Questions answered: What mindset shifts create a successful retirement? What’s the best way to minimize losses throughout retirement? How can you optimize your retirement?
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- Reframe the way you view risk.
- Most think of stock market declines as risk.
- For retirees, risk can only be considered in terms of purchasing power.
- Risk can only be understood in your ability to keep up with inflation over time.
- Cash is stable, but it loses out to purchasing power.
- There has never been a rolling 20-year period where the SMP500 has had a negative return.
- Stock market volatility is temporary. Loss of purchasing power is permanent.
- In retirement, you need to focus on maximising resiliency.
- The strategy to win is to avoid mistakes.
- The way to avoid mistakes is to keep your portfolio in play.
- Shift from a savings mindset to a spending mindset.
- People who worry the most are the people who save the most. The people who save the most are the people who are prepared the most. The people who are prepared the most have the highest probability of success.
- Understand how much your portfolio can support.
- Listen to Episode 64 for a more in-depth look at this shift.
[02:37] Reframe the way you view risk.
[09:53] Focus on maximising resiliency.
[19:03] Shift from a savings mindset to a spending mindset.
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