed Dr. Wm Bernstein's ideal of having X years worth of draw down dollars in "safe" fixed income. I ended up with about a 45/55 allocation. Eventually, our pensions, SS and RMDs more than equal our needs.

No matter how frugal (aka cheap?) I was we always had nice family vacations, and made sure our family enjoyed life. I think you need to have a "work is a means to an end - not an end in itself" to make an easy shift into retirement. If work is where you get your thrills, satisfaction, enjoyment, etc. it is hard to let that go even if it is overly stressful.
NiceUnparticularMan
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Re: How to change mindset after “winning the game”

Post by NiceUnparticularMan »

I'll let you know if and when we pull it off.

But pre-retirement, we've gotten involved in a local non-profit (my wife is on the board and I might join her or we might rotate). Seems like a good work-ish thing to do without the income pressure and such.
Topic Author
BogleBuddy12
Posts: 421
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Re: How to change mindset after “winning the game”

Post by BogleBuddy12 »

These responses are incredible. Thank you!
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