Practical Lessons for Your Financial Life (Collection)

Chapter 11. Be Clear About What You Have and What You Don’t Have

This principle of investing—a particularly important one during an economic downturn—doesn’t always get the attention it deserves. In the current economic climate, this bears repeating: If you have something, you have it. If you don’t, you don’t.

As you consider financial independence, you need to carefully evaluate your assets, resources, and goals and then work with your advisor to plan a smooth, strategic entry into your retirement lifestyle. Regardless of how much planning you do, you can be surprised by unexpected results from mistakes, economic downturns, and other unforeseen events that can affect the intended direction. A financial cushion is critical to prepare yourself ...