It was quite a week at the Kennon household.
First, the orchid show. It went beautifully. Fifty-one people showed up, and I was satisfied with the number of oohs and aahs my collection received. Sadly, amid the admiration, several sharp-eyed visitors spotted trouble: half a dozen orchids were showing signs of "black rot," a fast-moving disease that’s as ugly as it sounds. Fortunately, I think I managed to save them.
The excitement didn’t stop there.
My wife took the dogs out the morning after the show, and they started barking like crazy at something under the car. She leaned down to check, and there it was: a tiny, terrified kitten, crouched in the shadows. We coaxed her out with food, which she devoured like she hadn’t eaten in days. We called Cat Depot to see if they could take her, left a message, and waited.
An hour later, they called us back. But by then, it was too late. Our daughter had already fallen in love, wrapped her in a towel, and declared her part of the family. That’s how we ended up with four cats.
I’ll be honest—I wasn’t thrilled. We already have too many animals, and I was hoping to move toward fewer pets, not more. But within three days, I was smitten. This kitten is incredibly social and funny. She, or rather, probably he, won me over fast.
The vet said it’s hard to tell the gender for sure at just six weeks old. But whether she’s a she or he’s a he, one thing is certain: this kitten has personality.
Also, something else, terrible diarrhea. The first two days were rough. The smell was so bad that even the kids wouldn’t touch him/her. So, for now, the kitten’s unofficial name is "Stinky." I’m not sure that one will fly with my wife, but we’ll see.
This week, let me give you a little peek behind the curtain.
Let’s take a look at what really happens in my office, behind closed doors, when I sit down with folks much like you. Most people don’t get much perspective on how others are doing financially, mostly because, well, no one talks about money. It’s still a bit taboo, like politics at Thanksgiving or the price of a neighbor’s facelift.
But I see it all. Financial lives laid bare, week after week. After 20 years and thousands of meetings, here are some lessons I’ve picked up along the way.
1. Everybody thinks everyone else has a bunch of money.
They don’t. Through my Social Security classes, I’ve met people from every walk of life. Of those, the top 3% have over $1,000,000, the top 20% or so have saved at least $500,000, and the top 40% possess $200,000 or more. Over half have modest savings.
The idea that you're surrounded by millionaires? Not even in Sarasota.
2. Retirement worries are nearly universal. I’d guess 80–90% of the people I meet are anxious about running out of money. In fact, studies show retirees fear that more than death. That tells you something.
3. Men and women retire differently. Women tend to adjust well, building social lives and finding purpose. Men? Often, not so much. Many struggle with the loss of identity, especially white-collar guys. Blue-collar folks usually have an easier time stepping away. Retirement looks pretty good after decades of putting up drywall.
4. The Spouse Effect is real. You’ve begged your spouse for years to eat better. Nothing changes. A doctor tells them the same thing, and suddenly it’s kale smoothies and quinoa. Same with money. I’ve seen spouses gape in disbelief as their partner, a lifelong spender, nods solemnly and agrees to start saving.
5. Relationships matter more than returns. I can help you feel financially secure. But without community, friends, family, and connection, retirement feels hollow. People with close relationships live longer and happier lives. That’s a fact.
6. Money matters less as you age. Not right away, but eventually. You realize that most of what you buy is unnecessary. You are content with less stuff.
7. Best Vacation Destinations. Recently, I've heard good things about Iceland, Greece, Alaska, and Italy. A lot of you jump in the car and tour the good ol' U.S. of A. There's a lot to enjoy within our own borders. I've also found that by your mid-70s, travel interest often drops off a cliff. Go while you’re able and wanting.
8. If you're confused about investing, you're in good company. I hear this from the vast majority of you: "I’m embarrassed I don’t understand this stuff."
9. People age at wildly different rates. I see 75-year-olds who seem 90. And I see spry 90-year-olds who still walk the beach. What’s the secret? A tan, slender 85-year-old client said it best: "Just keep moving."
10. Everyone guesses their lifespan based on their parents. It’s the go-to response. Genetics matter, sure. But lifestyle matters too: especially movement, purpose, and connection.
11. The media is full of noise.
99% of people fall for the financial news circus. Nobody—nobody—knows when the next recession will hit. If you’re watching more than 0% market news, it’s probably too much.
12. Most folks don't know what the stock market actually returns. Ask around: "What’s the market returned on average over the last 20, 50, or 100 years?" Blank stares. The answer? About 10%. Not every year, but over time. It's amazing to me how many people put their life savings in something and have no understanding of what they can expect.
13. Day trading is a fool’s errand. Still, the dream lives on. It shouldn’t.
14. Retiring at 62 isn’t always smart. Yes, it’s when Social Security starts. No, that doesn’t mean you should. Many regret starting too early.
15. Rental property sounds romantic. The majority of people who buy one regret it. (Yes, the last couple of years were an exception.)
16. Credit unions quietly outperform big banks. Better rates. Lower fees. Fewer gimmicks.
17. Generosity breeds happiness. My happiest clients are generous with money, time, or attention. It’s a pattern I can’t ignore.
18. Elder care is a growing concern. Many of my clients are caring for parents in their 90s. It’s a demanding season, emotionally and financially.
19. Life doesn’t change much past a million. Clients with $1 million and $2 million portfolios? Their lifestyles are shockingly similar.
20. Clear estate plans prevent family feuds. Your kids love each other until money enters the chat. Write it down. Have a family meeting. Be specific.
21. People who work part-time in retirement often thrive. It’s not always about the money. A little purpose and a reason to get dressed go a long way.
That’s the inside scoop from a guy who’s been around the block (and the balance sheet). If you see yourself in one or two of these observations, know this: You're not alone.
Be Blessed,
Dave