What’s more important than your life’s savings when you’re making a retirement plan? To help you make smarter decisions during financial planning, this video series of 99 Retirement Tips from billionaire investor Ken Fisher’s firm Fisher Investments shows how you can defend your retirement lifestyle from financial pitfalls—small and large.
Do you think economizing your lifestyle means changing the way you live? It doesn’t have to! When you’re retirement planning, keep thinking of little ways you could be throwing your money down the drain. For example, you could be using too much laundry detergent. By using slightly more detergent per load, you could be throwing away up to $20 per year. Even though this example seems silly, once you find one way to cut costs, you’ll find other ways to use your resources more efficiently.
While cutting out smaller costs is important, be careful of falling prey to financial predators. A financial predator can wreak havoc on your retirement investments. If you’re trying to find a money manager to take care of your retirement savings, be aware of advisors with direct access to investors’ funds or firms with numbers that seem too good to be true.
Keep an eye on your numbers, too—knowing your net worth is important when you’re trying to visualize the full spectrum of your retirement. Explained simply, your net worth is what you own minus what you owe. Compile all of your financial documents together, including your assets—cars, boats, home, and other personal property. This will give you a clear snapshot of your current total wealth. When you know your net worth, it’s easier to develop a retirement strategy that is the right fit for you.
Are you feeling more confident with your personal finances now? It’s time to talk about your investments. Do you know the difference between income and cash flow? Many retirees think the only form of retirement income from stocks is bond coupons and stock dividends. You shouldn’t feel limited to investment income to generate cash flow. Instead, you can sell stocks and harvest long-term capital gains. This can be an important part of cash generation while also opening up new investment opportunities.
Did you enjoy this video series? To get more retirement tips from Fisher Investments, we encourage you to watch the rest of the video series or download the guide here. http://ow.ly/If7d50iuld6
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