Thoughts and Planning and Saving …
We often cover many ponderings and thoughts around investing for your retirement. Here is a short compilation of things to keep in mind:
1. Taxes are going up
2. Your neighbors and plumbers are not financial experts.
3. The promise of market-beating returns deserves your skepticism.
4. There’s no substitute for saving.
5. You can control risk and investment costs, but you can’t control returns.
6. Sophistication is an excuse for Wall Street to charge you fat fees.
7. Your portfolio growth is driven, more than anything, by how much you save.
8. Your worst investment enemy is often found in the mirror.
9. Sound investment strategies don’t change with the news.
10. Land appreciates, houses deteriorate.
11. If financial forecasters are unanimous that stocks or bonds are about to plummet, they almost certainly won’t.
12. Insurance is important to any retirement plan.
13. Leverage bites when you get it wrong.
14. You can’t get rich by spending money.
15. As you get older and closer to retirement, get familiar with how social security and medicare work.
Whether you agree, disagree or need clarification, those are some of the key factors to keep in mind as you plan.
The most important: It’s never too late or too early to start your planning, just get started.
What are your thoughts on planning and saving?