First, why you being a 70-year old want to become richer? By statistics which never lies, you have about 10 years to live plus or minus 5 days. Investing is very emotional and damaging to your health. I ask myself the same question. I do not think inheritance is good for the next generation and it would take out their objective in life and fun in creating wealth. They should inherit enough to start something and nothing more.
I agree that we should keep our minds active. However, you're competing with professionals and swimming with sharks. You do not want to turn it into a very expensive hobby. One way to beat them is to invest when every one is selling and vice versa.
When you live that old, you've beaten the social security system which was designed for average folks not living that old. Just have a big smile and a big day, do not let the market control your mood. Like my late mother said: Every day you wake up alive and feel no pain, you've earned another day that is more important than all the gold in the world. :)
-------
(c) TonyP4 2012. Written in 3/31/12. Last updated in 5/16/12.
Disclaimer:
Do not gamble your money you cannot afford to lose. Past performance is a guideline and does not guarantee future performance.
All my posts are for informational purposes only. I'm not a professional investment counselor. Seek one before you make any investment decision.
Subscribe to:
Post Comments (Atom)
Great words from your late mom. Even at 70, learning never stops and I learned something today. Thanks.
ReplyDeleteAs for myself, you reflected my thoughts exactly: At70, you earn income from your hard earned money - live the next 10 or 15 years. Never mind the kids. They can look after themselves. You have done enough to educate them, clothe them and feed them. IMHO anyway. Many may not agree but I take a very pragmatic approach.
Thanks again. I am comfortable with my pension, dividend income and some spare money tucked away as ready cash - in case my wifey wants to get upto speed and wants some time to do that. No debts. This is the only way to go.