This week I’ll be at the Irrational Economic Summit in Washington, D.C. It’s an event I look forward to every year, one I’ve been speaking at the since 2014. Each year I meet new people and make new friends. I’ll be giving a presentation on a stock I think has 300-500% upside based on a favorable Supreme Court ruling. I’ll also be part of a retirement panel.
I love the topic of retirement. So many people are unprepared for the future. There’s lots of opportunity to help others.
If you plan on attending this year, I look forward to meeting you. For those who aren’t able to make the trip, no sweat. There’s a Livestream offer you might want to take advantage of. With it, you can tune into each presentation given — all in real time. Click here to learn more about the opportunity.
In the spirit of retirement, I wanted to share three keys I feel are important when moving into your golden years.
No.1: Take Action
Time is our most valuable asset. Unfortunately, we don’t know how much time we have. Time can work in our favor, or against us.
When it comes to investing, the more time we give our money to work, the better off we are.
Years from now, it’s unlikely we’ll remember what happened in the markets during September 2019. It’s just a grain in the sands of time. If we get caught up in the day-to-day squiggles of the market, we can lose perspective on the importance of making time work for us.
So, don’t talk or think too much about investing. Just do it. Get money into the markets.
If stocks go down, buy more. After you buy more, buy some more. Over time, you’ll be just fine.
That leads to the second point…
No.2: Be Consistent
In the past, I have detailed what I call my “30-Second Millionaire” approach. All it does is invest in the market consistently. It takes less than 30 seconds to put in a commission-free order with my online broker. If I have a few extra bucks laying around, I’ll buy more of an index fund.
The key is consistency.
It doesn’t matter whether the market is up or down. It doesn’t matter what’s causing the market to go up for down. All that matters is consistently taking action.
Here’s a simple fact: If you act consistently, you will be in the top 1% of all investors over time.
The numbers work in your favor. People want to make things more complicated in life than they need to be. People think there’s some big secret. Truth is, there’s no big secret other than making time and consistency work for you.
No.3: Don’t Follow the Herd
Do the opposite of what everyone else is doing. Go against the herd rather than follow them. This is the opportunity to make the few, big bets with the big payoff.
I call this the “George Costanza Approach,” after the character in Seinfeld.
When George does the opposite of everything he thinks he should do in life, things get much better. He lands a gorgeous girlfriend and a high-paying job.
The crowd’s almost always wrong. There’s truth to the saying “masses are a**es”.
So, save some powder for when everyone else is complaining about losing in the stock market. That’s when you know the rewards are high and the risks are low.
When you’re at your Christmas party and everyone is bragging about how much money they made in the markets that year, that’s when you know risks are high and rewards are low. Stash a little extra cash away, and wait for an opportunity to pounce. The big payoffs may come years apart.
Meanwhile, you’re still adding some to the markets here and there. You have the best of both worlds. Time in the market, and capitalizing on low risk opportunities.
Do that. You’ll be just fine during retirement if you do. In fact, you’ll do better than fine.
In my upcoming book, Unbounded Wealth, I reveal 12 simple steps to build wealth so you can break free of “the Man” and live life in your own terms, just like I do.
Keep your eyes peeled over the next month or so for information about the book’s release.
In the meantime, I look forward to seeing old friends at the Irrational Economic Summit, as well as making new ones this year.
If you see me wandering about the conference, stop me and say hello.