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Your Survival Guy’s Great Year Picking Some Lessons Learned

December 13, 2022 By E.J. Smith - Your Survival Guy

By nialowwa @ Shutterstock.com

Let’s get this out of the way. If you’ve been with me, it’s been a great year. As I’ve said before, slow and steady wins the race and, just as important, finishes it too. For those tangled up in crypto, FTX, et al. the game is over—there’s no more time on the clock.

And the finish line comes up quick. For a number of my valued customers and readers like you, this year was the end of the road for your careers. It wasn’t a surprise because it’s what we have spent years talking about regarding your savings and investments. And creating a comfortable exit plan is what we’ve focused on.

Take a doctor client of mine, for example, who wanted to make sure his staff was well cared for when he departed. We talked about creating rollover IRAs for their profit-sharing/401(k) plans and keeping them under our management. It’s just part of what made this transition better for him so he could continue to sleep well at night.

In another example, we talked about some of your early experiences in your illustrious career. But it wasn’t always that way. You remember when you ran the produce section of a grocery store, and what you liked most was the instant feedback. You didn’t need consultants to tell you what customers loved. If the top apples were bruised, then the customer believed the best ones were on the bottom, creating a mess in aisle one. If the green beans weren’t perfect, they’d be picked through—with the ones left behind wondering what they did wrong. That’s no way to live. Don’t make the customers do your work for you. Do the picking behind closed doors. Beans have feelings too.

As an aside, when I was working at Fidelity in my early 20s, my dad and I met up at Babson to hear a few speakers and grab dinner afterward. One speaker was Staples founder Tom Stemberg. His message to students and young professionals like me was not to be in a rush to start a business. Learn as much as you can from every job you have and build a quiver of experiences. You can be an entrepreneur inside a major company. Lesson learned.

Action Line: My favorite investment is in YOU. And it turns out that’s been yours too. I know this because I see it every month on your Fidelity statements. Let’s go.

Originally posted on Your Survival Guy.

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  • Author
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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 and Paris.

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

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