In this episode, Brett provides a framework to help you determine what retiring from your hair salon looks like for you.
I recently had a client meeting. This client is reaching age 60, and she told me she was offended because someone had pointed out to her that she was newly retired.
She didn’t like being called retired because she works part-time as a stylist every day. Plus, her husband does some consulting work now.
The work they’re doing now does pay, but it’s not by itself enough for them to live their comfortable low-key, middle-class lives.
They had both worked in professional careers and were diligent savers, investing those savings intelligently. Now, they’re mostly living off of their investments with their earned income streams providing a minor but still important part of their income.
But to the wife, that didn’t mean that they were retired. And I really couldn’t figure out what she thought retirement was or why it would be offensive to be a retiree. But as I think about it, I can’t say she’s wrong.
Retirement is one of the strangest words in finance, in part because it’s really, really vague. It also has a couple of very unusual characteristics.
First of all, people who aren’t financial professionals talk about retirement around the dinner table. What they don’t talk about around the dinner table is the latest mutual fund or ETF or interest rate swaps.
My point is retirement is real and important to people in a way that many financial terms simply are not.
Second, I know what retirement means. You know what retirement means. And the woman running the hair salon knows what retirement means. But we all think it means different things.
And third, retirement is a relatively new concept. At the most, retirement, as our culture seems to define it, is no more than about 50 years old.
Ultimately, retirement is personal. So in this episode, we’re going to define what retiring from your hair salon looks like for you.
[03:12] Why retiring from your hair salon is more than just quitting your job.
[04:01] Three common misconceptions about what retirement is.
[06:02] The potential dark side of retirement.
[07:18] Finding what makes you happy in retirement.
Looking for more tips for how to grow, scale, and ultimately sell your hair salon business? Check out our other Unchained From the Chair podcast episodes.