You may not realize this, but your kids/grandkids are listening to you. How does Your Survival Guy know? Because they tell me. More on that in a minute.
Yesterday, for example, I spoke with a daughter and son-in-law of yours and, later in the day, a grandson. The first conversation was focused on traveling along the road to saving for retirement, while the other was about starting out a lifetime of saving and building a career.
“But we don’t have enough to meet your minimum,” they always say.
“There is no minimum for you,” I say. “Once a member of your family is in the door, you’re good to go.”
What if you’re looking to become the first client in your family? If you have some savings—our current minimum for investment is $500,000—the door’s wide open. Add up your IRAs and brokerage accounts, and you’re probably there.
Now if you’re already a client, not to bring up a dire subject, but there’s a chance I’ll be speaking with the next generation at some point, don’t you think? Doesn’t it make sense that they get to know me sooner rather than later?
Back to how I know they’re listening to you. They make statements like this. “My grandfather, grandmother, mom, or dad say we/I should”:
- Invest like a Prudent Man
- Focus on compound interest
- Buy dividend paying stocks
- Have some bonds in my portfolio
- Avoid 12b-1 fees.
“Do you know what they’re talking about?”
Action Line: Keep talkin’ to them. They’re listening. When you’re ready to talk with me, let me know.
P.S. Sometimes, they ask me about bitcoin and cryptocurrencies. I hope they didn’t get that from you.
E.J. Smith - Your Survival Guy
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