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Are You Ready to Calculate Your Income Potential?

October 4, 2024 By E.J. Smith - Your Survival Guy

By ImageFlow @ Adobe Stock

You read here about how hard it can be to spend money, especially in retirement. It’s not easy for successful Americans on Main Street, to whom I write, to let go of the purse strings. When you spend your entire adult life working and saving, it’s hard to let go—to rely on other sources of income to live your life. I know this because you tell me.

In my conversations with you, we talk about the psychology of no longer getting a paycheck. Yes, it’s nice having the option not to work, but at least when you were working, you knew how to make your financial life work. Now there’s uncertainty, and that’s not a great feeling.

Recently, I reviewed the annual draw rate with clients of mine. And, not surprisingly, what they spend is well below four percent and, in fact, is below three percent in many cases. Nice.

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When you get below three percent and realize your income needs are mostly met by dividends and interest, you realize prices aren’t your biggest concern. Being paid is what matters most, not necessarily what prices do. Prices are qualitative. They’re opinions of the mass market. Separate yourself from the crowd. Focus on the quantitative. Focus on your income.

Action Line: Hoping and praying for prices to do something for you is not investing—it’s a form of speculation. When you’re ready to look at your portfolio’s income potential, let’s talk. But only if you’re serious. Email me at ejsmith@yoursurvivalguy.com

Originally posted on Your Survival Guy.

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E.J. Smith - Your Survival Guy
E.J. Smith - Your Survival Guy
E.J. Smith is Founder of YourSurvivalGuy.com, Managing Director at Richard C. Young & Co., Ltd., a Managing Editor of Richardcyoung.com, and Editor-in-Chief of Youngresearch.com. His focus at all times is on preparing clients and readers for “Times Like These.” E.J. graduated from Babson College in Wellesley, Massachusetts, with a B.S. in finance and investments. In 1995, E.J. began his investment career at Fidelity Investments in Boston before joining Richard C. Young & Co., Ltd. in 1998.

E.J. has trained at Sig Sauer Academy in Epping, NH, NH, where he completed course-work in Practical and Defensive Handgun, Conceal Carry Pistol, Shotguns, Precision Scope Rifle and Kidnapping Prevention.

E.J. plays a Yamaha Recording Custom drum set with Zilldjian cymbals. His first drum set was a 5-piece Slingerland with Zildjians. He grew-up worshiping Neil Peart (RIP) of the band Rush, and loves the song Tom Sawyer—the name of his family’s boat, a Grady-White Canyon 306. He grew up in Mattapoisett, MA, an idyllic small town on the water near Cape Cod. He spends time in Newport, RI and Bartlett, NH—both as far away from Wall Street as one could mentally get. The Newport office is on a quiet, tree lined street not far from the harbor and the log cabin in Bartlett, NH, the “Live Free or Die” state, sits on the edge of the White Mountain National Forest. He enjoys spending time in Key West (RIP JB) and Paris.

Please get in touch with E.J. at ejsmith@yoursurvivalguy.com

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E.J. Smith - Your Survival Guy
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