The café was overflowing with western wear (hey, I even dragged out my boots and cowboy hat) as I was meeting with two new clients.
Like many doctors, David and Priya had traded in their white coats for white hats over Stampede. With a week of no calls or ER trauma, they dove in and reviewed their multiple investment accounts, and had binders full of spreadsheets with retirement projections from three different advisors.
And so —we spread it across the table.
But even with all this paperwork, they still weren’t sure if they were ready to retire.
“Adrian, we’ve got the numbers,” David said. “But we still feel…unsettled.”
Priya added, “All of the people we’ve met with say the same thing. But we’re worried we’re missing something, and we don’t want to realize later we made a mistake in retiring too early.”
I get it —because I hear this comment all the time.
Are You Feeling Unsettled?
That word – unsettled – comes up more often than you’d think.
It’s what happens when the math says yes, but your heart still hesitates. And I’ve come to realize it’s almost always because of one thing:
You’re not connected to the purpose your money is meant to serve.
We’re trained to think retirement is a finish line. A goal. A number on a screen.
But that’s not how your life works. And it’s definitely not how your money works once you stop working.
Retirement is not a goal.
It’s a season of life.
And like every other season, it needs purpose to feel meaningful.
So, I asked Priya and David my favorite question for doctors nearing retirement, (trust me — I never start with “what’s your number?”)
And it’s always fun to hear their responses!
What are the five things your money needs to help you do or become in this next chapter?
Many times, I’ll get answers like having $15,000 per month to spend, or they want to travel to visit their adult children more often, or go on a cruise.
But those are goals, not a purpose.
What’s the difference between a goal and a purpose?
A goal is your what – the specific outcome you’re aiming to achieve.
A purpose is your why – the deeper reason behind what you’re doing.
Some purposes may look something like:
- Not running out of money.
- Not living on a budget that limits your lifestyle.
- Being available to help the people who matter to you.
- Or even just sleeping at night, knowing your plan bends but doesn’t break.
Your specific goals (travel, visiting children, etc) are just expressions of those deeper purposes.
And just like in medicine, each purpose needs the right treatment.
That’s why I created the 5 Bucket Formula. I show my clients how to use portions of their savings to achieve different purposes, with unusual solutions.
But Priya and David didn’t have buckets. They only had the typical projections.
So we dug right into that.
Some of your assets exist to provide stability and income.
Others, to give you flexibility and freedom.
Some are structured to protect your loved ones.
And others help you make a difference in ways that go beyond your lifetime.
That’s why I created the 5 Bucket Formula.
I show my clients how to use portions of their savings
to achieve different purposes,
with unusual solutions.
Because when your retirement plan reflects your purposes, not just your projections, you stop worrying if you’ve saved enough, and start living the life you worked so hard to build.
David and Priya didn’t need another spreadsheet.
They needed a reason to feel confident stepping forward.
And once we connected their savings to their deeper purposes?
We created a plan they were thrilled with.
They walked out of the cafe lighter than they walked in.
I loved seeing their big grins under the cowboy hats!
You don’t need a bigger number.
You need a clearer why.
Enjoyed this article? I’d love to hear from you! I’m always interested in hearing about the unique financial situations doctors have. Send me a note! And make sure to check out my Amazon bestseller, The Doctor’s Handbook: 5 principles of wealth you weren’t taught in med school.
