A Quote by Barry Ritholtz
You, your employer and your plan's investment managers fail to follow even the most basic rules of investing. You overtrade, chase performance, do not think long term. All of you - All Of You - have done a horrible job managing your retirement plans.
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Working for company X and having a substantial portion of your retirement plan in company X is simply exposing yourself to too much risk, because the company is both your employer and the source of your retirement income. So if something goes wrong, you lose both your job and your retirement plan.
Cash - in savings accounts, short-term CDs or money market deposits - is great for an emergency fund. But to fulfill a long-term investment goal like funding your retirement, consider buying stocks. The more distant your financial target, the longer inflation will gnaw at the purchasing power of your money.
You have been given a ministry and your ministry is not your job and your job and your ministry are two things and beyond that is your work in life which isn't the same as your ministry and then beyond that is your life. And this is what God is more interested in than your work or your ministry-what He gets out of your life is the person you become. And He has plans for you, and these are long-range plans.
If you had a job, and every day you're going back home and telling all your friends how horrible your job is and how horrible your employer is, after a while, they're going to start believing you. And then at some point, they're going to start questioning you and say, 'Why, if it's so bad, are you doing it?'
Your job is not done when you have determined your goal. You must also plan for and determine how it is to be accomplished. Goals and plans are meaningless if they cannot be executed successfully!
The most important asset you need to protect in order to manage the demands of a job or an investment portfolio is your production of energy. And, just like with money, if you do a great job managing your energy, you'll get a great return.
You cannot do a goal. Long-term planning and goal-setting must therefore be complemented by short-term planning. This kind of planning requires specifying activities. You can do an activity. Activities are steps along the way to a goal. Let's say you desire security. Putting $10.00 in the bank or talking to your stockbroker about your investment plans are activities that will move you toward your goal.
In most sports they have a physical effect on your performance, in swimming only psychological. If you worry about what your rival is doing, you take your mind off what you are doing and so fail to concentrate on your performance.
If you're just starting out in the workforce, the very best thing you can do for yourself is to get started in your workplace retirement plan. Contribute enough to grab any matching dollars your employer is offering (a.k.a. the last free money on earth).
Here's the truth. Your teens and twenties are your Plan A. At 50, you're assessing whether Plan B or Plan C or any of the other plans you hatched actually worked. Your sixties and seventies, they're an improvisation.
In our day, a vast majority of people is dependent either on an employer or the government-or both. One way to rate your level of independence might be to measure how long you can survive, feed your family and live in your home after your employer stops paying you anything.
Your heart and your instincts are far more reliable than your brain. When you follow your heart, you can be sure you won't regret it later. Even if you calculate your every move, it's not like life ever goes according to plan.
Privacy is relational. It depends on the audience. You don't want your employer to know you're job hunting. You don't spill all about your love life to your mom or your kids. You don't tell trade secrets to your rivals.
Under the Healthy Americans Act, you're in charge of your health care - not your employer. If you lose your job, change jobs or just can't find a job, your health insurance is guaranteed to stick with you.
Over the long term, despite significant drops from time to time, stocks (especially an intelligently selected stock portfolio) will be one of your best investment options. The trick is to GET to the long term. Think in terms of 5 years, 10 years and longer. Do your planning and asset allocation ahead of time. Choose a portion of your assets to invest in the stock market - and stick with it! Yes, the bad times will come, but over the truly long term, the good times will win out - and I hope the lessons from 2008 will help get you there to enjoy them.
If you've worked with your managers or peers to push the envelope and really don't have a way to grow within your role, it's not a suitable long-term situation.
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