The View From The Pinnacle
“Hey, watch this!” is probably not the last phrase you want to utter in life. Likewise, let’s consider these phrases you often hear in the financial world that you don’t want to be saying in case something goes wrong. Talking through the good and bad will help prepare your mindset and your money for retirement.
Thing’s You’ll Learn Along Today’s Journey
[2:23] – Mailbag: Investment Strategies in a Down Market
- Vera from St. George says it seems like we’ll hit a market downturn soon. What investment strategies are best for someone in their 50s or 60s vs. someone in their 30s?
- If you’re in your 30s, make sure your allocations are in order as you still have plenty of time to recover.
- Later in life, have clarity on your situation and understand what you need.
- Build a plan so that you have a structure to work off of.
[7:11] – “I Like Keeping My Money in Cash Because I Know I Won’t Lose It”
- If it’s in a bank, there’s the concern of inflation and gaining no interest.
- Sean shares about several families who like having money in cash.
- If you have money in cash, make sure to keep it in a fireproof safe.
[8:41] – “Not Planning On Living That Long”
- Plan to live until 100. It’s better to have flexibility with your income.
- If you plan to live until 100, and then you do, your plan will have been a success.
- If you don’t, then you’ll have the money to pass down and take care of your family.
[11:02] – “I Can Always Go Back to Work if I Need To”
- Sean gives client examples of people who want to work part-time and slowly transition into retirement.
- Once you retire, if you have to begrudgingly go back to work, you’ll be miserable. Make sure you have enough income to retire.
- The wage scale will not be the same as it was in your prime earning years.
12:37 – “I’m Not Going to a Nursing Home, Just Put Me Out of My Misery”
- This is a touchy discussion, no matter how you feel about it.
- Sean shares about another advisor’s client who had a secret plan.
- If we can’t take care of ourselves, there are repercussions.
- You need to do forward-thinking planning while you are still healthy enough to do it.
Looking Back From The Mountaintop
Resources From Today’s Podcast
Your Guide:
Sean P. Lee – Contact
