IRA’S have been the ‘Ugly Duckling’ of Investments. This Ugly Duckling has turned into the proverbial ‘Swan’ as IRA’s account for more than 8.2 TRILLION DOLLARS of Americans’ Retirement Assets, and more than 42 MILLION households count on IRA’s to fund their retirement. IRA’s started off SIMPLE in 1974. But like our TAX CODE have grown more and more complex. These complex rules often lead to mistakes. AND THESE MISTAKES CAN BE TERRIBLY COSTLY. Today we’ll go over 5 mistakes you simply cannot afford to make with your IRA account.
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It's not easy for investors to make their own quality financial decisions today. Successful long-term investment planning increasingly is too complex, specialized and challenging to be an avocation and requires professionals with specialized knowledge and expertise. A case can be made that there is a need for a new competency; a new standard for investment advice.
We all have heroes. For my son in college, it's Ernest Hemingway. I'm waiting for the call that he is going to run with the bulls in Pamplona. One of my heroes in the world of finance is Byron Wien. While Warren Buffett and Carl Icahn may get the press, in the inner circle of investment strategists there are few more respected. In a world of 24 hour business news, there is no shortage of 'experts'. In my opinion, most of what we get is worthless pablum. There are a handful of smart individuals whose thoughts I take quite seriously, and over time I hope to introduce them to you in this forum. Mr.Wien is one of those individuals.
My intent with this space is to hopefully provide a small bit of knowledge and wisdom to help you better manage your wealth and perhaps avoid a few financial bumps in the road in the process. As I mentioned last month: why do we work to accumulate wealth and manage it? I think for the majority of us, it is to fund our life, our goals and our aspirations - the big things and small things that we call life.
Let's be very direct. We invest our hard earned money to earn a decent return, preserve and grow our wealth and allow that wealth to fund our aspirations, goals and hopes. Whether it is a comfortable retirement with the peace of mind this brings or to send our kids and grandchildren to college; we invest so we can afford to fund what is important to us.
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