Podcast: How to Retire Cash-Rich
Do you wonder if you're doing enough for retirement at this point in your life? I often do as I figure that Social Security will be history or getting to be history by the time I retire (not that one could really live fully on Social Security anyway). Jim Schlagheck, author of Cash-Rich Retirement: Use the Investing Techniques of the Mega-Wealthy to Secure Your Retirement Future
talks with us today about retirement, where to put your money, how to save, whether real estate is a good investment and finally, about the upcoming election and how it might affect the economy.You can listen directly -- no downloads needed -- by going here and clicking on the gray Flash player. You can download the file and listen at your leisure by clicking right here. And you can get a lo-fi version suitable for dialup, cellphones, etc. by going here and selecting the lo-fi option. And of course, you can get a free subscription via iTunes -- and it's free.
Music is by Mobius Dick. Show archives are at GlennandHelenShow.com.
Labels: Podcasts
posted by Helen at 8:05 AM
17 Comments:
I'm ensuring my retirement. My husband was promoted to upper management in a Fortune 500 company.
If we can do it, you can. You don't need to save, you need to work.
This was an excellent interview on an important topic. I'm definitely goint to have to put this book on my reading list.
I would also highly recommend:
The Intelligent Investor, by Benjamin Graham. The definitive book on value investing.
Cocktail Economics, by Victor Canto. An excellent book on investment strategies.
As to the previous comment on working vs. saving, this, I think, is a perfect example of misplaced priorities. It isn't a question of working--everyone works. It's a matter of working hard or working smart. In other words, it's a question of working for money or making money work for you.
The real money is making money. This is the most important distinction to make. Salary is not money; it's income, which must be divided into expenses and savings. The secret to building wealth, regardless of salary or income, is to minimize expenses and maximize savings so to invest capital into income-generating assets.
When you have money--that is, when your money is making money, working and generating income for you, you're free. You can do what you want.
When you have debt--that is, when your income is going mostly toward expenses, with little toward savings and none toward investments, you're a slave. All you can do is work.
It comes down to this, making your money work for you or you working for someone else's money, which is making money for him. I'll leave it for subsequent commenters to decide which of these two is the more American.
There are talkers and workers.
My husband works and earns a ton of money. I stay home and manage the money.
Then there are talkers. Gawainsghost, you don't want to be a talker.
Lydia,
Does that mean when you retire you become a talker? What happens when your husband retires and is no longer earning "... a ton of money"?
The point is, you have to earn money yes, but you also have to save and invest that money intelligently. The more your savings earn the more stability you have. Retirement, injury, death, all these things but a major crimp in your ability to earn.
More money than you can spend => cram it into every tax-free place it can go - not only the 401k (company matching funds, by the way) but IRAs, muni bonds and the like
After running out of tax-free places to stuff the money, stuff some more in the mattress, in mutual funds (Vanguard S&P500 Index Fund or any index fund) and in the bank.
Then sit back with a lemonade.
By the way, hubby bought me a new Caddy when he got promoted.
A Mercedes would have been better, but I'm not arguing.
Oh my. At least we can all agree that Lydia has her priorities in order.
Lydia, I believe the point the author is trying to make is that even those who aren't "making a ton of money" can retire more comfortably than they would otherwise.
To all,
I suspect Lydia is just one of our regular trolls trying to get on here to irritate people. Please ignore here if you can.
Well, obviously some are more concerned with salary and status than they are with wealth.
As far as I can tell, all that the above commenter has accomplished in her life is finding some high-salaried employee--who blows his money on cars, which depreciate 30% when driven off the lot--that she can have sex with.
Clap. Clap. Clap. Wow, that's a strategy for long-term investment, isn't it?
Thank you for the warm welcome, Helen!
Envy can be a strange emotion.
I'm thinking what happened here is that kids were talking about how to earn more on a paper route, and a bigger kid with a real job showed up. It just kind of saps the motivation.
Well, sorry for the details. I can discuss specific mutual funds and otherwise shut my mouth.
Index funds: Low management fees, zero front-end fees (if you pick the right ones), performance above 2/3 of the managed funds (yes, you read that right).
Index funds based on the S&P 500 index are a good investment, in my opinion. Something strange: Most MANAGED FUNDS underperform INDEX FUNDS (index funds are just funds that robotically, automatically follow some index, like the DOW or whatever).
To clarify what I just said: Index funds in the same risk category do better than 2/3 of the managed funds in that category. That means a lot of managers don't know what they're doing (and maybe the others are just lucky).
Don't pay a money manager to give you WORSE results. Don't pay one at all.
I have no desire to retire: I didn't spend all these years maturing and learning just to attain a second adolescence. I desire to work as long as I can.
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