Business Mentor: Creating a fulfilling life after retirement

Armando Bartolome

Posted at Aug 27 2022 08:56 AM

Elderly people in Manila. George Calvelo, ABS-CBN News file
Elderly people in Manila. George Calvelo, ABS-CBN News file

When we hear the word retirement, many think of enjoying life free from the laborious work of the past 30-40 years. For some, it is their most awaited moment as they can finally do what they always wanted to do but were unable to because they were tied to their jobs. Retirement however is a process that you go through – a transition for your time and resources. 

The transition is from acquiring the money to being able to utilize it (hopefully, wisely). Some people refer to themselves, after the transition as “retired”. But when you think about it, retirement is a way of continuing your life, but, hopefully, stress-free. 

When a person refers to himself as “retired” it would seem that the person is stuck in an ugly phase in life – a dull, unhappy, and unproductive life. But that is not how one should spend the rest of his/her life. Retirement is not the start of being useless. 

A retired person is someone who has gained valuable insights through life experience and has refined their talents and abilities over the years. Hence, with this, the so-called “retirees” should step out and step up and be recognized as someone who can try new things, meet new people, and explore the world anew.

I often encourage people to start their own business since it helps them to secure their future and at the same time be their own boss. But some people just focus on buying things that they need in the present, without realizing that the business that they start should be sustainable. If you want to make your dreams come true, and the only way that you think is possible is to build your own business, you need to exert a lot of effort and put your heart into it. 

Among the group of people that I have met are OFWs. They went to work abroad to be able to build a house and send their children to good schools. Many of them also want to come home and enjoy what they have worked for. However, not every OFW is lucky enough to have saved for their retirement years. 

I highly encourage OFWs that even if their contract would not yet allow them to come back home for good, they should give importance to saving up for their retirement years. These could be in the form of putting a certain amount of their earnings into investing properties and putting up a business. Having an investment can be in various forms: stocks, real estate, savings accounts, certificates of deposits, bonds, and mutual funds. 

Putting your money in any of these allows your money to grow over time. The growth rate may not be the same, but this still benefits you in the future. The most common investments are buying real estate properties, maintaining a savings account and buying stocks. They may need to have a financial advisor to help them plan on these matters. With business, anyone can start it at any time. You don’t need to start big. But at least choose a profitable and sustainable business in which the family will be able to manage and afterwards reap its fruits of labor. 
 
Many OFWs have become successful business owners. But the businesses were not an overnight success. Challenges are part of any aspect of our lives, and it is just a matter of how one can handle these problems that come along that can lead to a better quality of life. Once a person retires, some would be thinking of splurging in terms of having vacations here and there. If you earn tons of money, then traveling around the world would not hurt your savings. However, some would still want to pursue a new career- and that is being able to try new things in life as their ultimate fulfillment.

Finding Your Life’s Purpose

Going through this phase is vital as it will determine how well you grasp the distinction and shift your mindset which can help you achieve a life of abundance.

1.Reinvent yourself and discover what is your purpose in life.

Most “retirees” feel bored, useless, unfulfilled, or even depressed. Since they have gotten used to a routine that they have been doing for the past 20-30 years, suddenly not having to go to work makes them feel lost. The transition may not be as easy. However, when one focuses on having a fruitful life, there should be no wasting time exploring the world and discovering what else is out there for you to learn and enjoy.

2. Financial literacy can help ease the transition and allow you to determine your great purpose in life. 

It is wrong to think that the money you have saved is enough for your needs after retiring from work. Although you may also be thinking of continuing to support your children and grandchildren, the money that you have may not last. Your success relies on how much income from your assets can generate. With a consistent and predictable return, you can dedicate your talents to pursue your purpose. This means you should not be complacent with what you have in the bank because eventually, the money will run out.

3. Refocus your mindset on time. 

Some retirees think that they only have a few more years to live. What happens with this kind of mindset is that they live each day of their life anticipating the end and that there seems to be no hope for them to be happy and experience life to the fullest. However, when you have set your mind to living a longer life, you can feel excited to look at various ways to achieve everything you have dreamed of! No one lives forever, of course. But, also think that we only live once. So, why not make the most out of it?

Life does not end with retirement. Returning OFWs and retirees have the opportunity to see what else life can offer them. It is the right attitude and mindset that can help them enjoy the most fulfilling life they have ever imagined.

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For questions and more information, you may contact Armando "Butz" Bartolome 
by email: business.mentor@butzbartolome.com
FB Page: Butz Bartolome
website: https://www.butzbartolome.com 

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