Ep 34: Famous Last Words in the Financial World
RetirementOn This Episode
Today we’re talking about famous last words. In the financial world, there are several famous last words that you don’t want to be your last.
Takeaways
On today’s Saving With Silverman podcast, Mark Silverman CFP® explains some famous last words in the financial world and why you should avoid them.
I told myself I’d like to get out of the market if I ever recovered what I lost in 2008. But now I think I’ll just keep doing what I’m doing.
Nobody can time the market, but human nature forces us to try to time the market. People want to get out when it’s bad and get back in when it’s good.
If you miss the first few days of the recovery, you’re missing a substantial upside of the market. So the key is to stay in.
We work with our clients on risk tolerance and how to keep them on track for their goals.
I like the security of keeping my money in cash.
You’re not going to lose it, but you’re losing purchasing power. You need to get at least a 3% rate of return. Unfortunately, money market rates aren't going to get you there.
You don't want to have too much cash sitting around not keeping up with inflation.
Nobody in my family lived past 75, so I won’t either.
Each generation is living longer, so you need to have a plan for your money. In the worst case scenario, you have money left over.
Listen to the entire episode to hear more. Click on the timestamps below to skip to a particular segment.
You need to get at least a 3% rate of return. Unfortunately, money market rates aren't going to get you there.
- Mark Silverman, CFP®
The Layout
Let’s get rolling with the first episode and you can use the timestamps below to skip around to specific topics.
0:47 – Keep doing what I’m doing
2:57 – Cash
4:20 – Living past 75
5:34 – Don’t want a nursing home
7:08 – I can always go back to work
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