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Other first have today we're talking retirement.
And investing for it to make sure that you are comfortable in your golden years were all living longer you need more money for that more than -- ever imagine.
On the Christo -- in joining me now you are with fox don't financial based in Denver right and you say you advise 800 clients.
From saving for retirement so let's tip number one and also mistake number one.
Mistake number one and I think tip number one is to plan.
Accurately know what your goals are so many people just jump into investing without really understanding what their goals are.
Investing in general or investing -- -- balls.
And they it's like their objective is to make as much money as possible right well that's pretty dangerous it's kind of like driving -- high powered sports car regardless.
As fast as it'll go regardless of conditions it's not -- none of -- should do that.
Right and as we signed the market this week -- you can pull up the big board guys you can see that we're not really having a relief rally without anyway and the 1004 different points but so what they lost 560 points Wednesday and Thursday.
So that's sometimes why he needed and -- a couple of -- -- to get you through this so when it's time for your golden years.
I don't think seven figures.
Well it depends on how much -- making something that's making -- 100000 dollars a year.
If they say want -- return 200000 here than -- Dignity about the laughing gas.
It's not possible it would mean do people really have 200000 eyes ears and what -- but again it depends on when you got started.
It depends on what your goals were OK and that's that was.
-- that's the secret is when people come in the -- they say do what have enough to retire and I and then we say let's talk start with your goals.
How much -- any.
And what are you gonna do what your -- I don't know what you need when -- in your thirties or is that teen young boys and networking now and we can it's not it's not it's not a science it's an art.
There are some science to it.
There's a lot of hypotheticals that you could throw in there that's important that is going to be guidelines there -- guidelines absolutely.
What are your hobbies what are your interest and we don't know what health costs are going to be we don't know necessarily where you're gonna live with housing costs are -- -- access -- security bingo.
-- -- Ten week and we can assume certain things.
And when we take those assumptions and put him and good software programs and I can tell you exactly.
-- assumptions which are gonna need it how much -- gonna need to save to get there and not give a greater return allocate money.
So that's the secret right there where you put it.
We have process that I developed that divides investments into four pieces work walked a -- safety and liquidity.
Alternative money and most importantly guaranteed investments.
And that's what everybody wants -- -- well and and they're out there.
And the thing that people miss is that so what I wanna put my money -- something that's only give me give me six and a half or 7%.
On a guarantee basis -- year a year work etc.
I know and that's worst case.
So if you can do that.
So basically I'm sorry interrupt you if you're not getting for your retirement savings.
Let's -- -- return and at least 6% -- year you're doing something.
Right down the product the tools -- out there you see at the what do they at those tools play the market incorrect.
There's no -- there's no way you could lose there's no way you can go negative.
So if there's no I'm discounting a lot of don't know how you can -- it happened more -- -- doing.
Well you'd have to ask them that's our job is to try to tell people which is the purpose of this interview to try -- help people understand that you don't have to take the risk when.
If you take the amount of money you have to invest.
Times six and a half or 7% -- Times the number appears to your retirement if that gives you what you need -- then put that amount of money in that investment.
And then the rest of the money you have to invest play with it be a little more grass and how would you be approximately return money.
Well or you don't like to do.
No we we do invest in in the market we invest in aggressive mutual funds.
Small caps emerging markets commodities.
Precious metals those kinds of things but only to the point where it's prudent for the individual.
And -- go to sleep at night knowing that here.
Going to be okay the key is not what you make it's what you key is most important -- -- what you key.
And -- heading into the weekend and talking about a guaranteed 6% return.
I think -- dot com looked at the cost of smoking.
And drinking and all of our vices right right and then I can't bring Internet -- eating poorly.
If he would take that money.
That you would spend 2500 dollars here on cigarettes 15100 dollars year on alcohol I think that's -- nonetheless.
If you took that money and just put it in some sort investment vehicle that engine lease experts what they did it with 6% -- 6% year.
Thirty years later when you're ready to retire you would add between a hundred and funny and 220000.
Dollar picture and said he just -- That's a good way to that's the way to find hidden money to invest again it's not the most americans' biggest problem the most the biggest problem most Americans make.
Is that they.
Put money in riskier investments they -- That I want to get rich quick bingo -- -- -- thirty or 40% in the market corrects and they doubled down and start becoming more aggressive on the back here.
To make it all back.
And they give back to even what happens the market corrects -- it was a Big Apple.
Take your safe money that you need specifically for retirement and put that it's something guaranteed and safe.
And and take the other 102030%.
Your portfolio and be a little more aggressive with that and because.
Do the math if you get 60%.
Of your portfolio that your work -- that's going to take you -- with the return.
Then if you can afford to lose a little bit more and being a little more with less money.
Should almost be in addition chant let's say an IRA have set up for.
For a long OK is is this is what we're talking met here in addition -- it depends on.
-- it it can be an irate if you get off higher rate it doesn't really -- you -- sense it's an entire and I write me without penalty.
Okay and an ideal aims to have a retirement advisor.
25 wow if you start -- 25 then you're gonna have to save less when you're 55.
Mom dad I'm still living in your basement but don't worry I'm saving for my retirement center I think -- only -- -- I can't believe I'm -- -- -- -- thank you so much.
Chris for coming -- gonna put it the article you wrote for foxbusiness.com.
Up on the screen.
And once again Chris rats in retirement advisor with fox stone financial -- everybody thinks you are one of.
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