How to Not Have a Lost Decade
Money For the Rest of Us
J. David Stein
4.5 • 1.4K Ratings
🗓️ 16 September 2020
⏱️ 25 minutes
🧾️ Download transcript
Summary
What are four principles individuals can follow to achieve their financial and career goals this decade despite the rough start in 2020.
- Why we have to be willing to share our journey with others so that they are vested in our story
- Why it's important to focus on areas where we have momentum
- How to prudently use leverage in order to build an asset
- The importance of urgency, hope, and putting on an event so that we can achieve our business goals
- How asset allocation and portfolio holdings differ depending on the time horizon for the pool of money
- Why we need more control of investing outcomes when the time horizon is short
Thanks to NetSuite and Trends for sponsoring the episode.
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Transcript
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| 0:00.0 | Welcome to Money for the rest of us. This is a personal finance show on money, how it works, how to invest it and how to live without worrying about it. |
| 0:09.0 | I'm your host David Stein today is episode 314. It's titled, |
| 0:13.6 | Don't Have a Lost Decade. |
| 0:16.6 | I recently got an email from a new Plus member. |
| 0:21.0 | He says he's treating the material on the website like an online college course, |
| 0:26.7 | but he had a question. He wrote that he's approaching a crossroad in his life and he would |
| 0:32.2 | like to prepare himself for that crossroad. |
| 0:35.0 | He works at one of the best public gardens in the US as a horticulturalist. |
| 0:42.0 | He's been there three years, makes $43,000 per year, has four weeks of vacation, |
| 0:49.5 | full health care, and HSA, they have a 403B defined contribution plan where he gets a 6% match. |
| 0:57.1 | His boss enjoys working with him and he enjoys his job. |
| 1:01.0 | This member also has his own business, a lifestyle business, providing premium |
| 1:06.1 | horticulture services for high-end properties. |
| 1:09.8 | He started it in 2019, grossed 4,000 dollars and anticipates grossing $12,000 this year. |
| 1:15.8 | He has no debt. |
| 1:17.1 | The only thing he owns, he says, that is worth any money is an old pickup truck that's worth |
| 1:21.5 | about $3,000. He's roughly $18,500 in his defined |
| 1:26.6 | contribution plan and using the online tools on money for the Restless Plus, he estimates that |
| 1:31.9 | he's on track to retire in his early 60s. |
| 1:35.0 | He also has about $2,000 in a savings account that pays 2% and about $1,500 in a Wealthfront RoboAdvisor account. |
| 1:46.0 | He's living on about $18,000 to $20,000 a year. |
| 1:49.7 | After contributing to his Define Contribution Plan |
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