If there is a formula for the kind of success most people want, even if they don’t know what that looks like yet, it might be something like this:
Strong personal mission
System for execution
Personal and career satisfaction
Have a look around.
You’ll find there’s almost nothing more powerful than someone with a deeply held motivation to do their work plus high level of skill plus a blueprint or system for executing every day.
The Tour of Sufferlandria posted the prize winners for 2018.
And there I am. On the winner’s list!
This does not mean that I won the tour only that I won a prize for being part of the tour. My prize is a BMC Team USA long sleeve cycling skin suit similar to the one in the above picture. The kit is made by Assos, a premier manufacturer of cycling clothing based out of Switzerland.
I am still suffering from the tour. It made such an impact on my immune system that I am down for the count with a nasty virus. Day 5 and little relief in sight. I am flying to Las Vegas on Sunday and hoping that I am on the mend by then.
The Gibson Les Paul. An iconic guitar from an iconic brand. I still have my Les Paul from 1976, over four decades now.
Whereas Fender has been able to keep its head above water, Gibson will likely fail over the next few months.
Moody’s Investors Service downgraded Gibson Brands, Inc.’s (“Gibson”) Corporate Family Rating to Caa3 from Caa2, its Probability of Default Rating to Caa3-PD from Caa2-PD, and senior secured notes to Ca from Caa3. The rating action is due to Moody’s concern with Gibson’s weak operating performance, liquidity pressure from approaching maturities, and the view that the company’s capital structure is unsustainable. The rating outlook is negative.
“We feel that Gibson’s capital structure is unsustainable due to the uncertainty over its ability to refinance debt that comes due in July 2018 and August 2018 given its very high leverage and weak operating performance,” said Kevin Cassidy, Senior Credit Officer at Moody’s Investors Service.
Kevin Cassidy, a senior credit officer at Moody’s Investors Service, says Juszkiewicz essentially has just three options: He and his team could negotiate an exchange of their debt coming due for new notes, which may not be feasible at a reasonable price. He also could be persuaded — or forced — to give up some of his equity in exchange for the debt payments. Or he may end up taking one of the most globally recognized brands that calls Nashville home to bankruptcy court.
“This year is critical and they are running out of time — rapidly,” said Cassidy, who last summer downgraded Gibson’s debt rating. “And if this ends in bankruptcy, he will give up the entire company.”
Whatever Gibson was many years ago, it is not the same company today.
The iconic guitar company Gibson faces seemingly endless troubles, which include an easily enraged micromanaging CEO and a product line perceived as shoddy and overpriced. Based on what we’ve heard lately, it is not a great employer or maker of guitars.
Other than being a financial basket case and making shoddy guitars with a nasty CEO and disengaged employees, everything else is going well at Gibson.
5 months and 5 days.
According to my countdown app.
Not that I pay much attention to the countdown, other than to remind myself that I do not have much time left at work to finish a number of objectives.
I have been planning for this day for many years. The date itself is a bit later than expected. I thought I would retire in my late fifties. I will be sixty-one when I make the transition into retirement.
When I say planning for retirement, I really mean financial planning. Although Lorraine and I have a good sense of how we hope to spend our time in retirement and, as with all new experiences, we are not necessarily sure what to expect, most of our planning time has been spent in looking at the financial side.
As the date is quickly approaching, I am a touch uneasy. There are a number of challenges that many seem to encounter when they make the transition into retirement: loss of identity, loss of structure, and a heightened sense of mortality.
Over the past several months, I keep encountering “endings” in my life, a stark reminder that my time on this earth is closing. I’ve allowed myself some negative thoughts. I wonder what I might lose next.
All due, I suspect, to being in-between the world of working and the world of retirement.
I’ll make it to the other side and, when I do, I’ll give myself some time. To relax, to get myself reoriented to a new way of living. I’ll craft a new identity, create new routines, build new friendships and relationships, and find a new path to travel.
That is the question CIBC asked in a poll of 1,523 randomly selected Canadian adults who were Angus Reid Forum panelists. The results were statistically weighted by education, age, gender and region Census data to ensure a sample representative of the entire adult population of Canada.
But basically, no. The vast majority of Canadians are not saving enough.
On February 8, CIBC released the results of a poll that found the vast majority of Canadians do not have a retirement plan. 19 per cent of those polled have less than $50,000 saved. 30 per cent of those polled had no savings at all. Zip. Nada. Zero.
Those nearing retirement do not seem to be doing that much better. 32 per cent of those nearing retirement had nothing saved. Of those that have something saved for retirement, 49 per cent have saved less than $250,000. The average is $345,000.
Canadians seem to think that $750,000 or so is the target amount that would need to be achieved prior to retirement.
Only 2% have saved that amount. And only 3% have saved more than $750,000.
Although every situation is unique, a household with $750,000 would typically expect to withdraw $30,000 in the first year with subsequent annual withdrawals adjusted for inflation. Maybe. That is part of what makes the retirement puzzle challenging. Lots of factors to take into account when drawing down retirement savings.
With typical CPP and OAS of about $30,000, a household with $750,000 in retirement savings would be living off roughly $60,000 of retirement income per year. Median household income in Canada was $70,336 in 2015.
However, if the average retirement savings is closer to $450,000 at retirement, that same household would only be able to safely withdraw $18,000 per year and, with CPP and OAS for the household, retirement income would be about $48,000.
When Sun Life did a retirement survey earlier this year, it found that seniors were doing fine on roughly 62 per cent of pre-retirement household income. Given $70,000 of household income, a retirement income target of $43,400 is within reach of a typical Canadian household if, and only if, there are retirement savings. And no debt.
90 per cent without any kind of detailed retirement plan? 32 per cent between 45 and 64 with no retirement savings at all?
Given the latest numbers on Canadian household debt, there will be a reckoning ahead.
All through the day Sunday I felt the fatigue. Major fatigue.
I really was not looking forward to this particular test of endurance. But there it was: stage 9. Everything and the Kitchen Sink.
I dialed the intensity to 80%. Which turned out to be a wise decision. By the time I got through the second hour, I wasn’t sure that I could ride this stage out to the finish.
And the intervals in the last segment, the toughest part of the Downward Spiral, was simply cruel and unusual punishment.
Every minute seemed like an eternity.
But I wasn’t going to quit. And I did not.
I crossed the victory line. Battered and broken. Which I guess was the point of this tour.
I’ll recover. A few days off the bike now. Basking in the glow that comes from taking on a particularly challenging target and seeing it done.
And the last two stages of the tour began with Butter + Thin Air. A two-hour effort where I started at 95% and dialed the intensity back to 85%.
I came off the bike uncertain as to how I would finish the final, brutal three-hour stage that followed on the Sunday.
Suffer, suffer, suffer.