Yesterday I had a client say to me how fortunate it was for me to work in a job where I could make others’ dreams come true.
And that’s exactly why I do it. I love the smile on their faces, the plans they make when they find out they can – oh, the places they will go!
I can’t describe the freedom that you feel when you don’t have to worry about your future, or your spouse’s, or your family. When you’re confident you’re be taken care of in infirmity and old age. If you’re not there yet, it’s easy to start moving once you know what you have to do.
What does it take to get to financial freedom?
Know what you’re spending and why. Will you spend that same amount in retirement? 99% of the people I meet say they plan to reduce spending in retirement. 99% of them do not reduce spending in retirement. Get a handle now on what you want in the future.
Save and invest wisely. Stop trying to time the market. You can’t win. If you’re feeling uneasy, invest more conservatively. Seek investment managers that meet their targets and routinely beat their benchmark. In these days of compressed fees, you don’t have to race to the bottom for $0 commissions to get good value.
Seek professional guidance at least 5-10 years before you plan to quit working for someone else. This will give you enough time to make changes that can benefit you for years to come and in many cases increase the amount of income that you will receive. Look for an advisor that is not tied to a company that offers their own products which of course the advisor is required to sell. You want an advisor whose compensation is transparent and who will place your interest above his/her own. If they are compensated by the company whose product they are selling, ask them how much they will make from your investment, and decide if that’s the right investment for you. Get a second opinion if you have any concerns.
I encourage you to start dreaming today! Retirement can – and will – happen to you too! Call us today!
Laura Mickels has spent more than 30 years working for investors with both Wall Street and independent firms. CochranMickels Retirement Specialists provides personalized planning and investment services to individuals approaching and in retirement.
These are the opinions of Laura Mickels and not necessarily those of Cambridge, are for informational purposes only, and should not be construed or acted upon as individualized investment advice.