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Keep breathing and have a great rest of your day,
Dike
Dike Drummond MD
www.TheHappyMD.com
[Transcript]
Physicians Unchained: Retirement Mastery for Doctors – Weekly Tip
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Retirement and Money Part Two:
The Stinkin Thinking that can Hijack your Financial Freedom
Money Numbers vs. Money Feelings
Hello again. Dr Dike Drummond, MD, with the latest mini lesson from my new book, Physicians Unchained Retirement Mastery for Doctors.
Last week, we talked about money, about financial freedom, about building your finance team and hitting your financial freedom numbers. We even talked about the difference between net worth and income, and how income can be very important in retirement.
Today, what I want to do is talk about not just money numbers, but money feelings, because you can have enough money to retire 10 times over and still have difficulty with what's called your money mindset. It's between your ears. It's not in your bank account. It's not on your profit loss statement.
The Question of Security vs. Scarcity
Okay, so the question is, how can you not only accumulate enough money that your financial advisors tell you that you are financially free, but feel a sense of security, a sense of abundance, rather than a sense of scarcity or fear.
Now the reason I say this is over and over and over again, I've run into doctors who in a conversation with me where I ask, what's your net worth? Tell me 10, 15, $20 million and yet they're scared to retire. They haven't pulled the trigger on the retirement transition to their life after medicine, and they don't feel like it's enough.
A Story About Scarcity
The last person that I had a conversation like this with, I asked the classic question, when you hear somebody thinking something that's not logical, especially if they're thinking about numbers money. I said, What was money like? What did money mean for you and your family growing up?
And he said, Oh yeah, my dad lost his fortune in Europe, and then came over here destitute.
And so what I want you to know is that these feelings of scarcity, these derangements of your money mindset, can actually be multi generational, and I'm sure that the source of his scarcity mentality, $20 million net worth and wouldn't retire. Source of his scarcity mentality came from his father, and his father's experience with his fortune in Europe.
Scarcity vs. Abundance
A scarcity mindset says there's never enough. What if? What if? Right?
And, of course, that's one extreme for your money mindset.
An abundance mentality says there's always enough. Okay, we'll always get by. We're supported. We're going to be okay.
Two Tracks of Money
And so as we talk about money and retirement, it's important to know there's two tracks. There's the numbers and your financial team, and the run out rate on your income and your net worth, such that you're supported financially for the rest of your natural life.
And then there's the feelings that are associated with that, and they're equally important.
When Numbers and Feelings Don't Match
Here's the key, if there's a disconnect, especially this disconnect, if your financial team is telling you, wow, you can quit anytime you want. You're well over the threshold, you're financially free. Don't work anymore if you don't want to, that's the typical phrase. You don't have to work anymore if you don't want to, and you're not feeling it, and you're still working full time.
When there's that disconnect between what your team is telling you and the way you feel and the way you act, that's when there's a money mindset mismatch.
You can be worth $20 million still working full time, wondering when you're going to have this feeling of enoughness.
Addressing the Feelings
Well, it's important to address the feelings that you have about money too.
Think back about what you learned about money when you were growing up and in coordination with your finance team, be noticing feelings of either abundance or scarcity, checking them with your finance team.
Have I got enough, or are we still working towards the goal?
And then relaxing into releasing feelings of scarcity when your finance team says you're okay.
The Regrets of the Dying
Let me just say again, we know what the two top Regrets of the Dying are, especially if somebody dies with some money.
Regret number one, I've told you before, is, I didn't retire sooner.
And regret number two, interestingly enough, is this, if you retire with some money, regret number two is, I didn't spend more earlier in my retirement.
Aligning Numbers and Feelings
So we're looking for alignment between your financial numbers from your trusted finance team and your feeling of abundance from within your history, your emotions, your relationship with money.
Money, because all these things are important to retiring with some sense of ease and elegance and grace, and they're two different ways of experiencing money as you go forward towards your financial freedom, through retirement and into your life after medicine.
Closing
That's it for today. If you're seeing me on social media, you're not on my early bird list.
There's a place on this page here somewhere for you to sign up, get on the list, and you can get an email that gives you these weekly tips, and you'll be the first person to notice. You'll be the first and you'll be the first person notified when the book is ready for purchase, probably in late April.
You keep being the light. Keep being, keep being the light worker that you are. Keep breathing.
I'll see you in next week's video.
Keep being the light worker that you are. Keep breathing and I'll see you in next week's video.