Former UTC CEO Louis Chenevert Maintains His Passions While Retired.
Not many people retire with enough money in their bank account to live the rest of their lives. Of course, they usually have some money in their savings when retirement comes knocking, but the rest comes from social security or some other retirement fund in the form of a monthly check. In a way, it is still like living paycheck to paycheck, and this is how most people survive.
However, if you start saving early and often, it is quite possible to retire with a million dollars in your bank account. It is easier to save money if you have a bigger salary, but like someone once said, it is not how much you make, but how much you spend. If you pay off loans quickly, invest in an IRA, and live modestly, there is a great opportunity for you to retire with some serious money.
What would you do if you were able to retire with a million dollars or more in a savings account? Say you are right around 60 years old, and have your house and car paid off. This money in your savings is something that you could perhaps have some fun with. Would you keep it in your account and let it grow interest until you die? Would you plan on taking a trip that you always wanted? Maybe you would spend some of it on a hobby of yours? And after all was said and done, would you even be able to live a leisurely lifestyle or would you get bored quickly?
Louis Chenevert fits the bill of the hypothetical situation created up above. He graduated from University of Montreal and quickly was hired to work at General Motors in Canada. He continued working there for 14 years as Production General Motor. He eventually would become President after rising through the ranks at Pratt & Whitney, a huge aerospace manufacturer with global service operation. In addition, Pratt & Whitney was a subsidiary company of United Technology Corporation (UTC). UTC is a large multinational conglomerate of several businesses that rake in billions of dollars a year. Chenevert kept moving on up, becoming President and CEO at UTC before retiring in 2014.
Chenevert did very well during his working career and retired an extremely successful businessman and a multi-millionaire. How did he enjoy his retirement? Chenevert always had a love of yachts and technology, so he combined the two and had an impressive high-tech yacht built for himself. The Debbie Lou, the yacht named after his wife, took over two years to build and is a very impressive boat. It’s an expensive hobby that he loves, but it does not fill all his days.
Ten years after he retired from UTC, he signed on as a Senior Advisor at Goldman Sachs Group, Merchant Banking Division. In case you don’t know, Goldman Sachs is a leading global investment banking, securities, and investment management firm. They offer a huge range of financial services to their clients. Basically, they hope to enable people to make a lot of money from their services.
Hiring Chenevert as an advisor in the aerospace and industrials industries was a no-brainer. He knows these areas well, and could provide valuable information on possible businesses or products to invest in. Plus, for Chenevert, it is a chance to put to good use his knowledge that he has accumulated over the years. And it gives him a bit to do during retirement. Goldman Sachs feels lucky to have him on board.
“We have a long history of investments in the aerospace and industrials sectors,” said Richard A. Friedman, Head of the Merchant Banking Division at Goldman Sachs. “We are pleased to have Louis bring his deep knowledge, unique experience and track record of creating shareholder value to enhance our investing efforts.”
If Chenevert’s yacht, his advising position at Goldman Sachs, and spending more time with his family was not enough to do during his retirement years, he has added even more to his plate. His family has experienced loss from cancer over the years, like many of our families, and he has chosen to lend a hand in hoping to find ways to combat cancer. Chenevert had been serving on the Yale Cancer Center’s Advisory Board for almost a decade before he was asked to step in as the leading chairman.
All people serving on the board represent the Yale Cancer Center by providing information about their services to others. Plus, they help by raising donations and funds for the Yale Cancer Center so they can go on in their research. It is important for people that have achieved a great amount of success to give back. Chenevert is definitely doing this.
What Will Your Retirement Look Like?
Now that you have heard how Chenevert has been spending his retirement, maybe it has given you a few ideas how you will spend yours. He definitely has taken the time for family and fun, but he is also doing more. He is providing his knowledge to others as an advisor, and he is donating his time and guiding the Advisory Board at the Yale Cancer Center.
While you may not retire with the amount of money that Chenevert did, having a bit of money in your savings will enable you to do things such as this. You can have a part-time job using your past experiences and knowledge that is suitable for you. Enjoying a hobby is a very real possibility whether you have money or not. Plus, giving back to the community is something that we all can do.
Retirement does not necessarily mean that you are slowing down. It just allows you to focus on things that matter more to you. It’s a new section of your life that is not dictated by others. Well, except maybe your spouse. There will probably be a lot of To Do lists also in your future. Husbands and wives are both pretty good at making those.
Read our last article on Louis Chenevert and UTC here!