Sunday, June 21, 2015

Investing advice for a 70 year old

Why do you being a 70-year old want to be richer? By statistics, which never lie, you have about ten years (actually more for contingent statistics)  to live plus or minus five days :). Investing is very emotional and it can damage your health. Inheritance is good for the next generation, but it should not be your primary reason to make more money. In addition, 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 ought to constantly keep our minds active. However, you're competing with veteran professionals in the stock market. Do not turn your life savings into a very expensive hobby. One way to beat them is to invest when everyone is selling and vice versa. It is easier said than done as most of us let emotions make our investing decisions.

If you could live to your eighth decade, you've beaten the odds and the social security system which was designed that a population will not live that long. Just have a big smile and a fulfilling 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 :).

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