Here’s an Essential Retirement Strategy from a Racecar Driver
Here’s an Essential Retirement Strategy from a Racecar Driver
Have you ever driven a car at high speeds around a racetrack?
I haven’t, but I have a friend who has done so many times, and there’s a valuable lesson and strategy he shared with me that is essential for investors as they approach their retirement transition.
Your margin for error when driving around a racetrack decreases as your speed increases, so you must have a very definitive plan if something goes wrong. A critical strategy, as you will learn in a moment, is to always keep your eyes on your target, i.e. where you want to go.
That seems simple enough.
Inevitably, however, weather conditions and fuel spills create “tests” for all drivers. You’re humming along feeling confident on a straightaway when suddenly, as you head into a turn, you hit a fuel spill and your car spins out of control toward the wall.
Most inexperienced drivers panic; their focus changes; and their eyes lock on the wall they’re trying to avoid.
When my friend experienced this for the first time, his instructor, who was seated beside him, physically grabbed and turned my friend’s head while yelling “focus on where you want to go!”
Amazingly, after my friend snapped his head back and adjusted his focus in the direction of the track, the car responded and he gained control and avoided the wall.
The lesson: when in danger, don’t stare at the wall you’re trying to avoid. Instead, remain focused on the track, i.e. where you want to go.
Guarded Confidence
So, why am I sharing this story with you?
The path to your ideal future is littered with “fuel spills,” each of which can potentially grab your attention, interrupt your long-ingrained successful habits, change your focus and mindset, and tarnish the outcomes you have worked so hard for and deserve.
Throughout any given day, you know how much more challenging this has become with 24/7 “news” on dozens of media outlets and devices.
The days of watching Walter Cronkite, often cited as “the most trusted man in America,” on the evening news for your daily dose of information are over.
It seems as if everything today is “Breaking News,” and each dose carries the potential to throw you off your carefully charted course.
Essentially, you have two choices. You can do what Dan Sullivan of Strategic Coach has done and make a conscious decision to eliminate television and news from your life. Instead, Dan has become a voracious reader and he inspired me to consume all of my news in writing vs. television as well.
Dan’s first observation: “it’s amazing how the number of crises in the world has dropped significantly over the last four years!”
As we all know, the news media has been known to manufacture and embellish events to get our attention, so there are varying degrees of crises. However, each is reported as new and “different this time.”
Short of eliminating television completely, your second choice is to vigilantly guard yourself against all forces competing for your attention including all forms of media, friends, family, and co-workers who may have conflicting mindsets and biases.
In many ways, my job as your retirement coach is similar to the racecar driving instructor. I won’t physically grab your head and turn it, but every time there is a “crisis,” my goal is to help you gain perspective, remain focused on where you want to go and adhere to what we believe is the strategic path to help you get there.
Just like my friend’s ability to adjust his focus away from the wall before he crashed into it, I believe you can condition yourself to remain focused on the long-term outcome you want and watch for a more favorable result.
Mastering Healthcare Expenses in Retirement
Savant’s eBook, Mastering Healthcare in Retirement, explains your options, from Health Savings Accounts to Medicare and Long-Term Care insurance.