Using the principle of the 3 D’s (Discipline, Diversification, Dollar Cost Averaging) any financial goal can be achieved.
Every Financial principle that is taught can be accompanied by a story. Stories reinforce knowledge and are arguably one of the best methods for sharing information.
The story of the stool (retirement) reinforces the need for discipline and diversification.
In this story, our stool has 3 legs: leg #1 is Social Security, leg #2 is a Pension and leg #3 is our personal investments. Leg #1 is different for each person depending on their age; those closer to 62 have higher expectations. Leg #2 is guaranteed, the issue is that fewer people have these guarantees than ever before and fewer are being offered.
So, if #1 is in doubt and #2 is not available, then a strong focus on #3 makes sense. Developing a plan that follows a strategy, commits to layering money and limiting the affect of TIF using the 3D’s.
We do not have the good times we deserve when we sit on broken stools or use broken clocks.
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