Between all of the blogs, podcasts, YouTube shows and media appearances produced by our content team at Ritholtz Wealth Management, we get a lot of questions from our audience.
So we set up an email exclusively for those questions.
Sometimes, people reach out with specific questions about taxes, investing, saving, and all of the other finance-related questions they have about their money.
But I’ve noticed that most of the personal questions tend to be related to the big life events — graduating college, starting a new job, getting married, buying a house, having kids, divorce, retirement, and death.
Many people who work in the wealth management industry assume prospective clients will contact them when they need help with their finances, and that is the case for some people.
However, most people seek financial advice when life intervenes.
Recently, we received an email from a guy in his late-40s who dropped a bombshell:
Married, both 47, no kids. We both got our lives upended by two major, long-term, life-altering health diagnoses in the last two years. Unless science really pulls a rabbit out of a hat, it’s a matter of when, not if, we’ll both be forced to stop working.
We’re all living on borrowed time but some people are more aware of their countdown clock than others.
I feel for this couple.
Sometimes life forces your hand and you don’t have a say in the matter.
The last thing you want to worry about in these types of moments is money. Luckily, this couple gave themselves a big margin of safety when it comes to their finances. They saved a ton of money and shouldn’t have to worry about their financial plan.
There are so many elements of the financial planning process that are out of your hands — market returns, interest rates, inflation, tax rates, the timing of bull/bear markets, etc.
When it comes to your health, sometimes that’s out of your control too.
JP Morgan has some data that shows the expectations vs. reality when it comes to the timing of retirement:
Many retirees end up hanging it up a few years earlier than expected due to health, work, financial or other reasons.
Setting realistic expectations is a helpful part of the planning process but oftentimes those expectations get upended.
Life is unexpected and often unfair in many ways.
You can do all the right things and plan for a host of eventualities but sometimes it doesn’t matter. Life can get in the way regardless of your plans.
So you do the best you can. You save. You give yourself a margin of safety. You enjoy yourself today while planning for tomorrow.
Then you roll with the punches depending on what life throws your way.
If you have a question, email us here: askthecompoundshow@gmail.com
Check out the latest edition of Ask the Compound for more information on this question:
Is Private Equity Buying All the Houses?
This content, which contains security-related opinions and/or information, is provided for informational purposes only and should not be relied upon in any manner as professional advice, or an endorsement of any practices, products or services. There can be no guarantees or assurances that the views expressed here will be applicable for any particular facts or circumstances, and should not be relied upon in any manner. You should consult your own advisers as to legal, business, tax, and other related matters concerning any investment.
The commentary in this “post” (including any related blog, podcasts, videos, and social media) reflects the personal opinions, viewpoints, and analyses of the Ritholtz Wealth Management employees providing such comments, and should not be regarded the views of Ritholtz Wealth Management LLC. or its respective affiliates or as a description of advisory services provided by Ritholtz Wealth Management or performance returns of any Ritholtz Wealth Management Investments client.
References to any securities or digital assets, or performance data, are for illustrative purposes only and do not constitute an investment recommendation or offer to provide investment advisory services. Charts and graphs provided within are for informational purposes solely and should not be relied upon when making any investment decision. Past performance is not indicative of future results. The content speaks only as of the date indicated. Any projections, estimates, forecasts, targets, prospects, and/or opinions expressed in these materials are subject to change without notice and may differ or be contrary to opinions expressed by others.
The Compound Media, Inc., an affiliate of Ritholtz Wealth Management, receives payment from various entities for advertisements in affiliated podcasts, blogs and emails. Inclusion of such advertisements does not constitute or imply endorsement, sponsorship or recommendation thereof, or any affiliation therewith, by the Content Creator or by Ritholtz Wealth Management or any of its employees. Investments in securities involve the risk of loss. For additional advertisement disclaimers see here: https://www.ritholtzwealth.com/advertising-disclaimers
Please see disclosures here.
