READER RESPONSE: Picked Off First

June 19, 2023 By E.J. Smith - Your Survival Guy

By Split Second Photography @ Shutterstock.com

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.

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E.J. Smith - Your Survival Guy

E.J. Smith is Founder of YourSurvivalGuy.com, Managing Director at Richard C. Young & Co., Ltd., a Managing Editor of Richardcyoung.com, and Editor-in-Chief of Youngresearch.com. His focus at all times is on preparing clients and readers for “Times Like These.” E.J. graduated from Babson College in Wellesley, Massachusetts, with a B.S. in finance and investments. In 1995, E.J. began his investment career at Fidelity Investments in Boston before joining Richard C. Young & Co., Ltd. in 1998. E.J. has trained at Sig Sauer Academy in Epping, NH. His first drum set was a 5-piece Slingerland with Zildjians. He grew-up worshiping Neil Peart (RIP) of the band Rush, and loves the song Tom Sawyer—the name of his family’s boat, a Grady-White Canyon 306. He grew up in Mattapoisett, MA, an idyllic small town on the water near Cape Cod. He spends time in Newport, RI and Bartlett, NH—both as far away from Wall Street as one could mentally get. The Newport office is on a quiet, tree lined street not far from the harbor and the log cabin in Bartlett, NH, the “Live Free or Die” state, sits on the edge of the White Mountain National Forest. He enjoys spending time in Key West (RIP JB) and Paris. Please get in touch with E.J. at ejsmith@yoursurvivalguy.com To sign up for my free monthly Survive & Thrive letter, click here.

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