Why the Rich don't Retire...

...what would they retire from...?

In a 2013 study in the USA it was found that when asked "At what age do you plan to retire..?" around One Third of people with annual earnings of over $750,000 said "over 70" with 15% saying "never..."

Only 6% of those making under $100,000 plan to retire at 70, most planned to retire by 65.

Globally, 60% of those with a net worth of $15 million or more will continue to work "no matter what their age..."

Meanwhile in France...

In 2010 members of the Public and Private sectors a series of General Strikes and Demonstrations were held throughout September and October. They involved union members from both the public and private sectors protesting in Bordeaux, Lille, Paris, Marseilles and Strasbourg.

The strikes led to a national fuel shortage, reduction in public transport services and students barricading 400 high schools to prevent them from opening...

The excuse for this action - raising the statutory age of retirement from 65 to 67...

So why the paradox of the rich retiring later than the poorer...?

Simple - because it's not about the money...

It's about mindset; when you love what you do, why would you retire from it...?

There is a reason a salary is called "compensation" - it is compensating someone for the time they expend in the job they do, and also for taking the fun and enjoyment out of 2000 hours a year they have to be "at work.."

When people don't enjoy what they do - of course they want to retire. They will want more holiday and sickness cover as well - anything to get time away from the job...

Not all jobs are like this of course but in an other study only 13% of employees said that they were "engaged and enjoying..." their work. The rest were disengaged at best with 24% "hating.." their work... 

Not really that surprising that employees want to retire...

Business Owners, Entrepreneurs and Solopreneurs don't want to retire - it's just too much fun...

Now, for all those business owners who groaned a my use of the "F.." word, if it wasn't fun on balance you wouldn't do it...

Can you imagine the Queen of England moaning about retirement age, or Keith Richards wanting to join the Ramblers Association...? 

Has Jack Welch stopped working, is Richard Branson looking to potter around and play crown green bowls...?

Do you think that David Bowie who was born in 1947 - ever phones in sick on a Monday, or turn his 'phone off on a Sunday..

Is Warren Buffet, who was born in 1930, protesting about or worrying about the statutory retirement age, or his holiday and sickness entitlement...? 



Of course not...

People may look at them and say "it's OK for them, they are rich and they enjoy what they do..."

In reality of course it is the other way round. They have a passion and talent for what they do, and the riches have come to them because of that; being rich is a by-product of passion driven activity.

It is possible of course to be employed, happy and not retire. Take the case of Morris Miller in the USA who at age 100 is still working for McDonald's; he has been there for 25 years and didn't start until he was 75...!

The formula for being rich, and not wanting to retire - which includes Life Rich, Family Rich, Time Rich and Money Rich is;

(Passion x Talent) + Time = Wealth

Where Passion and Talent are the main drivers, and time is secondary. If you want more Wealth, get more Passionate about your Talent...

The formula for being poor and hoping for retirement including Life Poor, Family Poor, Time Poor and Money Poor is;

Time x Work = Wage

Where the only way to get more Wage is to work longer and harder, time is primary...
If you want more money, do overtime and work weekends...

If you are looking forward to holidays, calling in sick on a Monday and protesting about the retirement age, you haven't found your passion or exercised your talent yet. 

The Rich don't retire because they can't, they are what they do. Work Life Balance does not compute; they are one and the same. Retiring from one means retiring from the other. 

The quickest way to cure 94% of all known illnesses, colds, flu and headaches is to own your own business...

Find your talent, release your passion and follow your dream. If you can do that within  your job like Morris Miller then good for you, make it your life's work and it becomes play, and playtime should never end.

AND...

If you'd like to find out more about working with David, have him Train your Team, speak at your Event or become a Coach yourself and be trained by him; just drop him a message here - or use his personal email davidholland@resultsrulesok.com
 
Check out his website at www.resultsrulesok.com