Posts tagged ‘financial adviser’
THE SECRET TO A GOOD RETIREMENT: WHAT NO ONE WILL TELL YOU, PART 3
Here are some guidelines I put into play during my life and are helping now in retirement.
Get as much education as you can. With costs today, it is not easy but it is important. If you think a high school diploma will be enough, learn a trade during those years and work as hard as you can learning it.
Here I’m going to be a little philosophical, but a good education will not only get you a good job but enhance your appreciation of your life and the world around you, give you the ability to understand and analyze the world around you. Today we have become a population of sheep spending and wolves profiting. Question everything. This was once a hallmark of youth, to think and question, not to bury your mind in an endless stream of the latest electronics.
Don’t spend like a drunken sailor – sorry sailors. This is the really hard part.
For your entire life, buy only what you need, not everything you want.
Learn that bigger is not better. We are only told bigger is better is by those who sell big.
Don’t upgrade just because you can. It may cost you down the road.
Don’t move from that small house you’re in now just because you can. If you don’t need the room, stay where you are. If you have kids and it seems a little crowded just wait awhile. The kids will move out after a time, and if you’re lucky, will only come back to visit.
Develop a comfortable lifestyle and stick with it no matter how much money you make. The money you don’t need, save. And find the most profitable way to save. In today’s world, a bank is not the place. Find a financial advisor, but only through references that you trust.
The next may be difficult, for in the reality of today’s world, it may no longer exist.
Find a decent paying job and stick with it.
Earn a 401k or pension that is properly funded. Even if at times the job is shit, stick with it. I’ve better.
Here is a fact none will tell you in all the seminars you will be offered to attend at the finest restaurants in the area. If you are young, you may not believe it but this will happen. If you maintain a decent salary all your life, you can retire early and not need to wait until you’re 70. I retired at 62 and the increase I would see at whatever age was minimal, because I maintained a good salary with increases and qualified for a decent social security payment at the age of 62.
What retirement guru will tell you all this?
I strongly feel, that the secret to a good retirement begins when you are young. When you reach the age to retire and are offered a plan where all is taken care of, it is probably bogus.
This is just my opinion, take it or leave it.
I just had to get this out of my system. There’s more where this came from and will follow.
Now back to the important subject of writing.
THE SECRET TO A GOOD RETIREMENT: WHAT NO ONE WILL TELL YOU , PART 1
I am a writer, and I hope that someday to gain some success. I am also a retired scientist therefore, have some knowledge of this game of ‘the good retirement’ you might say I gained through ‘on the job training’. With that in mind, I am writing a piece that many will find discouraging and I’m sure with which many will disagree. I can only speak from experience, and for myself. With all the talk about retirement, due to that nasty habit we have developed by living longer, I thought I’d voice my experience. Nothing you read here may help you. My hope is that someone out there may benefit.
Here we go.
Other than being a writer, I am a person trying to survive in today’s world and economy. I think I have the secret, at least for myself and maybe those young and prudent out there (that’s a hint as to what is coming up) to a secure life after you retire. If you are beyond ‘young’ you will not enjoy what I’m about to say, but such is life, but then again, you may have journeyed down the right road early on.
Newspapers, periodicals and direct mailings focused on seniors tout the way to a retirement where all your dreams are fulfilled. Where life will be a comfort and no worries will cloud your future. Once you reach a certain age, you will bombarded with offers to free dinners at the trendiest local restaurants to listen to the profits of retirement success. The only success realized will be their own profit.
I’m not saying that you don’t need advice, but what you get at these fancy restaurants may not be the most helpful. Could even hurt you.
I’m not going to give any specifics, but what follows next is fact. You just have to believe me.
My first experience with a financial adviser was through my employer, a large company with many who signed up. After my wife and I provided all the data asked for, he asked me, “How you like to retire at 57?” Who wouldn’t? As time went on and our daughter set off to attend NYU, during a meeting he just mumbled saying, “I don’t know how you’re going to pay for it.” That retirement ‘at age 57’ went out the window. Eventually, we heard about another adviser with a local reputation. Word of mouth, the best way to a reputable business whether it’s plumbing or investments. We decided to change advisors and that’s when things got a little ugly. Attempting to switch our investments for one to the other was like pulling hen’s teeth. The new advisor expected there to be difficulties and he was right. To make a long story short we are very happy with our new man. Oh, and he doesn’t charge a fee, only takes a percentage of our profits. If we don’t make money he doesn’t.
So if you’re at that golden age to take action, stay away from the free meals, unless you’re really hungry. To my mind, it’s all bullshit… to be continued.
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