I've helped thousands of people prepare for retirement, and those who retire the richest have 9 things in common

  • Retirement costs more than ever, and it's never too early to start saving.
  • But focusing on the money alone won't help you retire rich, writes financial adviser Robert Pascuzzi.
  • In his experience, the people who retire the richest have a handful of common traits, from refusing to get distracted to resisting the urge to try and get rich quick.

The sweet life of retirement is a lifestyle that just about everyone is looking forward to.

Spending time with your kids and grandkids, playing golf, traveling, and living the good life seems like a better alternative than the nine-to-five daily grind. Money is indeed the secret to being able to turn this dream into reality, but focusing on the money alone won't help you retire rich.

I've helped thousands of people prepare for the retirement of their dreams over the years. Before you can start to acquire a significant amount of wealth to plan for your future, you must first be in the right frame of mind to do it. The first step is to push yourself to think bigger as it relates to your retirement.

After that, it's about understanding the key psychological differences in the people who retire quicker and richer than everyone else.

Here's what I've observed about people who make it to retirement with significant wealth: 

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9 things people who retire the richest have in common
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9 things people who retire the richest have in common

They don’t get distracted 

Time, energy, and effort factor into the formula for organized action-centered goals. The equation may be set, but challenges arise when our human nature and desires come into play.

Once the course is charted, sticking to it can be hard. Life will throw all sorts of lemons your way, and that's why mental toughness and confidence in oneself and one's mission is absolutely necessary. 

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They don’t think magically 

Magical thinking is encouraged by emotions. Leave emotions at the door when you make business and money decisions. Ground your thoughts, actions, and strategies in critical thinking.

Wealth is accumulated through thinking realistically in a self-disciplined manner. Emotion clouds judgment. Stick with the left side of your brain to keep level and focused for big money moves.

Also, don't be so naïve to think that the man on the white horse is going to come riding in to save you. It's up to you and you alone. 

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They don’t seek the approval of others 

Human beings are genetically predisposed to seek approval. In the business field, preoccupation with the opinions of others can majorly impact your moves and hinder your outcomes.

Predisposition of approval seeking helps humans better fit into tribes and groups, but it can socially manipulate your instincts. Seeking the approval of others is an emotional addiction that does not aid you in the quest to retire rich. 

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They make smart decisions 

The individuals that became the richest during the gold rush were the ones selling the shovels.

Base your decisions in logic and well-planned methodologies. Don't throw money at things you have not thoroughly researched. Understand your investments at the foundational level.

Just as the sharks on the hit TV show "Shark Tank" vet every opportunity that comes their way, you must thoroughly understand the decisions you make and stay smart. 

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They don’t try to get rich quick 

Many speculators take on the mentality of a gambler. This pays off in the short-term, but often dramatically fails in the long-term. Fast money wipes out retirement funds.

Rather, keep greed at bay and become satisfied with lesser more sustainable returns. Also, remember, despite what you see on TV and in the movies, most millionaires live a modest lifestyle well below their means. 

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They get tough 

Toughness is a learned skill, and with practice one can build their mental and emotional strength. Mental discipline is a cornerstone to retiring rich.

Spending is fun, and frivolous purchases can bring great joy at the time. Get tough with your spending plan and stick to it. Use your mental strength to contain your spending.

Would you rather have the short-term satisfaction of material possessions that usually wears off quickly, or the long term safety, security, and retirement you've always dreamed of? 

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They are organized 

Organization is achieved both mentally and physically.

Financial organization begins psychologically. Hash out the details and take everything into consideration on what it will take for you to retire, including inflation and fees.

A lack of organization can lead to procrastination, which is the enemy of progression. Start thinking about how you want to live, and what you want to do when you retire. It may be many years from now, and your dreams may change, but your planning begins today.

Proper planning fosters organization. 

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They expect to retire rich 

We're taught early on not to have high expectations so we don't end up disappointed. In fact, high expectations are seen as a hindrance to achieving one's goals. This is only the case if you don't have a scaffolding framework in mind to achieve your expectations.

Use your mind as the machine it is to serve your best interests. If you believe that you deserve it, you can achieve it. Don't let mental roadblocks inhibit you from attaining your goals of retiring with accumulated wealth.

Get really excited about the retirement you want to live and expect to move closer to it each and every day. 

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They dream big with a realistic foundation

Be an optimistic pessimist. Be someone with a positive, yet realistic, attitude. Dreaming big can pay off, but you must pave a path to reach the dream. Use your brain power and critical thinking skills to craft the vision for your goals to reach.

To retire rich, be sure to keep your chin up and your eyes open. Have faith in those who educate and advise you, but be sure to check the silverware before they leave.

When it comes to retirement, most people take a minimalist approach. They envision their twilight years as being low income, reduced expenses and a frugal lifestyle.

But what if it didn't have to be this way? What if you could reimagine your retirement as a time of abundance, luxury and even excess? After all, some people do retire rich, albeit a small percentage of the population.

The point is that it's possible. A proper saving and investment strategy is the key to retirement. Before that, however, you need to have the right mindset about money, life, success and retirement. For the people who do, the sooner they are able to retire and enjoy more of life. 

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