Retiring with Dignity - Action Expo 2006

On September 30th 2006 we had a very refreshing day at Speke Resort Munyonyo in Kampala when we shared ideas with people on various topics. My topic was called "Retiring with Dignity". My friend and business colleague Martin Serugga asked me to talk about this topic with some reluctance from me initially. I asked him why and he said, "Mary you have done it! We would like to share with you how you made it". I used my own story to convey the message and it was easy for people to identify themselves with me.

I defined Retirement with Dignity as being able to sustain oneself after formal employment in a way that commands respect and is much better than when you were employed. One should be in good health, financially free and an advisor to others. Fears that people have about retirement include

Fear of the unknown
Loss of Self Esteem
Lack of knowledge on how to start and run a business.
Lack of starting capital
Fear of Inflation with a fixed income
Procrastination – Delay in taking action about the future. E.g. Planning Where to stay
How to spend your time. Breaking the normal routine. Belonging to some group.
Missing the monthly Pay check, advances and loans from employer
Missing free benefits
Earning nothing when off your desk??
Used to being told what to do all the time.
In general, most people don't know what to do. Upbringing was going to school have a good job and earn a pension.

To overcome these fears, one needs to do the following:-

1. Know Yourself and Your Wheel of Life. You need to assess and try your best to balance your life in the areas of finance, family, physical/health, security, recognition, social, spiritual and mental.

2. One needs to have a DREAM that should be broken down in say three parts:- A) Short Term – Next 3 years B) Medium Term – Next 5 years C) Long Term – Next 10 years

3. Write down your Plan and stay focused. The plan should have a purpose, what you intend to do and in what period and plans for the future. Avoid excuses and avoid dream takers.

4. Learn to Manage Your Time. All of us whether rich or poor have 24 hours a day. The way we use the hours determines our future.

5. Attitude – We need to develop a positive mental attitude (PMA) towards life. Attitude is 99% of success. Attitude is everything and can help you achieve any goal you have set. Some Self Help Books on PMA include:

Think and Grow Rich by Napoleon Hill;
Success through a positive mental attitude by Napoleon Hill;
Feel the Fear and Do it Anyway by Susan Jeffers;
The Magic of Thinking Big by David Schwartz;
Good News Bible – Proverbs chapter;
And many others

6. Take Action

Educate yourself in chosen area by starting your research now!;
Stick to your personal budget and avoid doodads or spending unnecessarily;
Implement the first step in your plan within a limited time. Do not fear failure. It will lead you to success;
Keep a journal and record your lessons.

In Summary,

You can begin immediately to be the person you aspire to be. You don’t have to wait. Do not be ruled by yesterday.
Be rich at heart and stop wishing you were like so and so without working on yourself
Share your vision with others. They will help you refine it.
Learn how to take criticism positively.
Remember, freedom has a price and you should be willing to pay it.
Yesterday is history, tomorrow is speculation today is all you have.
So start working on yourself and your future NOW.

The resources I used include:-
• Investment in Self Help books, audio and video tapes. Using the internet
• Attending talks and seminars on personal development
• Training I receive regularly from GNLD International a network marketing company;
• Talking to Successful People
• Company Retirement Scheme
• Personal Savings

My Inspiration to Take Action was after reading the books Rich Dad, Poor Dad, by Robert Kiyosaki. Subtitle: What the Rich teach their Children that the Poor and middle class do not and The Cashflow quadrant – Rich Dad’s guide to Financial Freedom by Robert Kiyosaki

From the books I learnt about the four ways of generating income and I decided to use creating Passive Income in the B Quadrant as my solution to retiring early.