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Tue, 22, August, 2023

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Ian Bond is a private banking senior executive with over three decades of experience in wealth and asset management with Goldman Sachs, Credit Suisse, and Citigroup. He has built major businesses on four continents.
Despite his professional responsibility for assets over $100B and revenues over $1B, after the 2008 crash Ian was personally going broke. Within five years he destroyed his debt, became an expat in 2014, and built multiple streams of income to fund his imminent retirement. Ian is also the founder of MyRetirementRehab.me created to help other executives and professionals rehabilitate their finances and make a prosperous, enduring retirement a reality.
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The No Nest Egg Retirement Plan

Last Thursday I had a very bad day.

My boss called me into his office after a meeting. I prattled on about some stuff and he stopped me cold:

“I need to speak to you.”

I run a large business. Lots of issues. I’m networked into the very top of the firm. I get asked to weigh in on a lot of issues.

This was not one of those times. This was about me. I knew it immediately.

My heartbeat quickened and my breath got short. I was going to be on the defensive.

This was not going to be easy. I was at the firm for less than a year. I was in a new country, dealing with a new culture. My boss liked me but we didn’t have enough history. He had to take “this” seriously, and he was.

The short story is that a letter had arrived with some nasty allegations concerning me. Now I had to relate my past dealings with the client of the law firm writing the letter.

When you’re in your 50’s losing your job is serious.

I tried to remain calm and make sense. He questioned and I answered. Some stuff he understood right away. Some things were not intuitive to him culturally. He’s not from the U.S. and the legal system is unfamiliar.

My best line was:
“5% of the world’s population is American, but 95% of the lawsuits come from there”.

That he got. I think that’s where he became sympathetic. He relaxed and started to listen differently.

We started conversing and ended the Q&A.

Then he started advising me and I knew I’d be fine short term. I relaxed a bit. The problem was not going away but I could mount a response. I had time.

Friday and Saturday are the weekend where I live. I had until Sunday to speak to my lawyer and circle back. But first had I had to lead a large Steering Committee meeting for my project.

The letter had been addressed to our CEO, CFO, COO, and General Counsel. Two of them would be in this meeting.

I went back to my office and took some deep breaths. I thought about what would happen if I got fired. Where would I get another job like this at my age? Who’s hiring executives in this economy?

I Didn’t Panic Because I Have a ‘Plan B’

I reviewed my worst case scenario. It wasn’t so bad!

I had spent the prior 2 years rehearsing for this moment. The moment when it ends. The moment when I make the break to self-reliance.

In all honesty I wasn’t prepared yet. I sure didn’t want it to happen now.

I want to go on my own terms and not be forced out. I’ve built a great reputation. Explanations are messy to make when it ends abruptly.

So, my weekend didn’t suck. Things like this used to paralyze me only two years ago. But this weekend I had a great time with my kids. I had a friend in town and we had fun.

My wife was a bit destabilized. I’m sure she thought about moving again. She’s a creature of habit and a bit less carefree at the outset. But we had already talked about this very thing; when corporate life ends. She was fine.

She knows we have two years of living expenses safely in a foreign bank.

We also have been building other sources of income. We work on this together.

We’ve already picked our top place to move. It’s a place our family loves and it’s cheap. We can regroup here and attack how to finance our life independent of a conventional job. We were there only two weeks ago!

The weekend came and went. On Sunday I went back to work.

I had a lengthy afternoon meeting with 15 people including my boss. I was apprehensive about approaching him. By the end of the day it was time to man up. I went to see him at 4pm.

I had hardly begun my explanation when he interrupted me:
“I get it. These guys want to embarrass you. They’re out of line. Don’t worry”.

It was over almost as quickly as I began. I never panicked because I have prepared for two long years.

I know the feeling of sheer panic.I spent a good amount of time in sheer panic. It’s a deep spiral down. At that time, I couldn’t focus on anything but my miserable job and my failed retirement plans. I was broke, over 50, and a corporate executive/slave. I had no control.

Control of your destiny is freedom. Some time since I was younger I had forgotten this. I bought into the “career plan” sold to me. I surrendered freedom of independence for corporate validation.

Back then I was a mess. I was in poor shape, taking anxiety medicine, and eating a bad diet. My focus was on my work at the exclusion of my health and often times my family.

Three years ago, when I had my first indication my corporate existence was not sustainable, I spent six months emotionally paralyzed. I couldn’t think strategically. I could only put one foot in front of the other every day.

Slowly, I got control of my health and well-being. I developed a plan to attack my ridiculous spending.

I read everything I could find about alternative sources of income and improving my health. I devoured blogs and podcasts about new internet businesses. I have always travelled, so I look at international opportunities.

Slowly, I crafted a plan to get physically better and mentally tougher.

I radically cut my expenses.

I started to diversify my income streams.

I researched how I could live cheaply if I got fired until I can reboot. I settled on living abroad at the fraction of the cost of the U.S.

I changed jobs and moved overseas and lowered my taxes.

I am diversifying from only corporate servitude into other things I love and make money. My retirement will be filled with doing these things.

I had to face the music. I’m over 50 and the economy is not healthy. I don’t have the seven or eight-figure retirement nest egg I dreamed of.

But today I have a plan!

I have my expenses cut to extreme levels that allow me to finally exist in my new job reality.

I can relocate to some place cheap we love to wait out the economic storm should it hit me.

I am building other streams of income I can live off.

I no longer live in fear and every day I gain more control.

It took me three long, tough years to develop this plan — mental and physical health; rational expenses; alternative income streams; and a “Bug Out Plan”.

It can be done!

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