Retirement Planning: Lessons From The Kitchen
February 8, 2011 No Comments
Retirement Planning: Lessons From The Kitchen
Free Online Articles Directory
Why Submit Articles?
Top Authors
Top Articles
FAQ
ABAnswers
0 && $.browser.msie ) {
var ie_version = parseInt($.browser.version);
if(ie_version Login
Register
Hello
My Home
Sign Out
Email
Password
Remember me?
Lost Password?
Home Page > Finance > Wealth Building > Retirement Planning: Lessons From The Kitchen
Retirement Planning: Lessons From The Kitchen
Posted: Nov 11, 2009 |Comments: 0
|
Have you ever felt anxious when trying a new recipe (especially for guests?) You worry whether it will turn out right. Not only is the success of the occasion on the line, perhaps your reputation in the kitchen is as well. Retirement planning and investing can evoke a similar sense of anxiety, though of course the stakes are much higher. In both cases, we have a keen interest in the outcome, matched with a sense of uncertainty about what that outcome might be. As someone who has spent decades doing both professionally â?? cooking and providing retirement/investment guidance â?? I offer some tips from the kitchen that can be applied to successful planning for the future.
As a young cook in the â??80s at Chez Panisse I relished the days when I prepared a dish Iâ??d never done before. I would have four hours to turn an idea into something fabulous. The stakes were extremely high as the restaurant rose to national prominence and the clientele came with lofty expectations. I found the uncertainty exhilarating. It was a challenge to make each and every dish the best I possibly could. We should approach planning for retirement in the same spirit. We want those years to be exceptional, worthy of accolades. Precisely because we canâ??t know the outcome of our investment strategies with any more certainty than we can predict the result of trying a new recipe, we need to devote extra effort, energy and attention to our financial planning to increase the chances of success.
Tips to Make Your Recipe a Success
If we think of our plan for retirement as a recipe, we can use the following five tips for successful cooking to help guide us in our investment strategy:
�   Use the uncertainty about the outcome of your recipe (or investments) to energize yourself and to help you focus on the project.
�   Create a mental image of the outcome you desire.
�   Understand the process.
�   Use the best ingredients.
�   Taste as you go along.
As you approach a recipe, it helps to have a vision of how the finished dish should look, smell and taste. Perhaps you are cooking a fish soup. You can smell the herbs. The sight of shimmering fresh fish in the aromatic broth is exciting. To return to our parallel situation, investing, I canâ??t stress enough the importance of holding a specific and clear mental image of your retirement. For instance, I like to imagine walking along the beach in Pacific Grove on a beautiful clear morning. The air is cool and heavy as I watch sunlight pierce the cresting waves, turning them a heavenly shade of turquoise. This scene is awe-inspiring! I could do this walk every morning. Envisioning the minute and glorious details of the future can be the most fun part of your retirement planning. It will guide your process and keep you motivated to stay focused on your vision.
Understanding the Process Improves the Results
One of the best tips I can give both to investors and amateur cooks alike is to understand the process. This means knowing your â??recipe.â? It is easy to get intimidated by reading a new recipe. But at the same time, you become intrigued, your imagination starts to click in and suddenly you can see yourself performing each step. Start with the big picture and add more details as you progress in your understanding. With investing, you have a certain number of years to work, save and invest. Then the plan is to stop working and begin spending. Along the way you need to understand how best to manage your investments so that they will meet your needs during those spending years. The point is to become more familiar with each step along the way so that you can see yourself performing those steps.
Tip number four: start with the best ingredients to end up with a superlative dish. In terms of your retirement plan, the ingredients refer not only to good solid investments but also include your financial advisor. It is natural to seek expertise in areas you feel unqualified to navigate alone. Solid investments are those selected with your needs and values in mind. To accomplish this, you must seek competent help. The relationship with your financial advisor is extremely important. Does he or she listen to your hopes and dreams as well as review your bottom line? Do the investment strategies he or she suggests reflect your values? Just as you would seek help filleting the fish, you may need help with your investment selection and determining how much you can safely spend from your nest egg.
Finally, the cook interested in making sure the dish comes out as planned, will taste along the way. In terms of retirement planning, this is the monitor and adjust-as-needed part of the process. Given the number of years over which we will typically manage investments for retirement, it is critical to remain vigilant and on top of the process so that we achieve the outcome we seek. We can use the uncertainty, as well as our vision, to keep us motivated.
The Recipe of Our Lives
We are all trying to create the recipe of our lives when it comes to retirement. Letâ??s give ourselves every possible chance of success. Using the tools outlined above will increase our confidence in the process and make it more likely that our efforts produce the best results. Use the uncertainty as a motivatorâ?¦it will drive you to a better understanding of the process. As with any recipe, you will be more likely to have success if you understand it. Envision the outcome, in great detail. Use the best ingredients, from the investments you choose to those who provide you with help. And donâ??t forget to taste as you go. Keep your plan on track by monitoring changes in your life as well as in your investments. Check for seasoning and serve. Bon apetite!
Retrieved from “http://www.articlesbase.com/wealth-building-articles/retirement-planning-lessons-from-the-kitchen-1444829.html”
(ArticlesBase SC #1444829)
Liked this article? Click here to publish it on your website or blog, it’s free and easy!
Jeffrey Stoffer CFA, CFP -
About the Author:
Jeffrey Stoffer CFA, CFP, is a principal of Stoffer Wealth Advisors, an investment management and financial planning firm serving the San Francisco Bay Area. As a former Chez
Panisse chef, Jeff is combining his passion for food and finance
to help people better understand investing. Visit the website at http://www.stofferwealthadvisors.com
]]>
Questions and Answers
Ask our experts your Wealth Building related questions here…
200 Characters left
Are Owner Only Life Ins. Plans and Owner Only Retirement Plans Protected in a Civil Lawsuit?
What are defined benefit retirement plans ?
What should i include in the lesson plan ?
Rate this Article
vote(s)
0 vote(s)
Feedback
RSS
Print
Email
Re-Publish
Article Tags:
financial planning, retirement, chez panisse, recipe, investing, financial security, retirment plans
Latest Wealth Building Articles
More from Jeffrey Stoffer CFA, CFP
How to Plan Your Money for Retirement
Learn how to plan your money for retirement in this series of financial advice videos. (01:10)
Learn if a 4% is a Safe Withdrawal Rate for Retirement
Learn if a 4% is a safe withdrawal rate for retirement in this series of financial advice videos. (01:36)
Learn about Safe Withdrawal Rates for Retirement
Learn about safe withdrawal rates for retirement in this series of financial advice videos. (00:42)
How to Use Safe Withdrawal Rates in Financial Planning
Learn how to use safe withdrawal rates in financial planning in this series of financial advice videos. (01:23)
Savvy Rules for 401k Investing
Learn more at http://www.SaberHacer.com – Not investing in your company’s 401(k) plan is like turning down free money. Investment experts explain the basics and the benefits. (04:24)
The Six Steps Secret to Wealth Creation
Wealth creation follows after some principles which when applied appropriately will lead to the accumulation of mammoth wealth. Being poor is like being afflicted with a disease, although one that can be cured. Poverty is therefore like a disease that is curable if the necessary actions to cure it are applied.
By:
Napoleon Jacksonl
Finance>
Wealth Buildingl
Feb 07, 2011
Auto Click Profits, GURU’s lies
Making money online is one of the easiest form of generating viral or passive income if you know what you are doing. This have led to people being targeted by the so called GURU’s who will sell you anything to scam you.
Do not fall for this as Auto Click Profits is going to expose all those guru lies and provide you with better method that generate passive income online
By:
mogomotsil
Finance>
Wealth Buildingl
Feb 06, 2011
PowerBall Winning Strategy – How to Win PowerBall Lottery
Powerball has definitely the biggest jackpot prize in the US. Winning this lottery game is not easy since millions of people are playing it and the chances are really small. There are certain systems or methods that can greatly increase your chances of winning the lottery and the only one that guarantees you a win is the Lotto BlackBook.
By:
Mark Swedssoniel
Finance>
Wealth Buildingl
Feb 06, 2011
So Many Ways to Use Your Computer to Make Money at Home For You
There are many different people trying to make money at home at different levels in the world. Some just want a little extra cash whiles others are trying to start their own business and build their empire behind it. Keep in mind what your goals are, and stay realistic about how much you could make with what it is you are trying to do.
By:
Chris Mendettal
Finance>
Wealth Buildingl
Feb 05, 2011
Don’t Ride The Economic Roller Coaster, Make Money at Home
If you are tired of the ups and downs of this rough economy, get off that roller coaster and make money at home. You can be in the driver’s seat instead of waiting for your number to come up at your current job. You’ll have the freedom to run your own ship, and keep it afloat with your own ideas instead of watching it sink at the hands of a bad captain.
By:
Chris Mendettal
Finance>
Wealth Buildingl
Feb 05, 2011
Quit Complaining and Make Money at Home
While so many people complain about how they need cash, there is usually a gold mine of items in their garage or attic that they could easily sell for profit. Many times people don’t know how to make money at home through websites and auctions. Once they gain a little knowledge about these avenues of selling their items, they are well on their way of bringing in the cash they desire.
By:
Chris Mendettal
Finance>
Wealth Buildingl
Feb 05, 2011
Make Money Online and Never Get Out of Your Pajamas
If you ever felt like the daily grind of commuting and working for a big company was not for you, than try to make money online and gain back your freedom. There are so many ways to use the Internet to your advantage, and with a simple plan of action you could be a big success.
By:
Chris Mendettal
Finance>
Wealth Buildingl
Feb 05, 2011
Make Money Fast, The Craigslist Way
Using Craigslist can help you make money in various ways. Beyond selling items, you can also sell services or even find someone who needs some help with odd jobs or other work. With so many ways to make a buck using Craigslist, it would be crazy not to check it out.
By:
Chris Mendettal
Finance>
Wealth Buildingl
Feb 05, 2011
Finding Our Own Wisdom About Money
We like to think we are capable of rational decision-making, but where money is concerned, most people are quite emotional. All of us can benefit from examining our underlying beliefs about money.
Finance>
Personal Financel
Mar 06, 2010
New Ways To Diversify Your Bond Portfolio
Bonds are a staple in a well-diversified investment portfolio. Yet bonds have been more difficult to buy and sell than stocks. Prices often are not readily available. And, unless you have a sizeable portfolio, diversifying your bond holdings can be problematic.
Finance>
Investingl
Feb 02, 2010
The Four-Course Investment Menu – What Most People Don’t Know About Investing
This article takes an unusual approach to discussing one of the most important topics in investing. Using a food metaphor it explains how the concepts used to create an exquisite meal can help in the understanding of asset allocation. What most people don’t know is that asset allocation is the most important decision investors have to make. It is the primary influence on how much your portfolio is likely to grow over time and how much risk you have to take to achieve those returns.
Finance>
Wealth Buildingl
Aug 07, 2009
Why Do I Need A Big Pile Of Money?
The objective of investing is not to make a “big pile of money.” This idea may be startling to many investors. Certainly, making a fortune would be wonderful and most of us would love to have that “problem.” Yet this commonly held goal is rather vague. How much is a big pile, a lot, or even a boatload? What do we need the money for? How much is enough? What are we really trying to accomplish? Without examining these questions, we are pursuing a fantasy, not a clear objective.
Finance>
Wealth Buildingl
Aug 07, 2009
Why is it So Hard to Make a Good Decision? What Every Investor Should Know
Not long ago, I found myself engaged in the delicate task of trying to lead my son to a sensible decision without giving the impression I was telling him what to do. He was considering not taking traffic school for a speeding ticket. It’s rare to get the opportunity for…
By:
Jeffrey Stoffer CFA, CFPl
Businessl
Jun 28, 2009
Get Personal: Are Your Investments Working For You?
Captain Jack Sparrow in the movie “Pirates of the Caribbean” has been forced ashore by a mutinous crew. We see him stranded on an island drinking rum with his lovely companion beside a fire. They are discussing his ship. “It’s not just a keel, a hull, and a deck and…
By:
Jeffrey Stoffer CFA, CFPl
Financel
Apr 14, 2009
Meeting the Cowardly Lion: Crises, Crashes, Recessions…OH MY!
Dorothy: “I don’t like this forest. It’s…it’s dark and creepy!” Scarecrow: “Of course I don’t know, but I think it’ll get darker before it gets lighter.” Are we really in uncharted territory? Upheaval in financial systems has been occurring for thousands of years. According to Yale professors, William Goetzmann and K. Geert…
By:
Jeffrey Stoffer CFA, CFPl
Financel
Mar 17, 2009
What is retirement? The definition has evolved over the last half century. How you view retirement can affect how you plan and invest. The current economic situation also comes into play. By viewing retirement as a process, by starting early and planning, it is possible to reconcile your values and…
By:
Jeffrey Stoffer CFA, CFPl
Financel
Feb 22, 2009
Add new Comment
Your Name: *
Your Email:
Comment Body: *
Verification code:*
* Required fields
Submit
Your Articles Here
It’s Free and easy
Sign Up Today
Author Navigation
My Home
Publish Article
View/Edit Articles
View/Edit Q&A
Edit your Account
Manage Authors
Statistics Page
Personal RSS Builder
My Home
Edit your Account
Update Profile
View/Edit Q&A
Publish Article
Author Box
Jeffrey Stoffer CFA, CFP has 13 articles online
Articles Categories
All Categories
Advertising
Arts & Entertainment
Automotive
Beauty
Business
Careers
Computers
Education
Finance
Food and Beverage
Health
Hobbies
Home and Family
Home Improvement
Internet
Law
Marketing
News and Society
Relationships
Self Improvement
Shopping
Spirituality
Sports and Fitness
Technology
Travel
Writing
Accounting
Banking
Credit
Currency Trading
Day Trading
Debt Consolidation
Insurance
Investing
Loans
Mortgage
Personal Finance
Real Estate
Taxes
Wealth Building
]]>
Need Help?
Contact Us
FAQ
Submit Articles
Editorial Guidelines
Blog
Site Links
Recent Articles
Top Authors
Top Articles
Find Articles
Site Map
Mobile Version
Webmasters
RSS Builder
RSS
Link to Us
Business Info
Advertising
Use of this web site constitutes acceptance of the Terms Of Use and Privacy Policy | User published content is licensed under a Creative Commons License.
Copyright © 2005-2011 Free Articles by ArticlesBase.com, All rights reserved.
Jeffrey Stoffer CFA, CFP, is a principal of Stoffer Wealth Advisors, an investment management and financial planning firm serving the San Francisco Bay Area. As a former Chez
Panisse chef, Jeff is combining his passion for food and finance
to help people better understand investing. Visit the website at http://www.stofferwealthadvisors.com