It’s pretty clear that Donald Trump views virtually everything from the prism of winning and losing. And every issue is looked at with a very short term horizon. There does not appear to be any satisfaction derived by developing a long-term strategy, methodically implementing it, and seeing the seeds planted blossom into a beautiful garden that is sustainable and beneficial to all.
Last week I discussed research showing the correlation between wealth and education. The Federal Reserve followed up with additional research about wealth and demographics, the subject of this post. More specifically, wealth and age. Not surprisingly, the older a household is the more wealth has been generated since people have had more time to save and invest.
With the baby boomers starting to descend down the other side of the hill with millions soon following, retirement planning has understandably become not only very important but a big business as well. Most of what future retirees and financial advisors focus on is how to prepare financially so that not only can people have the choice to retire but once they do they don’t outlive their money.
With this being a Labor Day week I thought I would take it a little easier and outsource this week’s investment wisdom to a Wall Street legend, Byron Wien. He put together some of the most important lessons of his first 80 years and they represent some of the best advice I have ever read.