The Secrets of Getting Rich by Franklin Prosperity Report

Author:Franklin Prosperity Report [Perel, David J.]
Language: eng
Format: epub
Tags: BUS050000 Business & Economics / Personal Finance / General
Publisher: Humanix Books

MISTAKE NO. 2: FAR TOO ROSY PROJECTIONS

If you plan conservatively and carefully, you can live out the retirement of your dreams and live a rich, rewarding life along the way, says Elle Kaplan founding partner of LexION Capital Management in New York. Big assumptions can get you into a lot of trouble down the line.

You’d never get in a car without an idea of your endpoint and think, “I hope I just end up in the right place,” Kaplan explains. You would, of course, carefully choose your destination and the best route to get there. Your financial life is no different, Kaplan says: You need a retirement road map that is customized to fit your individual situation and goals.

“Every assumption you make should be extremely conservative,” Kaplan says. “Plan like you’ll live to be 100, and make contingency plans for everything. Your plan should take into account all the factors that might affect you in retirement, like each and every one of your anticipated expenses, what you’ll be receiving in Social Security, what kind of investment risks you’re able to tolerate, and so on.

“Your savings become your paycheck and must last the rest of your life,” she adds. It’s easy to find ways to spend extra money but much more difficult to deal with a shortfall.”

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