Even after the financial crisis of 2008 retirees continue to be victims of lies and myths of Wall Street and the financial media. So-called gurus and experts manipulate statistics to convince you-not educate you-that if you don’t invest the way they suggest you are in great danger of outliving your money. Here are two popular myths you should ignore if you want to protect your nest egg.
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Why would a financial planner who specializes in retirement planning be telling you that financial plans are useless?
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I don’t think it was a big secret when Joan Rivers passed away that she was still working at the tender age of 81. And I’m pretty sure she didn’t need the money! So the question I have for you is…Do you think Joan Rivers was a failure for not enjoying retirement? I could be wrong but I don’t think so. To me, an incredible retirement means being able to do what you want, when you want, where you want.
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Recently I watched a short video interview of Nobel prize-winning Yale economist Robert Shiller. He has owned his own home for over 32 years and stated that after adjusting for inflation he doesn’t think the value of his own home has increased at all. He went on to say that a home is only a good investment if you are a professional and really know what you’re doing. But for the average homeowner, your home is really not that great of an investment.
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You’ve probably gotten one of these in the mail like my wife did recently. It’s an invitation from a complete stranger to join them for dinner at a high end restaurant. In this case we can even pick between Jack’s Steakhouse, Ruth’s Chris Steakhouse or Mitchell’s Fish Market. We can even bring friends with us. Free food at a fancy restaurant, sign me up! Wouldn’t it be great if I could take my wife to one of these dinners for her birthday or our anniversary?
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