Fox Business
Expand
Browse All Video
Watch Live

You're watching...

How you can win the retirement game

Details

  • Description

    Ken Mahoney breaks down the top 5 mistakes people make when saving for their retirement.

  • Duration 5:37
  • Date

Clips

Also in this playlist...

Latest Video

Auto-advance: ON

Auto-advance
View All

Transcript

This transcript is automatically generated

Related but first we want to kick things off with a look at a new Gallup poll that's out today showing that people are becoming increasingly concerned that they won't have enough to save up.

So they can retire comfortably use our next guest is gonna talk at all about that we -- Ken Mahony -- president CEO.

Of Mahoney asset management and the author -- can I retired or GPS.

For retirement and can I know you sort of have a list of -- -- you go through.

Why GPS is you look at this is kind of a journey you can go through that I think people that's instructions and get yeah.

By the silly -- out there they talk about beta coefficient and elasticity of demand and under the nose at them exactly so.

Has yet but I get somewhere in my wife and I don't quite often I would go to a wedding on how to deliver.

If you guys just -- ask directions it wouldn't be that big he's out there I'm it was a little bit.

Lady on the computer tells you -- them away from the deal if your wife doesn't make a right you don't make a right but it Minnie tells you to make -- right and you go and we and sure enough to get there right now.

The go and tomorrow's very listen to the women were giving directions but we've we've strayed -- -- a factor retirement at the same thing just listen to what your wife tells you -- get there.

Well -- -- the biggest mystery.

That's somewhere that some of his mistakes that investors make -- kind of think about the Super Bowl Sunday we can learn a lot from nineteen -- or not this one investors love the -- the look at of the twenty yard line.

Take this now.

Drop back into hell -- still held there isn't a war people drop and a bucket college town there all your soda that they had found something.

-- concluded that way or another yeah.

But for most often though doesn't work what happens and the note held -- they dropped the pass it gets intercept and on back for six.

And the investors and say gee you know now bomb represents going for a bit a big gain -- Now -- -- technology stock want.

All right we're right -- right and we you know people want these big gains but in order to get -- -- take a big risk but we look chances I haven't.

-- -- -- problem though I didn't do that investors say I don't wanna invest anymore unless even more because they got burned then that's that's speculating.

This is what they should do.

Get to twenty yard line they'd like Joseph Montana and original intent back to back to forty niners surgical he was methodical dump -- -- Jerry Rice seven yard -- But already -- that investing in if you want to talk about it in terms of football but so let's.

But -- walk us through how you do that when you're managing your money.

Are you a sustained rises like Joseph Montana what you wanna do is have a diversification you -- -- mutual funds you what's Moody's.

Diversified mutual funds that you can make sustained gains over many many years.

The compound.

The -- returns and Tom returns.

Really can get into the end -- please anybody benefit of that office when it comes to investing in -- we did not -- those -- there's not doing the flea -- not doing the statue of liberty.

And global reverses on the kind of crazy but I being financed Erica finally understand what that they do okay what do you what do you mean in terms of money that okay so -- -- tax free mutual fund yes.

-- a lot touching mutual funds your New York State -- specifically.

Are exempt from federal taxes and state taxes.

Okay right now last year -- return almost 10%.

The -- on the living in return this year.

But that's that's one way to -- -- a 56%.

Gain little by little marching on the field.

You can look at diversified mutual funds were really want to say stay away from individual stocks stay away from -- Helm -- use professional management particular -- -- mutual funds.

And studied the playbook what is the playbook when it comes to finance it seems like there's.

Information all over the place and a lot of it contradicts itself.

Brothers like conventions and the playbook basically is having like a plant how to play book and look this Sunday the 49 isn't rated most of the playbook this that.

God knows what's in the accident -- investors and how to -- -- but they do it took me like 89 pages talk but asset allocation.

What it looks like download for them their income and expenses you know having a playbook because when -- the big picture.

Then you can make stuff what all of their finances yeah I'm here here's -- mistakes I see over and over again.

And this happened has -- -- suitable Sunday of the Steelers.

He was running in for a touchdown he hardball good I think economic put their money not on the Obama -- -- what -- He fumbled that and when investors -- the same thing with Apple Stock.

They never got to the end zone the stock was 4050607.

-- -- share they never cashed -- -- never sold.

Now there's a disciplinary can do that in some stock was going up people fell in love with that people love their -- who had heard the stocks right.

Do we do to make money we could put a stop loss order again -- six point 18.

But in the -- or 700 you put a stop loss and it's 650.

None of stocks for fifty you would down at 650 and the -- people -- not cashing in the -- into the hands on the say wow.

Amid the honey it's not you know that might you have to do this stock you know try to figure out where the highs lows -- and with apple very difficult that's made the stop loss kind of trailing -- long.

He takes discipline -- of them.

It takes motion under the -- -- -- -- -- like apple -- You know everybody keep its first thought when jobs was gone that that was going to be the -- you're gonna see the -- -- it didn't happen and when they came out with some of the newer devices that weren't.

Really -- they return -- well that's gonna tanked the stock and then actually those devices did pretty well myself I mean it's it's how does an investor do their homework.

To be able -- got stuck like that that a lot of times the movement of the stock is counter intuitive to what people would think.

No that's very difficult two things you do here one is buying intimates -- -- a time of pulls back by some more.

As it goes up you can gradually take some profits but the stop loss sort of knowledge for Apple Stock for for any stopping you have tremendous gain in his -- -- not stop.

We'll give you discipline everybody's great -- buying stock nobody knows how to exit the stock.

-- disciplined and not too greedy I can Mahoney from Mahoney asset management and the -- -- again.

Can't retire your GPS for retirement we have a website at their -- thanks so much moving out of Kentucky proposals that.

I want to retire we're.

Load More