DO THIS for a Happy Retirement (feat. Wes Moss)

Money Guy Show - Brian Preston and Bo Hanson

In this episode of the Money Guy Show, hosts Brian Preston and Bo Hanson welcome financial expert Wes Moss to discuss his new book on achieving a happy retirement.

Key takeaways

• Happiness in retirement is not primarily about wealth but about lifestyle factors like social connection and purpose.
• America is experiencing a 'friendship recession,' especially impacting retirees, making community vital for long-term well-being.

Main topics

• Happiness in retirement
• Social connection and community

Notable quotes

"It's not about the amount of money. It's really about, let's start with finding the population, studying them, segmenting the happiest group versus the unhappiest group."

Conclusion

A truly happy retirement isn't just about financial independence—it's about building a life

Transcript preview

Speaker 2 (0:04) The Speaker 1 (0:05) city moves fast, but your vibe, that's different. Sharper, smoother, more alive. Speaker 2 (0:15) The new Speaker 1 (0:20) Honda City isn't just made to drive, it's made to feel. The new Honda City, all new vibe. Speaker 4 (0:34) Do this for a happy retirement, just like your favorite Scooby-Doo episode. We got a special guest with Mr. Wes Moss today. Speaker 6 (0:43) Yeah, it's so cool Speaker 4 (0:44) to be here, and Speaker 6 (0:45) I'd love to be in the same camp as Scooby-Doo. Speaker 5 (0:48) Well, Wes, we are so excited to have you here today because we've known each other, how long has it been? It's been over a decade. A decade now, Speaker 4 (0:57) right? Speaker 5 (0:57) Let's go over a decade, Speaker 6 (0:58) yeah. Speaker 5 (0:58) And you're a pretty big deal. Right? In Atlanta. Like, I know for us. Oh, my God. First time. Speaker 4 (1:04) 2015? I felt like, you know, we saw you at the FinCon and from across the room. I was like, Speaker 5 (1:09) that's Speaker 4 (1:10) Wes Moss. And we were so excited because we're Atlanta boys. And in Atlanta, you are a huge deal. And then you've also gotten into the digital world. But if you're from Atlanta, Wes is all over WSB. He's like, he gets to hang out with all the cool guys like Clark Howard. And, you know, but you've got, you've now conquered the digital world too. But for us being Atlanta boys, we were really excited the first time we got to hang out. Speaker 6 (1:34) Well, you guys are the ones that probably got me into podcasting. Is that right? Yeah. I was looking at your wall of, your history wall, which is cool and confusing a little bit. Because, you know, we've got 2006 and then eight. I'm like, wait, Bo, you moved to Franklin and Brian, you moved after. So the, but I, you started in 06 originally. Speaker 4 (1:57) Right. And Speaker 6 (1:58) I started in radio in Atlanta in 07. Okay. Speaker 4 (2:01) And Speaker 6 (2:01) then WSB starting in 09. So you were before me in the media game. Yeah. Speaker 4 (2:06) You were before me. And then you guys transitioned. So what, there was probably 12 people watching that podcast, listening to that podcast back in 2006. So. Speaker 6 (2:15) But then you guys have really, it's actually, I've been doing a lot of extra study about the money guys in the last couple of days. And you guys have just exploded. You're like an overnight success. I know it's 20 years Speaker 4 (2:27) in the making, but it is Speaker 6 (2:29) incredible. And I'm excited. It's super psyched Speaker 4 (2:32) to Speaker 6 (2:32) see that everything you guys have done. You've got awesome audience, a great firm. It's just, your book has been. The reviews of the book are so good. I'm so jealous. I'm going to start blushing. They're like a thousand reviews. There's zero non-five stars. Except for if they have shipping problems. That's the Speaker 4 (2:49) only one. I keep reporting that one guy who like his book got looked like the dog chewed on it. And he has, there's a one-star review. And I keep reporting and saying, this isn't the product. It's Amazon screwed up his shipping. There was Speaker 6 (3:01) one four-star review and the complaint that is, that's not in Mandarin as well. It was from China. Speaker 4 (3:07) I was like, God, it's a tough audience, Speaker 5 (3:09) man. That is a tough, tough audience. Speaker 4 (3:11) You ought to do an AUM show. That was for my own entertainment. God bless Speaker 6 (3:21) you. Speaker 5 (3:22) Awesome. So, all right. So you've got this new book. Right. Give us the rundown. What's the new book about? What's the, give us Speaker 6 (3:29) the idea Speaker 5 (3:30) around it. Speaker 6 (3:31) I started over with research and I really started this research, researching, then writing, research, then writing back in 2011, 2012, trying to figure out going from, I wanted, I wanted, if I was going to be writing about something to be about the data, a lot like money matters, a lot like the financial shows I do. I usually start, I almost always start with the data. and then try to allow that to formulate a story that is objective as possible. Of course, we are going to have our opinions and why things are the way they are. But I always feel really, I feel more confident if I can just start with, here are the stats. And it's the same thing when studying populations of success, because in the end, beginning with the end in mind is, well, we want to be able to have financial freedom and I want a happy retirement. It's not about the amount of money. And that's not where I start. It's really about, let's start with finding the population, studying them, segmenting the happiest group versus the unhappiest group, and then just learning what that happy group does and learning what the unhappy group does and then being able to compare the two. And that was originally how my first book, You Can Retire Sooner Than You Think, it was really research first. And then I was like, this, there's so many things to learn here from this population that it became a book. Then essentially 10 years later, it was old, right? The numbers were old. The statistics felt old. The world had changed a ton. We went through many bear markets, hyperinflation, the pandemic. I mean, we've had a lot of change. And I felt as though that what I was known for, those statistics, I felt like they were old. So I tried to update that book. And I spent a year updating it. And one day I was at my kitchen counter and just saying, you know, this update sucks. Speaker 2 (5:32) How'd you Speaker 4 (5:32) really feel about it? Speaker 6 (5:34) I was like, this just is not good. It's not good enough. And so I just said, I really have to start over from the very beginning because it's been, by that point it was 11 years. So I was like, it's getting further and further and older and older. So I was nervous that if I just started all of my research again and expanded it, that it would maybe contradict. It was like, wait, what you said 10 years ago is Speaker 5 (5:58) no longer right. Speaker 6 (5:59) So I was nervous to do it, but I also was at a point in my career where I also said, I don't care. Right. I don't care if it was, whatever it is, it is. So I'll rewrite about that. And the, I guess the good news is almost everything was in line with what I had found a decade prior in line. But the numbers changed, and that makes sense. We've had a lot of inflation, so people reported having more money in the happiness zones than they did 11 years ago, which makes sense. Speaker 4 (6:31) Sure. Speaker 6 (6:31) There was a—I've found more— Fear, I felt like I was able to understand what is keeping people up at night more today than ever. I felt I studied community more than I did in the first couple of books in socialization and realized that we're in a friendship recession in America. And socialization is such a big part of having the end in mind, which is a happy retirement full of freedom. The community part of that is so big. Speaker 4 (7:04) And Speaker 6 (7:04) I realize how much people are struggling with that. And we're in a friendship recession in America. And we know demographically it gets even harder as we age. So there are all of these factors that you all know that hit us when we're in our mid-50s and then accelerate into our 60s and 70s that it's a real headwind to continue to have. the same level of joy, purpose, happiness when we are in those stages of retirement. And that's what I feel like Retire Sooner Method, it's a big part of what it teaches is to be able to say, look, yes, there's some chapters about the finance side, but the lifestyle side is so important because in the end, that's what we're all after. We want to have this purpose-filled, amazing next phase. And that's a big part of the Retire Sooner Method. Speaker 4 (7:57) Well, we decided, because look, You've been, you've been, you're now on, is this the third book? Kind of on- Pretty much. Making retirees happy, how to have the best success in retirement. We were like, why not gamify this? So much of life- This is a cool Speaker 6 (8:13) idea. Is gamified. So we were like, and Speaker 4 (8:15) by the way, because we did this, Austin and Robert from- was it rich habits? They did this with us on, on another concept on retirement and, you know, but it wasn't a financial tools, financial tools. So we had the team put together and they went and tore your book apart and came up with all these different. Now, a few of them are, are kind of to lead us down the wrong path. You're the expert on this, but we're going to do a snake draft. Okay. You're Speaker 6 (8:42) the guest. We're going to let you choose first. So Speaker 4 (8:44) we're drafting like fantasy football. We're trying to build the Speaker 5 (8:48) happiest retirement. That's the goal here. What would it take to be the happiest retirement? Speaker 4 (8:52) We've got 12 different options, and I can go through these really quick. We've got luxury vacation homes, $100,000 annual income, eight hours of sleep, travel and experiences, five close friends, living near family, paid off home, hobbies and volunteering, daily physical activity, a flexible schedule, three income streams, and weekly dinner group. We're going to choose between those 12. Each get to do three. You're going to go first. I'm going to go second. Oh, wow. This is so funny how that happened. This was not done in a scientific or even luck Speaker 6 (9:24) way. Speaker 4 (9:24) You Speaker 6 (9:24) came Speaker 4 (9:24) in first place last year. You're last in the draft. Fair enough. We always make Bogo last so we can pick on him. That's the rule. When the salt shaker of talent got dropped on you when you're good looking, smart, athletic. We make you go last on purpose. By Speaker 6 (9:40) the Speaker 4 (9:40) way, after seeing you guys, I Speaker 6 (9:42) need Speaker 4 (9:42) to get back in the gym. I'm glad that you think me sitting next to Bo somehow makes you think you did both. You Speaker 5 (9:51) guys are both big guys. Speaker 4 (9:51) I Speaker 5 (9:51) love it. Speaker 4 (9:53) He's Speaker 5 (9:53) a Speaker 4 (9:53) unit according to the comments. That's Speaker 5 (9:56) what Speaker 4 (9:56) my kids would call Speaker 5 (9:57) you. That was a unit. If you see Speaker 6 (9:59) him, he ran that dude over. I'll take it. So what is your first pick? Speaker 6 (10:05) Okay. And you can editorialize on why. All right, here we go. Here are my drafts. So we've got luxury vacation. Ooh. 100K in income, eight hours of sleep. I'm thinking the long game here, and I might make a pick to throw you guys off. Okay. Let's see here. I am going to start with... The 12th person in the draft, which is the weekly dinner group. Whoa. Wow. Just throwing WM right there. But who's going to be at this dinner group? Speaker 5 (10:40) Did not see that. Honestly, was not guessing that was going to be first draft pick. That's, I Speaker 4 (10:46) can't. All right. Okay. I'm going to go with, now look, I'm torn. Maybe I shouldn't give my strategy yet, but I'm going to go with the happiness factor first of going with five close friends. Speaker 4 (11:01) It's a game of Speaker 6 (11:02) poker here. Speaker 5 (11:03) All right. So that's interesting, I guess. And I can't tell if you guys are being legit or if you're just trying to like do this for the audience. Cause I'm going to go right off the bat. I know that number, the number one thing that most people struggle and it gets into like getting to retirement is do I have enough? Do I have financially? Am I going to be okay? So my very first pick is going to be a financial pick. And I'm going to go ahead and I'm going to lock in number two, $100,000 annual income. So I've got like a baseline coming in guaranteed, right? I've got money coming in. Like Forrest Gump would say, that's just one less thing. I got money coming in now. Now that I've done that, I don't think this will be a surprise. My second. Oh, you get two. Speaker 6 (11:45) Yeah, I'm a snake draft. I'm a snake draft. My second. Speaker 5 (11:50) I'm actually going to say number nine, daily physical activity, because I do believe that health is well. Of course you are. I Speaker 6 (11:56) do believe that health is well. Bo Speaker 5 (11:57) lifts three times a day. He's like, retirement Speaker 4 (11:59) requires pull-ups and push-ups and bench press. There's Speaker 5 (12:04) no point in having all the money in the world to do all the things in the world if you don't have the health to be able to enjoy it. So I'm going 100,000 annual income and then daily physical activity for my next draft. Okay, so I Speaker 4 (12:14) get the next pick. And I'm going to go because I was hoping. Are Speaker 5 (12:18) we Speaker 4 (12:18) crossing these out as we go? Yeah. This is so great. You guys, it's like straight out of ESPN. I Speaker 5 (12:22) want Speaker 4 (12:22) some income because I've got the friends. So now I need to either be able to fund us doing activities. So I'm going to do the three income streams. And I'm hoping mine's even more than Bo's $100,000. Speaker 5 (12:33) I didn't pick that because three income streams could be $100 a month. You know what I mean? We don't know what that is. But I'm involved, so it's going to be successful. Speaker 6 (12:41) I don't disagree with that. All right. I'm going to go with, you guys have left number two on the board and I'm going to snag that 100K. No, that was my Speaker 5 (12:50) first one. That was my first draft pick. You already did. Let me cross this out as we Speaker 6 (12:55) go. Shoot. Uh-oh. Uh-oh. So. Luxury homes hanging out for you though. Yeah. That looks like a little bit of an albatross. That's like a, that's a bad first round pick. I like that you guys put that as number one. I am going to go. I'm going to go. Oh, another dark horse. I'm going. I'm going to go living near family. Oh, Speaker 5 (13:21) that's a good one. Speaker 6 (13:23) Near fam. Not Speaker 5 (13:25) going to lie. That's a really good one. Speaker 6 (13:26) Okay. You get another one. And I get another one. This Speaker 5 (13:28) is Speaker 6 (13:28) your last one. Boom, boom, boom, boom. And then I'm going to take the last one that is financial on the group is paid off home. Okay. Speaker 6 (13:45) Brian Preston. I get the last one. So you had five plus and what was your second one? Speaker 5 (13:52) Five friends and three income streams. Okay. You know what? Speaker 4 (13:54) This works out beautifully. I'm going to end up being the winner here because I'm going to focus on some health. It will not have the bench press that Bo has, but eight hours of sleep is my last one. All right. That's a happy retiree superpower, by the way. Speaker 6 (14:08) I'm telling you. I have stacked the deck here. By the way, it's two to one. If you look at the two groups. And this was, again, some of the research that came back, the research company actually infused a few more. Speaker 6 (14:26) questions that I didn't even really think about, which was interesting. This is the first time I used an outside research partner to help with this. And I needed that to get mapped to the US census to make it statistically significant, just kind of up the research game. One of the suggestions was to ask about a couple of different health-related questions. And one of them was sleep that I had never even thought of. And I was like, okay, we'll put that in there. And it's remarkable, the two groups where they... happy retirees say they get enough sleep two to one relative to the unhappy group. So it's over 80 % of happy retirees say they get enough sleep and only 41%. Is Speaker 4 (15:10) it self-declared? Is it like, if I feel like I only need six and a half hours of sleep, is that, is that, is that, would that count? Speaker 6 (15:17) So I didn't ask the hours. I asked enough. Okay. And by the way, in this book, enough is a number. Okay. Speaker 5 (15:24) Yeah. Enough is a number. For some people, it's more. For some people, it's less. Love that. All right. So I get the last draft pick. And honestly, I think, you know, because this is one of the things that I want to do one day if I ever actually do retire. I'm going number four. Yes. I knew you were taking that. Traveling Speaker 6 (15:42) experiences, man. I'm Speaker 5 (15:43) doing that Speaker 6 (15:44) one. Speaker 5 (15:45) Because again, I want to, you know, I spent all this time building up all this wealth, working so hard. I actually want to be able to enjoy it, want to be able to travel with my family, want to be able to take them places. So I'm going traveling experiences. And so now the question for you, Wes, is when you look at these three different camps, you look at how they're drafted, who has the happiest retirement and why? And then anything editorializing about the other two. Speaker 6 (16:12) Guys, I was at a golf tournament a couple weeks ago. It was like old guys versus young guys. And there were 50 golfers in each big group. And it was a two-day tournament. And at the end of the Sunday, the young guys had like 600. It was 687.2 points. Okay. And the old guys had 687.2 points. And at the end, we were all tied. And everyone hated it. Like, you can't, you got to have a winner. You have to have a winner. My point is that these are very close, but we still need to have a winner. And because I'm the guest, I'm going to go tie goes to the hosts. So I'm going to say I don't win, but I'll explain why. And... Speaker 4 (17:06) Can I give an editorial comment on those? Yeah. Bo makes $100,000 a year of income. Speaker 6 (17:12) He's Speaker 4 (17:13) obviously very active out there making the Instagram posts every day. Speaker 6 (17:16) Yeah, make Speaker 4 (17:16) your case. But he's, and he's traveling the world. So I think he's a lonely vlogger. who's out there. He has zero friends, but he has a whole audience that's following him. You ever been to a gym, bro? You go to the Speaker 5 (17:30) gym every day? I think Bo is Speaker 4 (17:32)