In January, I started a Retirement Mastermind group in the mountain town I call home.
Today, I’m sharing the story of how the group came to be and, more importantly, what I’ve learned in the process. I’ve included an overview of our first four meetings, how we’ve organized the mastermind group, and what we’ve talked about.
Consider this your exclusive insight into our secret club. Wink.
The experience has been better than I imagined. I came across the following definition of a mastermind group in this article, and it resonates with me:
“The coordination of knowledge and effort of two or more people, who work toward a definite purpose, in the spirit of harmony.”
If you’re curious about the mastermind concept, but not sure if it’s for you, today’s post is a must-read.
I started a Retirement Mastermind group in my town a few months ago, and today I'm sharing what I've learned. Share on X
What I’ve Learned From My Retirement Mastermind Group
In full transparency, it wasn’t my idea.
Though he refuses to accept the credit, it all happened because of Greg.
Late last year, Greg approached me and asked if I’d ever considered getting a group of guys together to talk about retirement. He’s justifiably proud of the fact that he reached retirement without ever opening a 401k (he’s a “real estate guy”), and felt there’d be value in a group of us getting together to talk about retirement.
Greg’s a genius.
He’s just one of 7 really smart guys that now comprise our Retirement Mastermind Group. We launched the group in January and have been meeting once a month ever since. I suspect we’ll be meeting together for years. Each of the meetings has been unique, and that’s all part of the plan.
But I’m getting ahead of myself.
Let’s start at the beginning.
The First Meeting of The Mastermind Group
Greg and I shared the idea with a few friends we thought would make good members of the group, and they agreed we should proceed. We launched the first meeting in January – a brainstorming session to establish some ground rules and figure out how we were going to run the mastermind group.
After the meeting, I sent out the following email with a summary of our decisions:
- Rotating leadership of monthly meetings.
- Monthly lead to pick venue, coordinate meeting communication and send out a relevant retirement article a week before the meeting so we can all review for discussion.
- Each month we’ll do a “deep dive” on a member’s profile/current situation – the monthly leader will be the feature each month. Each of us will provide feedback and consultation on any situations the focus member would like to discuss. Secondly, we’ll plan on discussing the article that the leader has sent in advance.
- Enthusiasm for the group, we should schedule a few social outings and/or trips in addition to meetings.
- We should consider ways we can use the group to “give back” to the Blue Ridge community.
- Potential group dinner with spouses in the future.
- “What’s your motto?” A potential topic for future meeting, driven by Erick’s motto: “We live our life for firsts.”
- Travel hotspots (“best vacation ever”) – potential discussion for future meeting.
- Potential guest speakers – Mark may attempt this as a trial for his March meeting).
(Note: To avoid being in conflict with Rule #1, I did share a draft of this post with the Mastermind Group and got their permission to publish the article. Thanks, guys!)
The Evolution of The Mastermind Group
As agreed, a different member of the mastermind group has led each month, and it’s working well. Each member has a different personality and different areas of focus. By rotating the lead, the topics stay fresh and the atmosphere varied. Below is a quick summary of the past three meetings:
February: Erick ran the February meeting, bringing a list of topics he thought would be of interest to the group. It evolved into an informal, broad-reaching discussion on a wide variety of retirement topics, many of which I’ve written about in the past. How much cash should you hold? When should you claim social security? How do you find Purpose? It was wide in scope and a great ice-breaker to get the members all sharing their ideas. It closed with Erick sharing the motto he’s currently using, “We live our life for firsts,” which captures his goal of experiencing as many new things as possible during his retirement.
March: Mark ran the March meeting, and it was driven by his recent reading of the book Blue Zones, which focuses on areas in the world with exceptionally long lifespans. We focused on the importance of fitness and diet, with each of us sharing things we are doing in those areas.
April: David joined us for his first Mastermind meeting in April, bringing our group up to 7 members. Greg led the session and took a unique approach. He started it with a music video, challenging us to catch 8 words at the end of the song that he thought sent a strong message for retirement. Those words?
“All that you’ve loved, is all you own.” Matthew Perryman Jones (here’s the YouTube video he shared)
His point was that the things that really matter are the ones you love. Material possessions don’t lead to true joy and happiness, but rather the ones you love. He also shared the story of his journey as a real estate investor, made memorable by sharing his Dad’s advice to not purchase a tract of raw land with his comment, “Son, you don’t buy no cow that don’t give milk.” Greg bought the 16-acre riverfront cow anyway, and he’s built it into a cabin rental and event-hosting business that he still enjoys managing today (check it out at Toccoa House Properties. Also, a quick “thank you” to Greg for donating the use of his chapel for our FFF Volunteer Appreciation event this weekend!).
Greg’s a musician and a non-traditional thinker. He’s a great asset to the mastermind group and is just one example of why the mastermind format works so well.
5 Things I’ve Learned From The Mastermind Group
My experience with a Mastermind Group these past four months has been better than I expected, and I’ve been thinking about what it is that makes our group so fulfilling. Below are 5 key learnings I’ve taken away from the experience thus far:
1) Life Is Better With Others
Having a group of like-minded individuals who meet on a regular basis to discuss their journeys is good for the soul. As I was writing this post, Accidental Fire posted an article that resonated with me. In Find Your Tribe he was writing about a new running group he’s joined, but the following sentence struck a chord with me:
“Human bonding in this way is powerful, we are social creatures…”
That sentence encapsulates one of the key reasons Mastermind Groups work. We are, indeed, social creatures. Our journey is more enjoyable when we have others to share it with. Relationships are valuable, and having a Mastermind Group provides an environment where relationships and mutual support flourish. Focus on building relationships.
Find your tribe.
2) We All Add Value In Creating The “Master” Mind
Together, as stated by Napolean Hill, our minds come together into the “master” mind:
“No two minds ever come together without thereby creating a third, invisible intangible force, which may be likened to a third mind [the master mind].”
One of the best decisions we made when forming the mastermind group was having a different member of the group lead each month’s session. It reduces the workload for all of us and provides each member a chance to take the group into an area that they’re interested in. It’s been fascinating to observe how “different” each of the monthly meetings feels. The different approaches taken by the leader. The different areas of focus.
And yet, with each passing month, it’s becoming clear that each member is recognizing that we all bring value to the group. We’re stronger together than we are as individuals. We’ve all lived pasts with different experiences, different memories, and different journeys. Blending those experiences together with a focus on topics related to retirement brings value. It does, indeed, create the “Master” mind cited by Napolean Hill.
We all benefit as a result.
3) Wise Counsel Is Priceless
We’ve had some fascinating discussions on various topics related to retirement. Something as simple as “how much cash should I hold?” evolves into a more beneficial discussion than you could ever have with Google. We all have our different perspectives, and sharing our thoughts and strategies together results in counsel that’s worth its weight in gold.
In addition, it’s a lot of fun.
There’s value in having a forum to discuss your thoughts on retirement. There’s more value in having a group that respects each other enough to listen respectfully to different points of view. Combined, the resulting counsel is priceless.
4) We All Have Something To Learn
It would be easy to assume that I dominate these sessions, given my years of experience on the topic. The reality, however, is quite the opposite. We are simply a group of guys going through retirement together, and we all have something to learn from the others in the group. There’s a refreshing amount of humility and openness in our meetings, and we all view each other as equals.
Sometimes we challenge each other, and we all grow stronger as a result. If you’ve taken a position that gets challenged, it’s beneficial to have to defend that position. It helps to clarify your thoughts and probe into the potential blind spots that we all have. If you’ve challenged someone, it’s helpful to hear their arguments for their position.
We all learn in the process.
5) It’s Helpful To Talk About Taboo Topics
Our society, in general, isn’t transparent about the realities of retirement. There’s far too little discussion on the challenges, both financial and non-financial. Having a group of trusted peers who can openly share their experiences and compare them to others is refreshing and helpful.
While we’re only four months into the Mastermind experience, it’s amazing how open our discussions have become. In our last meeting, we delved into our memories from childhood and the influences our parents had on our perspectives toward money and retirement. Taboo topics, indeed.
It build relationships when you can share things within a group that aren’t typically talked about. You learn more about each other, and you learn more about yourself.
Find a place to talk about taboo topics.
Your life will be better as a result.
AI’s Perspective of The Benefits of a Mastermind Group
It seems like it’s becoming the rage, so I decided to take the plunge into AI to see what ChatGPT thought about Mastermind groups. I typed in “write 500 words on the benefits of a Mastermind Group,” and here’s what “it” wrote:
A mastermind group offers numerous benefits that can significantly impact personal and professional growth. Here are the five biggest advantages of being a part of a mastermind group:
- Collective Wisdom: A mastermind group brings together individuals from diverse backgrounds, experiences, and expertise. By tapping into this collective wisdom, members can gain valuable insights and perspectives that they might not have considered on their own. The group acts as a brainstorming hub, fostering creativity and innovation.
- Mutual Support and Accountability: Mastermind groups provide a supportive and non-judgmental environment where members can openly discuss challenges, share successes, and seek advice. This support system ensures accountability as members hold each other responsible for setting and achieving their goals. The encouragement and constructive feedback received from fellow members are invaluable for personal and professional development.
- Networking Opportunities: Mastermind groups often comprise professionals from various industries and sectors. This diverse network opens doors to new connections, collaborations, and potential partnerships. By leveraging the collective network of the group, members can expand their reach, access new opportunities, and strengthen their professional relationships.
- Skill Development and Learning: Mastermind groups serve as platforms for continuous learning and skill development. Members can share their expertise, offer mentorship, and provide resources that aid in acquiring new knowledge and honing existing skills. The group can organize workshops, guest speaker sessions, or book discussions to facilitate learning and growth
- Increased Confidence and Motivation: Being part of a mastermind group boosts confidence levels as members gain validation and support for their ideas and aspirations. The group acts as a source of motivation and inspiration, driving members to push their limits and achieve their goals. The collective energy and enthusiasm of the group fuel personal drive and commitment.
In summary, the five biggest benefits of a mastermind group include access to collective wisdom, mutual support and accountability, networking opportunities, skill development and learning, and increased confidence and motivation. Joining a mastermind group can be a transformative experience that propels individuals towards greater success and fulfillment in their personal and professional lives.
I’m not sure what I think of AI, it’s a huge topic that’s beyond the scope of today’s post. Regardless, it’s a force to be reckoned with and it will be shaping our world for years to come. I suspect the role of the humble retired blogger could be at stake, but I decided to embrace “the enemy” for today’s post, for the benefit of all. For the record, it’s an excellent response, and consistent with my experience in our Retirement Mastermind group.
In particular, I love the final sentence, which I’ve highlighted above for emphasis.
Conclusion
I thank Greg for suggesting we form a local Mastermind Group. I’ve gained from the experience, and I suspect we’ll all benefit for years to come. If you have a few friends who like to talk about this stuff, consider starting one yourself.
Be a Greg.
If you don’t know how to get started, simply ask ChatGPT. That robot seems to know everything. Sigh.
Perhaps it is inevitable, and robots will one day take over the world. Regardless of what happens, I know I’ll have a group of men I meet with every month to talk about it.
A group of men who are all climbing the mountain together.
Together, we’re improving our odds of reaching the top.
Your Turn: Have you ever been a part of a Mastermind Group? Would you ever consider starting one in your town? Let’s chat…
Would certainly consider it and like to be part of one
Yes, this struck a cord with me, much better than an investment group. Woulh this work in a Small, tourist town that is also second home to many senior? Ideas?
Are members 100% open about “what they have” (retirement nest egg)?
If so, how does the inevitable “comparison is the death of joy” feeling not creep into the group dynamics and a impact individuals who may be in a less advantageous position compared to other members?
Mark, we haven’t felt the need to disclose exact personal details. The themes we’ve discussed and the things we’re thinking about are things that bond us. We’ll see where things evolve in time, but the group dynamics have been very postitive.
Wendy, I live in a small tourist town that is also a second home to many seniors, so….yes!
What a great idea!! Is part of your monthly agenda to come up with a thought provoking question ( ex: how you learned about money as a child that continues to influence you today)? Do you send out that question in advance?
We’re pretty low key, Spoma. Whatever the monthly leader chooses to do is what we do. Having more flexibility seems to keep things interesting.
Good question. Pardon me Fritz.. but Spoma is that you from Sproul Hall and UCLA from the 1970’s? I hope you are doing well!
Is there jealousy/resentment when you deep dive into a member’s finances? I would think paying an advisor is less revealing than to friends. Just throwing it out there….
We really haven’t felt the need to reveal exact details about each person’s financial situation. The general themes and areas of concern/interest have built bonds between us rather than resentment.
Great idea to write about it Fritz. Greg is clearly a thoughtful man worth listening to. This reminds me so much of the dynamics of my church “small group” which has similar goals as we follow Christ together. It is very rewarding sharing in a confidential setting where there is mutual respect for ideas and you can wrestle with ideas and concepts that otherwise go unexplored. The only thing I see missing is the benefit of having tiers of experience (read age) so that the younger could be mentored and the older could pass on their wisdom, but you remedy this by writing about it for us all and taking our comments. Thank you for sharing this article. Had never considered this for retired guys, but now I definitely will.
Geesh, you really had to say that about Greg? I hope he doesn’t read your comment….wink. My wife and I are also in a small group at our church, and I agree there are similar dynamics. As for “missing” the younger, we do have a few members who are still working and have a few years to go until retirement, so there is some element of mentoring that happens, but I agree with you that reaching out to younger generations is a good thought.
In Texas we would call that a group of budddies getting together for a beer and sharing thoughts vs a group of geniuses and masterminds, but to each his own.
Yeah, bet you Texans never figured us Appalachian mountain folk to be so high f’lutin’, right? Up here in the hills, we prefer the ‘shine, just like pappy taught us to cook it. Got the still hidden in the back holler, ‘cuz, ya know, the law and all…
“Sometimes we challenge each other, and we all grow stronger as a result. If you’ve taken a position that gets challenged, it’s beneficial to have to defend that position. It helps to clarify your thoughts and probe into the potential blind spots that we all have. If you’ve challenged someone, it’s helpful to hear their arguments for their position.
We all learn in the process.”
It seems as though this helps to replace many of those professional contacts we all had in our working years that helped to provide that feedback and keep each of us aware of those blind spots. Thanks for sharing
Good point about the Mastermind replacing the professional network. I hadn’t really thought about that, but I do agree that’s probably an element that makes the group enjoyable for us all.
Great article!
A friend from church invited me to a new “investment group” get together in 2013. Although he has moved away the group carries on with about 5 of us meeting every month. We are much less structured and eventually get to something related to investments but mostly just connect our lives together. It has been a great blessing – it just takes one guy with initiative to get started.
I hope he didn’t take the investment pot when he moved…. 😉
Thank you for this, Fritz! I recently retired and have many hobbies, but I would love to have a group like this with several like-minded ladies. I am on the younger side, so many of my current friends are still working full time. This would help me tremendously. Great idea, Greg!!
Be a Greg, Lisa! 😉
What a great idea! I look forward to reading your blog! Thank you for sharing this!
Great idea. I’d like to join the group. I like to learn from others and I have something to contribute as well.
Ed
Great idea, Ed. You’d have great wisdom to share. I’ll bring up your name in the next meeting, will let you know!
Wow, great concept. Do you have a meeting time limit. Meet for breakfast/ lunch or no meal? Is this up to the leader to decide?
Thanks Fritz!
We’re flexible, the monthly leader runs with the time/place/duration. We had lunch at the first meeting, have talked about hitting a micro-brew after a future meeting. 100% flexible.
No, I’ve not been a member of a mastermind group. But I’ve been a member of a 12-Step fellowship for 30+ years, and experienced the same emotions, support, and satisfaction. Good luck to you!
Fantastic article!! Thank you so much! Love the idea and have thought of doing something like this for a long time, more focused on investing and financial literacy for women. This article is that reminder to get started! Now that I’m recently retired the focus has shifted but am going to present the idea to a few and see where it might go. Life truly is better with others!! I want my own tribe! 🙂 Thanks a million!
Way to be a Greg, Patricia! Keep me posted, would love to hear how things develop.
Thank you Fritz as always! This is perfect timing. This Saturday we are having a local meeting of fellow RRC’ers in Philly. One of the main reasons I wanted to attend (other than meeting Roger and gang!) this type of event was to meet others that might live in the area and have a desire to for a local RRC MasterMind Group!
I’m jealous that you get to spend some time with Roger. My wife and I did the same a few years ago when he came to Atlanta for an RRC meetup, agree there’s tremendous value in having a small local group. Sounds like it may be time for you to be a Greg and set something up as a follow-up to your RRC meetup!
What an excellent read. It hit home hard. I needed to read this and ponder over it. Thank you!
I’m in Houston & would like to participate in similar group, if available?
Sounds like you need to be a “Greg,” Mark. Make it happen!
Not specifically but I team mentor engineering students with other engineers from my alma mater and we share a lot of what we’ve learned with both the students and the fellow mentors. The nonprofit boards I serve on, a hospital, a college, a foundation and an engineering academy all provide a lot of contact with very successful and often retired people. We frequently talk about how our retired lives are structured. I also go on some trips with a group of retired CEO’s, surgeons, business owners, etc. that are purely social and fun which again let us talk about just about anything. And almost daily I’m in the Millionaire Money Mentors forum posting or commenting. I really think that’s enough for me. But I’m glad you are finding value in it!
I thought you were retired? Geesh, you’re a busy guy! 😉
Thank you Fritz for the details. It is helpful to see the concept of a mastermind group fleshed out. Do you have any suggestions how to find and recruit prospective members that would be like-minded and would gel as a group?
Good question, Bill. We didn’t really have a process, just chatting about guys we thought would be good fits. One thing we did that I think brought value – having each original member nominate someone. That keeps it from just being a group of “Fritz’s Friends,” and mixes up folks who don’t know each other. Worked well for us.
Wonderful that you‘ve chosen a group of people that are similar in some ways (values and ethics?) but different enough to make discussions interesting. “Having a group of like-minded individuals who meet on a regular basis to discuss their journeys is good for the soul” yet enough diversity of thought to keep meetings interesting. The idea of rotating the meeting chair is brilliant.
“The idea of rotating the meeting chair is brilliant.”
Thanks, Sabine. While Greg gets credit for the overall concept, I had the “rotating chair” idea. I hope Greg reads this, especially the “brilliant” part! 😉
Outstanding Fritz! Kudos to you and the merry band from this mastermind group. So much about this next stage of life is sharing with and learning from others. Love the model the group created. This should be contagious!
Denis, thanks for your kind words. I agree on the “contagious” comment, no reason readers all over the world couldn’t implement the same type of Mastermind Group. Tremendous value, and very little work to get it up and running. Spread the word!
Great post Fritz and thanks for the shout out! Sorry bout the late comment, I was out adventuring 🙂 Sounds like your group is paying big dividends and why wouldn’t it – likeminded folks always get on well and learn from each other. And I’m a Matthew Perryman Jones fan, that guy is great, thanks for the link to that live performance.
As for AI, ugh….. the AI art stuff is getting crazy good and creating lots of stress for designers like me. The world is about to get crazy…
“About to?”….
Glad to hear you were out adventuring, so much more enjoyable than pecking at a keyboard (something I’m finding myself doing less and less of, thankfully – had a great MTB ride yesterday after I published my post…)
This is such a great idea. Far too often, us gentlemen get together and do stuff together but rarely spend the time to pause and have a real conversation. It does sometimes feel as if many men are too busy to stop and really talk but that may be because they are waiting for someone else to make the first move?
Warren, good comment about “waiting for someone else to make the first move.” I think men really do appreciate the relationships, but we’re not very good at fostering them. I hope many readers decided to “Be A Greg” and give the Mastermind concept a try in their local communities.
So this is Greg and I am no genius, despite Fritz’s assertions. I’m the grandson of an Idaho sheep rancher who died early of a tick bite (Rocky Mountain Spotted Fever) causing the family to sell the ranch and move to Logan, Utah. After the Army, my dad was a clothing salesman who had a heart attack at 58, and while in the hospital was told ‘Paul, by the way, you also have Hodgkins Lymphoma.’ He lived another 33 years embracing every day with gratitude just to be alive. I did not listen to his investment advice (after the heart attack he scraped his nickels together and invested in the stock market which helped my brother and I get college degrees and afforded my parents a simple and comfortable retirement. I’m a natural risk taker (which is not for everybody I must admit). I made up for any bad decisions with dirty hands and moonlight hours. The goal is to love it, whatever that ‘it’ is, but don’t ‘spend the principal’ as daddy said. I used to work just half-time, i.e. at least 12 hours, six days a week. Every day these days is a blast, managing assets, along with helping kids and dogs. And ‘sometimes I jus’ sits and and thinks, but sometimes I jus’ sits.
Sometimes you jus’ sit? Who knew!?
Thanks for jumping in with a comment, Greg. You’re the hero of the hour, none of this would have happened without you making that comment to me. I appreciate your friendship. Looking forward to tomorrow night at your amazing venue!
Hey Dave @ Accidental FIRE,
I was so privileged to have Matthew Perryman Jones stay on our property (toccoahouse.com) and teach a song-writing retreat for four days. The last night of the retreat he played that Tom Waits song in our chapel, and it hit me right between the eyes. I was up in a few days as the lead for our mastermind group, and pretty much knew I’d go against the grain, but when I heard “All that you’ve loved is all you own” I’d found the theme of my presentation. The other theme was integrity, sharing the parable of ‘The Master Carpenter and The Builder’. Thank you Fritz for sharing!!
I can’t believe he hit you right between the eyes. What kind of a place are you running over there? 😉
Very cool that you host the song writing retreat. Your venue is the perfect place for it (as well as any other small, intimate group retreats – perhaps even a Retirement Manifesto Meetup in the years to come?). I can only imagine the number of folks that will be impacted by your chapel in the years to come. Hopefully this post helps get the word out about your amazing venue. Thanks again for making it all happen.
I love this idea and have long pondered starting my own local group. The only change I’ve considered is making it Co-Ed so that the women in our lives can become educated too. Personal finance is a team sport for couples and I’m always concerned with my wife’s lack of knowledge and experience on the topic. Thanks for bringing this topic forward, Fritz!
Thanks for mentioning the couples focus, for those who are married; I was thinking the same thing. And thank you again Fritz for being open, curious, engaging & communicative! We appreciate it.
I LOVE this concept! Kinda like a book club but more “useful” (?) Anyhow, I think in the age of internet, social media, etc. that having a platform to relate in person in a deeper way, connect, share meaningful things is very welcome. Reading through some of the comments did bring to mind the movie “Friends with Money” 🙁 You are fortunate to have found a group to share with. In my neck of the woods, at this point in time, I count success as a group of neighbors getting together, sharing drink, food and laughter, and dodging the rest of our differences. It just feels like you’ve experienced a special kismet of finding/gathering your mastermind group… jealous
One major benefit I see from this particular group is that you are all retired. Most retirement seminars are led by people not yet retired. Once retired, your world changes and focusses on different areas of your life, some new to you. Talking with other retirees is very helpful, first in making the transition and then in your comfort level with the new stage of your life. Thanks for the ideas.
Nice post and as usual… thought provoking. Two things I didnt/don’t like. One, the name of mastermind. Maybe I’m being too literal but that just sounds a touch too arrogant.
And second, I was liking this post right up to the AI part. Why was that necessary? To justify the existence?
You had made incredibly valid points for this group up to that point… you didn’t need further validation from a mindless robot thing.
Something is not quite right about the group…
Oh, it is missing the girls!
I have tried to start one with friends online during covid. Of course it fell apart and everyone seems to be busy with work and family. I like helping young men get started in investing and small business. I guess I can start one again with friends that are retired and try to reach a younger crowd at the same time. Thank you for the push to do so.
Dave
I am not yet retired but there is definitely value in having a Mastermind Group to walk life with.
I really like the insights shared in this article.
Thank you