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Know Thyself Highly Successful, Fairly Wealthy People

April 26, 2023 By E.J. Smith - Your Survival Guy

By Yury Zap @ Shutterstock.com

If you’ve followed my number one habit of highly successful people, saving money, then chances are you’re fairly wealthy. You put time on your side, and you compounded money. Explaining how you did it is hard. You just did. You put water in your Cheerios. You saved ‘til it hurt.

Life Comes at You Fast. Slow It Down with My Friday Email. It’s Free.

Now you’ve got a pile of money, and the stakes are high. You don’t have the time you did when you were younger. You can’t do it all over again. When we look back in time, we tend to put today’s self into that younger person. Our mind plays tricks on us. That person, with all of today’s wisdom, didn’t exist. We tend to give ourselves too much credit.

The habit of saving is not the same as the skill of investing.

Looking ahead, will you have the wisdom to be a seasoned, skilled investor? Saving money, accumulating assets, and working like a dog are not the qualities of a seasoned investor. They’re the habits of a saver. Wonderful habits, yet different than investing.

When you work with hundreds of investors and hundreds of millions of dollars, like Your Survival Guy does, you get a sense of what it takes to be a successful investor. To be a shepherd of savings through the skill of investing.

Because you worked so hard for what you have, it’s nearly impossible to take an unemotional approach to retirement investing. You don’t have a paycheck. Your number one habit— saving—is over. Now you’re spending. The experience you have as a retirement investor is similar to when you were just starting out as a saver. It’s scary.

And the person you are today will never have as much experience as who you will be tomorrow. Investing in the school of hard knocks is not an education I wish upon anyone.

Action Line: Stick with me, highly successful, fairly wealthy people. We’ll get through this.

Originally posted on Your Survival Guy. 

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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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