Business
Today we look at some quotes from great investors and financial authors and do a retirement reality check.SEGMENT: QUOTES FROM GREAT INVESTORS“If you’re not willing to have composure during a 50% market decline two or three times a century, you’re not fit to be a stock-holder and you deserve the mediocre result you’re going to get.” Charlie Munger, Berkshire Hathaway“Fear incites human action far more urgently than does the impressive weight of historical evidence.” Jeremy Siegel, financial author“The four most dangerous words in investing are: “This time it’s different.” Sir John Templeton, founder of Templeton Growth Fund“Wall Street sells stocks and bonds, but what it really peddles is hope.” Jason Zweig, author“The investor’s chief problem—and even his worst enemy—is likely to be himself.” Benjamin Graham, author“There is no such thing as no risk. There’s only this choice of what to risk and when to risk it.” Nick Murray, author“The most dangerous people in the world are very smart traders who have never gotten their teeth kicked in.” Helmut Weymar, author“More people lost money waiting for market corrections and anticipating market corrections than the actual market corrections.” Peter Lynch, mutual fund managerSEGMENT: RETIREMENT REALITY CHECKSome people just need a reality check when it comes to understanding their retirement. Here’s a start…1) Manage your expectations.Just because every TV commercial about retirement shows people on a beach or a boat, that doesn’t mean that this is your retirement reality. Understand what reality looks like for you so that you can retire with the proper expectations instead of disappointment.2) Account for your changing expenses.How much have you thought about all the things that will be changing with your monthly expenses once you retire? Some of these changes will add to your monthly expenses, others will decrease your expenses. 3) Be ready to adjust.It’s crucial to have a plan in place for all of the different financial aspects of your retirement. But it’s just as important to have the ability to adjust and make changes as you go, because life happens. 4) You can be brilliant in your field but still need financial planning help.Too many people feel that they should be capable of planning their retirement by themselves so they don’t seek out the help that they should. This can be especially true with people who hold jobs that require significant amounts of education—they feel that they’re smart enough to handle their money without help. But it’s not how smart you are. It’s more about the fact that you don’t know what you don’t know.