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In this episode of the Happiness in Retirement Podcast, we dive deep into the often misunderstood world of Medicare with our guest, Joe Ritter, founder of Valley Forge Medicare and Insurance You Keep. As we navigate the complexities of retirement planning, we emphasize that healthcare is a crucial piece of the puzzle that goes beyond just investment portfolios. We start by addressing a common concern among those approaching retirement: the misconception that Medicare is mandatory at age 65. Joe clarifies that Medicare is optional for those who are still working or covered under a spouse's plan. He explains that Medicare costs are based on household income from two years prior, which can lead to unexpected expenses if not properly managed. Joe shares insights into the fragmented nature of Medicare today, where many people delay enrollment due to extended working years. We discuss the importance of understanding what Medicare does and does not cover, particularly regarding long-term care, which is often a significant oversight for retirees. Joe highlights that while Medicare provides some coverage, it only offers a limited 100 days of skilled nursing care, and anything beyond that falls under Medicaid, which requires asset spend-down. Throughout the episode, we emphasize the need for early planning. Joe suggests that individuals should start considering their Medicare options well before they turn 65, ideally as soon as they begin thinking about retirement. We also touch on the financial implications of healthcare costs in retirement, including the potential for high prescription drug expenses and the importance of budgeting for these costs. One of the key takeaways is the concept of IRMA (Income Related Monthly Adjustment Amount), which can significantly affect Medicare premiums based on income levels from two years prior. Joe explains how retirees can inadvertently find themselves in higher premium brackets due to financial decisions made in the past, such as Roth conversions or capital gains. As we wrap up, we discuss the importance of annual Medicare checkups to ensure that retirees are not only satisfied with their current plans but also aware of any changes that could affect their coverage. Joe emphasizes that healthcare planning should be integrated with overall retirement planning, including tax strategies and long-term care considerations. In closing, we reflect on what truly brings happiness in retirement, highlighting the value of having a trusted team of professionals to navigate these complex decisions. Joe's expertise and insights provide invaluable guidance for anyone approaching retirement, making this episode a must-listen for those looking to secure their health and happiness in their golden years. For more information, listeners can visit Joe's website at insuranceyoukeep.com or valleyforgemedicare.com.

In this episode, I explore the idea that each of us is the hero of our own story, navigating through moments of triumph and disappointment, confidence and fear, victories and setbacks. Just like in every great narrative, our lives are shaped by the challenges we face, which I refer to as "villains." These villains are not always external; they can be internal struggles like procrastination, shame, or the fear of failure.

n this episode of the Happiness in Retirement podcast, I delve into a topic that may initially seem unrelated to retirement planning: the importance of giving children and grandchildren the invaluable gift of time. While many people often think of financial contributions like trust funds, college payments, or inheritances as the primary means of supporting the younger generation, I argue that the most significant gift we can offer is the opportunity for them to invest early and benefit from the power of compounding. I begin by reflecting on the typical financial journey many people experience, from establishing themselves in their twenties to raising families in their thirties and finally focusing on retirement in their fifties and sixties. I emphasize how starting to invest early can dramatically change the financial landscape for our children and grandchildren. By giving them the gift of time, we allow their investments to grow exponentially, illustrating this with the concept of compound interest, which Albert Einstein famously referred to as the "eighth wonder of the world." The episode introduces a new planning opportunity known as Trump accounts, which have emerged from recent legislation. While the specifics of these accounts may evolve, the core principle remains: starting early, investing consistently, and avoiding unnecessary taxes can lead to significant financial advantages. I provide a hypothetical scenario where a modest initial investment, combined with regular contributions, can grow into a substantial tax-free amount by the time the child reaches retirement age. Throughout the discussion, I highlight the importance of teaching children about investing, delayed gratification, and the value of patience in wealth-building. I share insights from the famous marshmallow test, which illustrates how the ability to delay gratification can lead to greater success later in life. I also pose thought-provoking questions for parents and grandparents to consider, such as what financial lessons they wish they had learned earlier and how they can create opportunities for future generations. I emphasize that legacy is not just about what we leave behind but also about the opportunities we create while we are still here. For retirees, I address the common concern of how to make a meaningful difference in their children's and grandchildren's lives. I suggest that helping a grandchild start investing early may have a more significant long-term impact than simply leaving a larger inheritance. Ultimately, I tie everything back to the core belief of our podcast: money is merely a tool, and the true goal is to create a life filled with purpose, relationships, and experiences. Helping the next generation achieve financial independence is not just a financial strategy; it is an act of love and an investment in their future happiness. Thank you for joining me in this enlightening discussion. If you found this episode thought-provoking, I encourage you to explore how this type of planning can fit into your overall financial strategy. Remember, retirement planning goes beyond money—life is the ultimate goal. Until next time, I wish you happiness in retirement! Timestamps 00:00:00 - Welcome to the Happiness in Retirement PodcastIntroduction to the podcast and its purpose. 00:01:29 - The Importance of Time Over MoneyDiscussing the value of time as a financial gift to children and grandchildren. 00:02:22 - The Financial Journey of LifeExploring the typical financial journey through different life stages. 00:03:36 - The Power of Compound InterestUnderstanding how early investments can lead to significant financial growth. 00:04:51 - Creating Financial IndependenceThe relationship between financial independence, choices, and freedom. 00:05:12 - Introduction to Trump AccountsOverview of new planning opportunities with Trump accounts. 00:06:06 - Investment Strategies for ChildrenHow to fund and invest in a Trump account for a child. 00:07:34 - Hypothetical Growth ExampleIllustrating potential growth of investments over time. 00:08:28 - The Impact of Early ContributionsDiscussing the long-term benefits of early financial contributions. 00:09:32 - Legacy Beyond InheritanceExploring the concept of legacy as opportunities created during life. 00:10:45 - Teaching Financial WisdomThe importance of teaching children about investing and delayed gratification. 00:11:08 - Questions for Parents and GrandparentsReflective questions to consider regarding financial education for future generations. 00:11:50 - Meaningful Impact for RetireesHow retirees can make a difference in their family's financial future. 00:12:11 - Conclusion: Money as a ToolSummarizing the podcast's message about the purpose of money in achieving happiness. Quotes "The real goal is creating a life filled with purpose, meaningful relationships, good health experiences, and the freedom to spend your time the way you choose." - 00:01:39 "Compounding rewards patience more than brilliance." - 00:03:25 "Financial independence creates choices, choices create freedom, and freedom creates opportunities to spend more time with the people you love." - 00:03:47 "Start early, invest consistently, stay disciplined, and avoid unnecessary taxes whenever possible." - 00:05:01 "Legacy isn't just an inheritance. It's also about the opportunities we create while we're still here." - 00:09:32 "Sometimes the greatest inheritance isn't money, it's also confidence." - 00:10:45 "Helping the next generation achieve financial independence isn't just a financial strategy. It's an act of love." - 00:12:01 "Money isn't the destination, it's a vehicle. The real destination is a life filled with purpose, relationships, experiences, generosity, and peace of mind." - 00:12:01 "Those conversations may ultimately be more valuable than an investment account." - 00:11:08

In this episode of the Happiness in Retirement podcast, We explore the essential mindset shifts necessary for a fulfilling retirement, drawing insights from the book "The Tools" by Phil Stutz and Barry Michaels. I emphasize that financial success is less about numbers and more about our mindset, particularly in relation to three constants in life: work, uncertainty, and pain.

Welcome to another enlightening episode of the Happiness in Retirement Podcast! I’m your host, Bill Del-Sette, a certified financial planner and registered life planner. In this episode, we delve deep into the often-overlooked aspects of retirement planning that go beyond just financial security. As I reflect on my early career, I share a pivotal realization: while many of my clients achieved financial independence, they often returned to me feeling unfulfilled and uncertain about their new lives. This led me to understand that retirement is not merely a financial transition; it’s a significant life transition that requires thoughtful planning beyond numbers. Throughout the episode, I explore the common myth that retirement planning is solely about accumulating wealth. Instead, I emphasize that the most pressing challenges retirees face are personal and emotional. I introduce the concept of the "five pillars of happiness in retirement": purpose, relationships, health, time freedom, and experiences. These pillars are essential for creating a fulfilling retirement life. Purpose: I discuss the importance of finding new ways to create meaning and contribution in retirement. Drawing from influential works like Simon Sinek's "Finding Your Why" and Viktor Frankl's "Man's Search for Meaning," I highlight how a strong sense of purpose can significantly enhance one’s quality of life.Relationships: I stress the value of nurturing relationships and social connections, which can often diminish after leaving the workforce. I encourage listeners to be proactive in maintaining and building these connections to combat loneliness and enhance their overall happiness.Health: I emphasize that health is the currency of life in retirement. I discuss strategies for maintaining vitality and energy, which are crucial for enjoying the freedom that retirement offers.Time Freedom: I introduce the concept of time affluence, encouraging listeners to schedule their priorities and make the most of their newfound time. I share insights on how to avoid the pitfalls of overscheduling and instead focus on what truly matters.Experiences: I highlight the importance of investing in experiences rather than material possessions, as experiences create lasting memories and happiness.As we wrap up the episode, I provide practical exercises for listeners to reflect on their own lives. These exercises include envisioning their ideal future, identifying activities that bring them fulfillment, and assessing their current relationships and health. I encourage everyone to rate their happiness in each of the five pillars and identify areas for improvement. Thank you for joining me in this exploration of what it truly means to find happiness in retirement. If you enjoyed this episode, please subscribe, share it with friends and family, and reach out to me at [email protected]. Together, let’s design a retirement filled with purpose, joy, and meaningful experiences!

Navigating Emotional Triggers in Retirement: Strategies for Financial PeaceFrom Fear to Freedom: Managing Market Volatility in Your Golden YearsThe Three Emotional Triggers of Retirement: How to Overcome ThemFinding Meaning Beyond Money: Crafting Your Retirement IdentityGuardrails for a Secure Retirement: Balancing Emotions and InvestmentsWelcome to this episode of the Happiness in Retirement Program podcast! I'm your host, Bill Del-Sette and today we’re diving deep into a crucial topic that often gets overlooked in retirement planning: the emotional triggers that can impact your financial decisions during retirement. In this episode, I discuss how retirement magnifies emotions and how these emotions can drive behavior, particularly when it comes to investing. We explore the concept of emotional guardrails, which are just as important as financial guardrails in ensuring a fulfilling retirement. Key Topics Covered: Market Volatility:We start by examining how market declines can trigger fear and anxiety, especially for retirees who are withdrawing funds rather than accumulating them. I explain how our hardwired fear responses can lead to poor investment decisions, particularly in a world where we have constant access to market updates and fear-based marketing.Selling Low:I introduce the idea of the selling low —selling investments during a market decline. Historically, market declines have been temporary, and selling low can turn a temporary setback into a permanent loss. I provide strategies to avoid this mistake, such as limiting how often you check your portfolio and establishing a cooling-off period before making any changes.Longevity Anxiety:We then tackle the fear of outliving your money. I share research indicating that people tend to spend less as they age, and I emphasize the importance of separating essential expenses from discretionary spending. By ensuring that your essential needs are covered, you can alleviate some of the anxiety surrounding longevity.Identity Loss:Finally, we discuss the emotional impact of retirement on personal identity. Many individuals tie their self-worth to their careers, and retirement can lead to a loss of title, routine, and recognition. I stress the importance of finding meaning and purpose in retirement to avoid emotional turbulence.Throughout the episode, I encourage listeners to ask themselves critical questions about their financial decisions and emotional well-being. I emphasize that financial success is not just about net worth; it’s also about achieving emotional stability. As we wrap up, I invite you to reflect on how you can design your retirement identity and who you want to become in this new phase of life. Thank you for joining me today! If you found this episode valuable, please share it with friends and family, and don’t hesitate to reach out with any questions at [email protected]. Until next time, let’s continue to make our golden years the best years!

Welcome to this episode of the Happiness in Retirement podcast! I'm your host, Bill Del Sette, and today we're diving into a crucial topic: planning for happiness in retirement, regardless of the uncertainties life may throw your way. In this episode, I challenge the common assumption that the future will align perfectly with our plans. Many of us believe that if we can predict how long we will live, what the markets will do, and how our health will hold up, we can create a foolproof retirement plan. However, the reality is that life is inherently uncertain, and good retirement planning isn't about making accurate predictions; it's about designing a life that remains fulfilling even when the unexpected occurs. I emphasize the importance of resilience in planning. Instead of seeking certainty, we should focus on creating flexible plans that can adapt to life's surprises. I discuss the different phases of retirement— the go-go years, slow-go years, and the later years— and how our experiences in retirement are rarely linear. I encourage listeners to reflect on their assumptions about retirement and to consider how they can build a plan that allows for adaptability. Throughout the episode, I share insights from research, including a fascinating study published in the Canadian Journal of Aging, which highlights that lifestyle planning is a stronger predictor of retirement satisfaction than financial preparation. I stress that while financial security is important, it is equally vital to consider how we will find meaning and fulfillment in our post-work lives. I also touch on the idea that success in retirement should not be defined by whether everything goes according to plan, but rather by our ability to live a life that works for us, even as circumstances change. I encourage listeners to embrace flexibility and to view retirement planning as a series of experiments rather than a one-time decision. As we wrap up, I invite you to reflect on your own plans and consider where you might need more flexibility. Remember, good planning gives you choices and the ability to adapt, which is far more valuable than striving for precision in an unpredictable world. Thank you for joining me today! If you have any questions or want to reach out, feel free to contact me at [email protected]. Don't forget to subscribe and listen to us on Spotify or Apple Podcasts. Until next time, remember that you don't need certainty; you need a plan that supports the life you want to live. Here's to a happy, healthy, and financially secure retirement!

Summary In this episode of the Happiness in Retirement podcast, host Bill DelSette shares his personal journey and insights on the relationship between money and happiness. Drawing from his experiences growing up in foster care and working various jobs from a young age, he emphasizes the importance of work ethic and the simple joys of life. Bill reflects on how, despite achieving financial success, he found that true happiness stemmed from meaningful relationships and engaging in activities he loves, rather than the accumulation of wealth. He discusses the paradox of wealth, noting that while money can provide comfort, it does not guarantee happiness, and often leads to increased worry about loss. Bill highlights the significance of relationships as a key predictor of long-term happiness, referencing a Harvard study that underscores the value of close connections over material wealth. He encourages listeners to focus on building relationships and finding joy in simple, low-cost activities. The episode concludes with Bill advocating for a non-attachment to money and material possessions, suggesting that true fulfillment comes from experiences and meaningful interactions rather than the pursuit of wealth alone. Chapters 00:00 Introduction to Happiness in Retirement00:57 Bill's Early Life and Work Ethic04:15 Pursuing Education and Career Choices06:36 The Relationship Between Money and Happiness10:14 The Importance of Relationships12:11 The Loneliness Epidemic and Social Connections16:03 Finding Meaning Beyond Money18:03 Experiences vs. Material Wealth19:55 Conclusion and Final Thoughts Takeaways "The road to retirement should be an adventure, not a survival strategy.""Having more money doesn't necessarily make you happier.""The quality of close relationships is the biggest predictor of long-term happiness and health.""Focus on meaningful things that don't cost a lot of money to find your happiness.""Invest in relationships and emotional connection."

In this episode of the Happiness in Retirement podcast, I had the pleasure of interviewing Glen Allen, a valued member of Del Sette Capital Management, who is on the cusp of retirement. As the host, I wanted to explore the multifaceted nature of retirement, especially from the perspective of someone who has dedicated years to the financial industry and is now preparing to transition into this new phase of life. We kicked off the conversation by discussing Glen's feelings about retirement. He expressed a sense of readiness, thanks to his extensive financial preparation and the solid benefits package he has through his wife. However, he also acknowledged that a significant part of his identity is tied to his work, which raises questions about how he will reshape his life post-retirement. Glen shared what he will miss most about his job, including the stimulating environment of trading and portfolio management, as well as the relationships he has built with clients and colleagues. He emphasized the rewarding nature of helping people improve their financial situations, which has been a cornerstone of his career. On the flip side, he is also eager to leave behind the high-stress responsibilities that come with the territory. As we delved deeper, Glen reflected on the challenges of transitioning from a structured work life to a more open and flexible retirement. He humorously noted that his wife, Fran, is already anticipating the adjustments he will need to make, as he is used to a fast-paced work environment. We discussed the importance of maintaining a sense of purpose and meaning in retirement, which is something Glen is keenly aware of. Glen shared his excitement about having more time for family, particularly to assist his aging parents, and to engage in volunteer work at his parish. He also expressed a desire to explore his passion for ceramics and Native American pottery, as well as to stay connected to the stock market, which has been a lifelong interest. We touched on the financial aspects of retirement, where Glen candidly admitted that, despite his expertise, he still has lingering worries about market dependency and the absence of a pension. He emphasized the importance of having a solid financial plan and the need for individuals to think about their lifestyle and spending habits in retirement. Throughout our conversation, Glen provided valuable insights into common misconceptions about retirement, particularly the need for individuals to consider what their lives will look like once they leave the workforce. He highlighted the importance of having a distribution strategy for retirement savings, as many people focus on accumulation but overlook the complexities of drawing down their assets. As we wrapped up the episode, Glen shared his hopes for the future, including travel aspirations and a desire to remain engaged and active in his community. He expressed optimism about the potential for global collaboration to address pressing issues, reinforcing the idea that retirement can be a time for personal growth and contribution. This episode is a rich exploration of the emotional, financial, and social dimensions of retirement, offering listeners a unique perspective from someone who is navigating this significant life transition. Whether you're approaching retirement or simply curious about the journey, Glen's insights will inspire you to think deeply about what your own retirement could look like.

Welcome to this special episode of the Happiness in Retirement podcast! Today we’re diving into a topic that we haven’t explored in depth before on the podcast: investing. While we often focus on lifestyle tips and financial planning strategies, I believe it’s crucial to discuss our investment philosophies at Del-Sette Capital Management, especially as they relate to achieving a fulfilling retirement. In this episode, I share our core investment principles, emphasizing that investing is not merely a spectator sport. It’s an integral part of a comprehensive financial plan, and as fiduciaries, we are committed to acting in your best interest. Key Takeaways: Invest in Yourself: The greatest investment you can make is in your own health, education, and personal development. Continuous improvement is essential for long-term success.Adopt an Optimistic Mindset: In a world often filled with negativity, maintaining an optimistic outlook can lead to better life satisfaction and investment decisions. I discuss the importance of viewing market declines as opportunities rather than threats.Limit Portfolio Monitoring: Frequent checking of your investments can lead to emotional decision-making and poor outcomes. I highlight a study by Vanguard showing that those who check their portfolios less often tend to earn higher returns.Separate Money from Emotion: Mixing emotions with investing can lead to biases that negatively impact performance. I outline common biases such as loss aversion and overconfidence, which can cloud judgment.Be an Owner, Not a Loaner: I encourage listeners to invest in common stocks rather than bonds, especially for younger investors. Owning a piece of great companies can lead to better long-term growth.Save and Invest for Growth: For those in the accumulation phase, I recommend saving at least 15-20% of your income and focusing on growth-oriented investments.Invest for Dividends in Retirement: As you transition into retirement, I stress the importance of investing in dividend-paying stocks, which can provide a potentially reliable income stream.Buy Time with Your Money: Finally, I emphasize that money should be viewed as a means to enjoy life and buy time for the things that matter most.Throughout the episode, I remind listeners that while we cannot predict the future, we believe that adopting these philosophies can significantly enhance your chances of building a secure and enjoyable retirement. If you find yourself uncertain about your investment strategy or alignment with your goals, I encourage you to reach out for a conversation. At Del-Sette Capital Management, we are here to help you design a portfolio and retirement income strategy that brings clarity and confidence. Thank you for joining me today! If you found this episode helpful, please subscribe, leave a review, and share it with someone who is planning for their future. Until next time, stay focused, stay disciplined, and invest with purpose and optimism!

In this episode of the Happiness in Retirement podcast, I delve into the concept of "time affluence" versus "time poverty." We explore how the quality of our lives in retirement is not solely determined by financial wealth but also by how we perceive and manage our time. I share a thought-provoking parable about a Mexican fisherman and an American investment banker, illustrating the contrast between living a fulfilling life and chasing after wealth at the expense of time. The discussion highlights that many people, even in wealthy countries, experience time poverty, which can lead to decreased happiness and well-being. We discuss the importance of prioritizing time affluence—feeling like you have enough time to engage in meaningful activities—over merely accumulating wealth. I encourage listeners to reflect on their values, audit their calendars, and focus on activities that bring joy and fulfillment. Throughout the episode, I provide practical strategies for reclaiming time, such as delegating tasks, scheduling important activities first, and seeking novelty in life. I emphasize that true wealth is measured in time well spent, and I invite listeners to be intentional about how they use their hours and days. Join me as we redefine retirement planning to focus on cultivating a rich and fulfilling life, where time is our most valuable asset. Thank you for tuning in, and remember to share this episode with friends who are planning for their future!

In this episode of the Happiness in Retirement podcast, I delve into the critical topic of life insurance, specifically focusing on the differences between term insurance and whole life insurance. Building on our previous discussion about the four risks to retirement, I emphasize the importance of having adequate life insurance to protect your family from the financial impact of dying too soon. I explain the concept of economic life value, which highlights that your ability to earn income is your most significant asset, especially when you're young. This understanding helps determine the appropriate amount of life insurance coverage needed. I advocate for everyone to consider economic life value insurance, despite the common barriers of cost and awareness. We explore term insurance, which provides coverage for a specified period and is generally more affordable, making it suitable for young families. However, I caution that most term policies do not pay out, as they are often not in force when needed. On the other hand, whole life insurance offers lifetime coverage, builds cash value, and guarantees a death benefit, but comes with higher premiums. I discuss the pros and cons of both types of insurance, emphasizing that the choice between them should align with individual financial situations and goals. For those who may have a permanent insurance need in the future, I recommend purchasing convertible term insurance that can transition into whole life insurance without the need for additional health assessments. Ultimately, I stress the importance of having economic life value insurance and encourage listeners to consider their unique needs when choosing between term and whole life insurance. I invite everyone to reach out for more information and resources on insurance and retirement planning, and I hope you find this episode insightful as you navigate your financial future.

Episode Synopsis: Understanding the Four Core Financial Risks in Retirement Welcome back to the Happiness in Retirement podcast! I’m your host, Bill Del-Sette, founder of Del-Sette Capital Management. After a refreshing summer hiatus, we’re excited to dive back into the essential topics that can help you secure a fulfilling retirement. In this episode, we tackle a subject that often gets overlooked: the four core financial risks that everyone should be aware of as they plan for retirement. As we transition into the final weeks of summer, I reflect on the fleeting nature of time and the importance of being prepared for the unexpected. Many people focus solely on growing their wealth through investments, but it’s crucial to consider the risks that could derail your financial plans. At Del-Sette Capital Management, we prioritize asset protection planning before discussing investments, and today, we’ll explore how to safeguard yourself and your loved ones from these risks. The Four Core Financial Risks Dying Too Soon: We begin with the sobering reality of premature death and its financial implications for families. I emphasize the importance of life insurance as a tool to provide instant liquidity and ensure that your family can maintain their standard of living. We discuss how to determine the right amount of life insurance needed to cover future income streams and the necessity of having a solid estate plan in place.Living Too Long: Next, we flip the narrative to the risk of outliving your savings. While living a long life is generally seen as a positive, it can lead to significant financial challenges, especially concerning healthcare costs and long-term care. I share strategies for retirement income planning, including the guardrail approach, which helps manage withdrawals based on market performance. We also touch on the importance of investing in dividend-paying stocks to combat inflation and maintain purchasing power.Becoming Disabled: The conversation then shifts to the often-ignored risk of disability. I highlight the statistical likelihood of becoming disabled compared to dying prematurely, stressing the need for both short- and long-term disability insurance. We discuss the importance of having a continuity plan if you’re self-employed and the financial strain that can arise from caregiving responsibilities.Wealth Eroding Factors: Finally, we address the silent killers of wealth, including taxes, inflation, healthcare costs, and market volatility. I explain how these factors can gradually diminish your wealth over time and the importance of proactive financial planning to mitigate their effects. We discuss strategies for tax-efficient planning, smart withdrawal strategies, and the need for ongoing financial guidance to adapt to changing circumstances.Conclusion In closing, I reiterate that financial planning is not just about chasing returns; it’s about building a resilient plan that can withstand life’s uncertainties. The ultimate goal is to ensure that your loved ones are financially secure, regardless of what life throws your way. I encourage listeners to reflect on their life plans and take action on the things that matter most to them. Thank you for joining me in this episode of the Happiness in Retirement podcast. If you found this discussion valuable, please share it with a friend, leave a review, and subscribe for more insights. Remember, it’s not just about having wealth; it’s about protecting it so you can enjoy the life you’ve worked so hard for. Until next time, let’s make the road to retirement an adventure, not just a survival strategy!