Jun 15, 2018
Learn how the wisdom of Mick Jagger applies to retirement
planning - from not living in regret to taking the time to discover
your dreams. We also talk about ways to uncover red flags in your
own financial situation.
Main Questions Asked:
Are you enjoying your retirement and not living in regret?
Are you taking the time to dream?
Do you have a plan in place to protect for the downside of
Key Lessons Learned:
Quotes by Mick Jagger
- The past is a great place. I don’t want to erase
it or regret it, but I don't want to be its prisoner either.
Some older clients are concerned that they haven’t saved enough or
used their money wisely. We encourage our clients to put money away
so they can spend it on things they love. I think that is the point
that Mick is trying to make.
- Lose your dreams and you might lose your mind. It’s
important to take time to dream. What would your retirement look
like if you had all the money in the world? Take the time to
discover your dreams and make the most out of your retirement.
- It’s alright to let yourself go, as long as you can get
yourself back. From a financial standpoint, it’s okay to lose
money in the market as long as you take the time to make up for
those losses. A conservative manager will protect for the downside
and the upside will take care of itself.
Ways to uncover red flags in your own financial
- Can you name all the investments in your portfolio? If you
can’t, that’s a problem. Understand the different mutual funds and
if there are contradictions. If you understand every investment,
you may not be diversified enough.
- How often do you meet with your financial advisor? Meeting too
often like every week or every month might be a red flag, because
the advisor doesn’t have enough clients. The key is to have a good
financial plan and monitor it as things go on. Meet at least once a
- Are your account balances constantly moving up or down? Being
obsessed with the movements of your portfolio is a problem. If you
aren’t paying any attention to your accounts, that is a problem
- How much income would you need to maintain your lifestyle
during retirement? If you can’t answer this question, it is a red
flag. Your advisor should be working with you to identify what you
- What if someone can’t describe their retirement plan? Your
investments are your tools. Your plan should be an overall
plan that accounts for your entire situation. This is where a good
financial advisor can help you.
Links To Resources Mentioned
Money Map Retirement Review
Thank you for listening!