You never know when you’re going to pick up a nugget of wisdom. Wisdom that can last a lifetime. In a world loaded with information, wisdom is in short supply. Don’t confuse the two.
Your Survival Guy was speaking with a client this week. He’s in his early sixties, and he’s ready to retire in a year or two. We talked about his portfolio, his savings, his 401(k) that he’ll roll over to Fidelity, his asset allocation, and how we’ll transition it when he needs to begin drawing from it.
“You know how I feel about asset allocation and the efficient frontier,” I said.
“I know you’ve been writing about it,” he said. “But how much can I take without putting too much strain on the portfolio?” he asked.
“We’ll come up with a plan,” I said. “We’ve got time.”
“Sounds good.”
Then we kept talking for a while longer. He told me about his uncle, who was a real character. “He would take me fishing when I was a kid,” he said. “One day, it started raining, and I suggested we leave, asking, ‘Should we go?’”
“The fish don’t know it’s raining,” his uncle said. “Keep talking, and you’re gonna scare ‘em away.”
Then, one day, years later, his uncle retired.
That first week, he went to Staples because he needed to buy a printer.
“No big deal,” my client said. “But after he paid for it, he told me that’s when it hit him like a ton of bricks. As he walked to his car, he realized he’d never see that money again.”
Never to be replaced by a paycheck, that is.
He said to his nephew. “When you can no longer replace your spending with a paycheck, it’s not a great feeling. Remember that,” he said.
“And I’ve never forgotten,” the nephew told me.
Action Line: Life’s lessons. You never know when you’ll get them. But hold onto them when you do. Because one way or the other, you will learn. When you’re ready to tell me about your life, I’m here.
E.J. Smith - Your Survival Guy
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