The bad news is that almost half of Americans approaching retirement have nothing saved in a 401(k) or other individual account. The good news is that Doug Lynam offers sound, doable financial advice so that anyone can live comfortably and enjoy their golden years.
Doug was a Benedictine monk for twenty years and is now Director of Educator Retirement Services for an asset management firm in Santa Fe, New Mexico. Doug is also a self-proclaimed Suffering Prevention Specialist. He will be the first to let you know that prayer may help your soul but not your savings account.
Doug has the following advice for older people who have nothing saved:
- build a workable budget to reduce expenses
- clear up debt
- increase their savings rate
- select better retirement investments or start investing now
- try to buy a modest home so that living costs go down as they age
- consider relocating to a less expensive city, if possible
- stop supporting adult children, if possible – put your own oxygen mask on first before you assist others
And for younger people who’d like to avoid this situation? Remember that the Holy Trinity of Finance is:
3) Investing Ethically
You must win at all three to build a sustainable retirement. Doug points out, “Too many people only focus on earning money. Even if you have a high income, if you don’t save and invest, you’ll always be broke – which will increase your suffering and your family’s suffering.”
Doug offers advice about saving for retirement or how anyone can get on the road to becoming a little bit wealthy. His book, From Monk to Money Manager: A Former Monk’s Financial Guide to Becoming a Little Bit Wealthy - And Why That’s Okay (Thomas Nelson, March 26, 2019), was just released. Doug’s goal is to help as many people as possible manage their money effectively – according to their highest values. Money management, done correctly, is a spiritual practice.