Retirement In the Mirror May Be Closer Than It Appears with Jim Groves
October 4, 2022
Many shop owners’ retirement plan is getting out of their business feet first. That is a plan, but it is not a good plan. Retirement is unavoidable, it may feel far away from now, but it’ll come, and spoiler alert, it is not cheap.
In this episode, Jim Groves joins us to talk about the endgame, a sensitive subject that many business owners prefer to ignore or leave for later. Jim is a Sales Manager at ATI and a Senior Business Consultant and Instructor with over 25 years of experience in the automotive industry.
Throughout our conversation, Jim shared his thoughts on why business and shop owners should include building their retirement plans in their daily operations. He explained why it is so easy to be dragged by getting things done and forgetting about retirement and why it is not a good idea to “leave it for later.”
Jim also shared some real-world examples of how retirement might be a little bit more expensive than we think, the difficulties we might find in the future if we don’t prepare ourselves properly, and much more.
In this episode, you will learn:
- How prepared are we for retirement? (2:53)
- Leaving your business feet first is not a really good plan (4:03)
- Who will pay for your hobbies when your business’ revenue is not there? (9:10)
- Retirement might be closer than you think (13:24)
- When is the best time to start putting money aside for your retirement (18:19)
- Have you thought about what a dollar from today will buy in 15, 20 years? (23:55)
- Ignorance about retirement is not bliss (31:23)
