You read Investing Mistakes to Avoid: #10 Picked Off First on June 9, and learned that “When you have some money, or in my example, get a hit, you need to protect yourself. You can’t afford to be picked off and sent to the dugout.” Mike responded to the post with a great story about his dad doing some great prior planning. He wrote:
E.J.,
Excellent point!
When my dad, a pitcher for the Cal Bears (UC, Berkeley), got picked off first, he told me it was a very long walk back to the dugout. Fortunately, he did much better in his retirement setup, and my mom gets a pension, Social Security, and owns her house free and clear. My dad, who passed away in 2015, took less take-home pay and maxed out his retirement income, greatly benefitting my mom to this day. He took few risks with investment income, and it was around well after he retired.
Many thanks,
Mike
Action Line: Be a prior planner. Save ’til it hurts. When you want some help, let’s talk.
