One BAD Decision Ruined His Retirement

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Streamline Financial

Күн бұрын

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@StreamlineFinancial 3 ай бұрын

Let me know if you like this type of video by clicking the Like Button above. 👍

@StephenMPetty 3 ай бұрын

I had around 30k net Worth in 2012 at age 28 when i bought my first home in LA. Then got a second home in 2017 and rent my first one. Now today at 40 years old with a family of 7 i have around 1.1M net worth. And making under 100k in the past 10 years. Hope i am on track to having over 5M by the time i retire. Finances are exponential. Live above your means, borrow, and your debt can spiral exponentially. Live below your means, invest, and your net worth can grow exponentially.

@dpol4883 3 ай бұрын

The case study and examples is very helpful. Thank you!

@jpturner171 3 ай бұрын

Great story and comparison Dave! So true about the doom & gloom people … learned this with the first financial crisis we experienced back in the 80s. My mom and dad, God bless them, told me to stay the course and compared a stock market drop to a fire sale at a discount chain. Semper Fi!❤️🇺🇸

@rickdunn3883 3 ай бұрын

This is good advice. What Kevin did is NOT unusual. He locked in his loss. Folks: the market will crash, we don't know when, but it Always has come back. Don't sell.

@robb8773 2 ай бұрын

Many of my friends made the same mistake to pull out of the market in 2020! I lost $550K that year but more than tripled in gains since!

@DiegoVelasquez-r3x 2 ай бұрын

I’m worried about retirement planning and I want to ensure a comfortable future. I’ve worked hard my entire life and I want to enjoy the fruits of my labor without financial stress. I’m really concerned about whether I’ve saved enough and invested wisely.

@dforrest4503 3 ай бұрын

The buckets are key, along with being able to keep expenses low (if needed).

@pensacola321 3 ай бұрын

I retired in late 2007. Believe me, I get it. But we had a solid plan, and we got through it. Have a decent amount of fixed income and don't panic. And you don't need to be perfect to be successful.

@waynewelter 3 ай бұрын

I've heard the quote, "Time in the market is better than timing the market." Nice simple rule of thumb I keep top of mind when I start thinking I know more than all of the Wall Street types.

@ttcostadc 3 ай бұрын

Makes so much sense.. Thank you.

@dnk4559 2 ай бұрын

Thank you!

@StreamlineFinancial Ай бұрын

You're welcome!

@Pje3ski 3 ай бұрын

The market is going to crash! If you predict this every month you will be right once in a while.

@arymniak1 3 ай бұрын

It’s the end of the world as we know it, and I feel fine.

@hownwen 3 ай бұрын

The serenity prayer...

@sarahthompson5066 3 ай бұрын

Very wise advice. What you didn't say was Jane felt in control by doing those things (no matter how small) that she could. When the market is out of control, just doing something (like cutting your expenses) gives you the sense of being in control because you are doing something. Sitting around is scary. I appreciate your perspective and will share this video with my husband.

@somai_1 3 ай бұрын

What type of investments did she have for low term and mid term?

@normahampton1702 Ай бұрын

I don't understand how Jane was able to do a Roth conversion. According to your story, she was fully retired. My understanding is that you need to have earned income in order to do a Roth conversion. I see this advice all the time as a tax planning strategy, but I just don't understand how to make it work if you've fully retired, with passive (no earned) income. What am I missing????

@Lemariecooper 3 ай бұрын

I plan to retire or reduce my work hours in five years, and I'm interested in how others allocate their income between savings, spending, and investments. I currently earn about $175K annually but haven't built up much in savings so far.

@MichaelToub 3 ай бұрын

Great Video!

@DianeH-pv6ox 2 ай бұрын

Thanks!

@jonschmitz7189 Ай бұрын

What was the one thing?

@cayankeelord3730 3 ай бұрын

As the old saying says, "Don't kill the goose that lays the golden eggs". The last thing you want to do is pullout and spend your principal. Siphoning off your dividends is the name of the game if it's an income stream you're after. Got big gainers that you think are going sideways and the growth phase is done? ( At least in your best guess ) Then sell some or all of that stock, set aside the tax money and/or sell off some losers to cover the capital gains and reinvest in one or more good strong ETF's for some diversity. It's not hard to find some solid ETF's the generate 10%+ annual yield. I'm currently holding JEPQ, TLTW and a few other good strong income generators that pay a MONTHLY dividend into my ROTH. It's your money, you worked hard for it, now make those dollars go out and work for you! I'm in retirement, so I'm more interested in an income stream rather than building additional wealth. Your the boss of your own money, director of your own destiny. Don't blow it!

@DillonMcGlinn 3 ай бұрын

Really good video Dave. One of your best. Useful actionable info.

@kimhayes3828 3 ай бұрын

Dang, I've saved my money but am nowhere close to Jane as regards bucket size! Well done Jane!😂

@terrianderson9132 2 ай бұрын

What do you think about taking a portion of your 401K and putting it into an annuity?

@o4ktr33123 Ай бұрын

Many annuities don't adjust the payment for inflation, which becomes more significant every year.

@josephj6521 3 ай бұрын

I was silly. During the covid stock price falls, I only bought a few thousand of dollars of stock. I should’ve had the confidence to buy more. That stock I bought is up 3 times (with dividends). I’m not retired but I usually have spare cash during downturns to buy top 100 company stocks or an ETF. I don’t go for risky companies. Referring to doom & gloom KZbin videos. I’ve become tired of their clickbait lies. I’ve unsubscribed and blocked some channels so I may concentrate on what I think is the best strategy. They base their info on fairytales.

@ivanvarykino8202 3 ай бұрын

This is why the saying "Cash is King" is oft repeated. It won't make you rich. But it can keep you grounded and from becoming poor.

@enonknives5449 3 ай бұрын

Tax loss harvesting doesn't work for people who have most or all of their retirement assets in tax-deferred accounts.

@zoomzoom3950 3 ай бұрын

One of the key metrics I track (for many years) is change in market value of my accounts. I take the most recent 5 or so years and calculate the average; and I also consider the change in each of those years, to estimate the next/coming year could be. As long as my estimated change in market value for next year is greater than what I need to withdraw, I will be growing my investments. As the next year progresses, I can adjust the withdrawals throughout the year if needed. If the market is down, I will use non-investment sources to cover, and not withdraw at a loss. When the market is up, I may take a larger withdrawal to replenish my non-investment sources. Unless there is some extraordinary reason, in an up market I will not withdraw above 50% of my estimated or actual change in market value from each account. Anything above what I need for living expenses and replenishing is reinvested. It keeps things relatively simple. All of the above calculations include inflation, rate of returns, variations, etc. at a conservative value (e.g., 5% return) I also do a similar calculations for my expected/actual combined income tax, and adjust to stay in or below a specific tax bracket.

@trig33kgirl 3 ай бұрын

Oh no, poor Kevin

@buyerclub2 3 ай бұрын

You got me scared. I thought you were going to tell people to buy fixed income( bonds) at a 60/40 ratio. But you didn't. You basically told people to have a enough cash and liquid investments to weather storms. And I agree with that. I believe the ratio for bonds to stock, is greatly dependent on how much of your expenditures needs to be covered by the portfolio. If it is the traditional 4% or even close, a 60/40 ratio does make sense. But if you are 2% or under,, than you can be much more aggressive. And in the long term, as equities will out perform FI. But again, in the short term. No matter what your portfolio percentage withdrawal rate is. (Have enough liquid to cover at least a year if not longer. Hope you agree, but even more important, if you don't tell me why. Now of course there is the argument that you SHOULD spend enough to make your portfolio withdrawal. that 4%. And I do NOT think that needs to be major priority.

@CBearLandkirk6076 3 ай бұрын

He got married 😂

@mrvaltinho Ай бұрын

LOL. Why not mention the names of the big doomsday advisors? I think your audience could benefit immensely from it: Robert Kyosaki, Susan Orman, Peter Schiff, Jeremy Grantham, Robert Prechter, Nouriel Roubini, Harry Dent, Steven Van Mitre, etc. The supply of Bozos is endless.