Tag Archives: Asset Allocation

Writing an Investment Statement Policy (ISP)

If you are familiar with this blog, you know that I like to have written plans.  The purpose of a plan is to have a guide.  I am not into hardcore manifestos that are rigid and do not allow room to make changes.  I like to have plans that are written in pencil and can be amended when opportunities present themselves.  An Investment Statment Policy is a good example of one such plan.

I believe in being intentional in life.  Before I act, I need to know what my intentions are.  In most situations, the outcomes are out of our hands, but the reasoning behind our actions are not.

By having a written financial plan, it is a map for our financial life.  A financial plan allows us to know where we currently are on the journey to financial independence.  It is also a guide to where we are going and what we should do when we reach different destinations on our financial journey.

As part of every financial plan, there should be an investment statement policy (ISP).  Nobody knows for sure where the economy is heading in the short term.  That is why it is considered wise to have an investment statement policy (ISP) to guide us along the way.

What type of an investor are you

Having an investment statement policy enables you to define who you are as an investor.  Are you a value investor who looks to buy low-priced stocks?  Do you follow a three-fund approach and like to own all the stocks in a market capitalization-weighted portfolio?  Are you comfortable with average market returns or do you try to beat the market by investing in actively managed mutual funds?  Do you invest in hot-trends like Bitcoin or alternative investments like crowdfunding?

By knowing the type of investor that you are will give direction to your decisions.  It will prevent you from chasing the hot investing tips that your coworkers are talking about at the water cooler.  Before you buy or sell an investment, you will look at your investment statement policy and ask yourself if it follows what you have established in your plan.

Know what you own

Without looking, could you list all your investments?  Could you explain why you own them?  What was your reasoning for adding a given ETF or individual security to your portfolio?

If you cannot list all your investments in less than a few minutes, you might have too many different investments.  If you cannot explain why you own an investment, you probably should not own that investment.  The same is true if you cannot give a sound reason as to why you bought an investment in the first place.

An investment statement policy can remove all those ambiguities that are tied to your investment decisions.  By having an ISP, you will know the why behind every investment in your portfolio.  Your investments will have a specific purpose in your portfolio.

Risk and return

Different asset classes come with different levels of risk and expected returns.  Conservative investments like FDIC insured savings accounts normally have low returns because the returns are guaranteed by the government.  Small-cap value stocks or emerging markets have higher than average returns because an investor is taking on more risk when they invest in these asset classes.

Do you know how much risk you are comfortable with?  Would you be able to keep buying more shares of an investment if it lost (30%) of its value in one year?  Do you think that you could hold onto an investment if it produced negative returns for a few years in a row?

By having an investment statement policy, these decisions will be made in advance.  If you have established that you see market volatility as a time to buy low, you will have established bands that will trigger when it is time to buy.  If you are not comfortable with short-term volatility, your investment statement policy will have already established a more conservative asset allocation that has less volatility.

Time Horizon

When will you be spending the money that you have invested?  Are you planning on retiring in 5 years, 15 years, or longer?  Knowing the answer to that question will help to establish how much of your money should be in equities and how much should be in fixed assets.

If you will not be retiring for ten or more years, holding a higher asset allocation of equities might be suitable for your situation.  If you are recently retired and are following the 4% rule, an asset allocation of 100% in stocks would be too aggressive due to market volatility.  When you are young you have time to recover from market corrections, but after you retire a (50%) market decline or prolonged recession could easily force a retiree back to work.

By having an investment statement policy, an investor can review their timeline annually.  An investment statement policy can help an investor with monitoring their path to retirement.  On that journey, the investment statement policy can guide them as to when it might be time to reduce some portfolio risk as retirement nears.

Monitoring Performance

Do you know what the expected return of your asset allocation is?  How is your portfolio performing this year?  Do you know how much your portfolio is up or down over the past 12-months?  Do you know what your average return was for the past 5 or 10 years?

Monitoring the daily performance of your investments is not helpful.  Listening to the daily market reports is an emotional roller coaster. In can do more harm than good and cause you to panic when there is short-term volatility.

By having an investment statement policy, you get to establish when you monitor your investment returns.  You can monitor your investments quarterly, twice per year, or annually.  If you are a passive investor, it could even be every other year.  It is your plan and up to you to establish how it will be monitored.  Personal Capital is a useful tool for monitoring the performance of your investments and it is free.

Skill Level

Are you a personal finance nerd?  Do you read investing forums, listen to podcasts, or attend local chapter meet-ups?  Do you write your own blog or are active in the financial independence community?  As a member of the financial independence community, you are most likely comfortable writing and updating your investment statement policy.

If you are not comfortable managing your own portfolio, there are many good financial advisors out there.  Even if you hire a professional to manage your money, work with them to help you to establish your investment statement policy.  You want to be sure that their decisions align with your needs and long-term goals.

Conclusion

Be intentional about your investment decisions and know the why behind every move.  Having an investment statement policy will help you to stay true to your long-term goals.  It is an invaluable part of a written financial plan.  An investment statement policy is useful to keep you focused on long-term goals when internal or external forces might be tempting you to stray.

After you write your investment statement policy, review it at least once per year.  Update it when needed.  Our financial situations are not static.  The investment statement policy will be different for everyone.  Your ISP will also change with time.  It is recommended to make amendments when a change is needed.  Just be sure that you can explain and make a sober justification for the change.

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How we reached a $1,000,000 Net Worth

What does it take to reach a $1,000,000 net worth?  In our case, it took a long time, hard work, saving a large percentage of our income, and putting our money to work for us by investing wisely.  Rob from Mustard Seed Money has a great post on how much you have to save each month to reach a $1,000,000 net worth.

I initially was going to title this post “reaching a $1,000,000 net worth by age 40”, but that would have been misleading.  Even though I was, in fact, age 40 when I reached this financial milestone, I did not do it alone.  Individually, I would not have reached this milestone.  My wife and I worked as a team and did it together, so I must give her the credit she deserves.

When we got married, I had over $100,000 saved up in my investment accounts.  As far as assets go, she brought our current house to the marriage. There was a mortgage on the house, but she had about $100,000 in home equity at that time.  By combining our assets, we started out with about $200,000 based on our investment accounts and home equity.

Career Growth

Over the past 10 years, we managed to double our household salary.  Considering that we both have college degrees, we never earned a large salary.  When we first got married, my salary was only $30,000 per year.  My wife was teaching for a few years and was earning about $50,000 per year.  In the past 10 years, our combined salaries have grown to over $150,000 per year.

Savings

When we first got married, our savings rate was 38% of our gross earnings.  We started by maxing out our Roth IRA accounts, I contributed 15% per year to my 401K, my wife contributed 10% to her 403B, and 8% to her defined contribution pension plan.  We also built up a large emergency fund and invested money in taxable accounts.

Every year, we have tried to increase our savings rate by 1% or more.  Our current savings rate is 50% of our gross earnings.  We still earn under the IRS threshold that allows us to max out our Roth IRA accounts.  I now work at a not-for-profit and max out my 403B.  My wife is close to maxing out her 403B and still contributes 8% to her pension.  We are happy with the size of our emergency fund and now just add to our taxable accounts.

Lifestyle Creep

We are always aware of how much we are spending each month.  While some lifestyle creep has occurred, we manage it well.  We travel, but do not fly first class or stay in 5-star hotels.  We buy reliable new or 1-year old certified used cars and drive them for over 12 years/200,000 miles.  We eat at home during the week and only go out to eat on the weekends.  We closely monitor the cost of monthly subscription expenses such as internet, electricity, Netflix, and other bills.  When we do spend money on needs or wants, we always shop around for the best value.

Investing

Our approach to investing has been very simple.  We have invested primarily in index funds.  Our asset allocation has been 25% in bonds and 75% in stocks for the past 10 years.  In the stock allocation, it was well diversified with large-cap, small-cap, and broad international index funds that included emerging markets. From 2007 until 2017, that asset allocation averaged a return of 10.5% per year.

Asset Breakdown

House (appraised in 2012): $220,000

PSERS Pension (Cash Value): $100,000

Taxable Accounts: $240,000

Combined IRA & 403B Accounts: $480,000

Other assets not included (cars, firearms, collectibles, jewelry, electronics, etc)

Debts

Mortgage Balance: $30,000

Monthly Expenses: $2,800

What’s Next

We have more work to do.  We have ambitious goals.  Our next goal is to reach $1,000,000 in investable assets.  We should be able to reach that in the next 3 years based on savings and historical returns for our asset allocation. We also want to pay off the balance on our small mortgage over the next five years.  Our goal is to have $2,500,000 saved by the end of 2028 (see the countdown to FIRE on the right margin).  To reach that goal, we have to keep up our savings rate and have our investments return an average of 6.5% per year.  That is well within reason with our current asset allocation of 65% invested in stocks and 35% invested in bonds.

Conclusion

The main purpose of this post was to share that it is possible to reach a $1,000,000 net worth by just being average.  My wife and I went to average universities, have average jobs, live an average lifestyle, and accept average market returns.  Yes, our savings rate is above average, but that too is possible for almost anyone to achieve if they create a solid financial plan.

If you want a more comprehensive list of steps to follow, check out The K.I.S.S. Approach to Financial Independence.  That is the foundation of our financial plan.  For more reading on reaching financial independence, please check out the Resources page.  It is full of a collection of great books, blogs, and forums that will provide you with unlimited wealth building information.

Where are you at on your journey toward financial independence?

Please share your financial milestones and what you did to achieve them in the comment section.

How to Invest A Million Dollars

While a million dollars might not have the purchasing power that it once had, it is still a large sum of money.  If you watch professional sports on ESPN, follow entertainment gossip on TMZ, or read Forbes, you are sure to come across stories about the huge salaries that some high-profile people earn.  NFL quarterbacks earn over $25M per year.  Hollywood actors earn over $22M per movie.  The CEO’s of the Fortune 500 earn 600 times more than the average employee.  The late Dr. Thomas J. Stanley would refer to those people as the “glittering rich”. Compared to the salary that the average person earns, those people are more along the lines of a rare commodity.  While it is interesting to pay attention to what those people earn, it is not something that the average person should use as a benchmark of their financial success.

Today, the average household salary in the U.S. is about $58,000.  With that being the current financial situation, having one million dollars would be a game changer for most people.  It would not be enough to live as the rich and famous do.  It is enough, however, to give the average person some financial freedom and peace of mind.

One million dollars is seventeen times the annual earnings of the average household salary.  Many financial experts consider having 25 times your annual expenses in savings to qualify as being financially independent.  If you had one million dollars, you would be well on your way as long as you do not drastically upgrade your lifestyle.

How would I suggest that someone invests a million dollars?  For me, I like to follow a keep it simple approach.  The core of the portfolio should be largely invested in stocks.  Stocks are important for growth and keeping ahead of inflation, I also believe that there should be some fixed assets in a portfolio.  Bonds are used to reduce the market volatility that comes with investing in stocks.

How should you construct this portfolio?  You should consider your age and your risk tolerance.  A young person has more time to recover from a major market correction than a person who is retired and is drawing down money from the portfolio to pay for living expenses.  The second factor to consider is how much of a loss can you can tolerate before you sell off your equities at the wrong time.  If you can stomach a 50% loss in value, consider investing 100% the money in stocks.  If you are more risk adverse and think that you could handle a 20% loss in value, consider a balanced portfolio of 60 invested in stocks and 40 percent invested in bonds.

Jack Bogle suggested that an investor should subtract their age from 100 and that would equal how much they should invest in equities.  For example, if you are 25 years old, you should have 75% of your portfolio in equities.  If you are more aggressive or not a fan of the current bond yields, subtract your age from 110 instead of 100.

While bonds might not be an attractive option for growth, they do serve a role in almost every diversified portfolio.  They allow investors to buy low and sell high in the form of rebalancing.  If the stock portion of a portfolio has a negative return for the year, an investor can exchange money from the bond portion of their portfolio and take advantage of buying stocks low while selling bonds high.

I am not a financial planner or a professional investor.  I can only share my experience, what I have learned, and what I hope to achieve as an investor.  When I was a new investor, I held 100% of my portfolio in stocks for over ten years.  That period included three years of negative returns from 2000 until 2003.  I have also followed the rule of 110 minus your age in equities.  By adding bonds to my asset allocation, it helped to smooth out the market volatility of the great recession. 

Since the purpose of this post is to give advice on how to invest a million dollars, I would suggest the Sweet Dreams Portfolio.  The Sweet Dreams Portfolio is my current asset allocation.  It is a balanced-growth asset allocation of 65% in stocks and 35% in bonds.  This portfolio allows you to own every U.S. and international stock including emerging markets.  It is based on 110 minus the average age of my wife and myself in equities.  Let’s examine the growth and performance of one million dollars over the course of the past 20 years.

The Sweet Dreams Portfolio

Vanguard S&P 500 or Large Cap Index Fund = $380,000

Vanguard Extended Market or Small Cap Index Fund = $110,000

Vanguard Total International Stock Market Index Fund = $160,000

Vanguard Total Bond Market or Inter-Term Tax-Free Bond Fund for a taxable account = $350,000

20 Year Performance

5-years = 8.16%

10-years = 6.82%

15-years = 6.88%

20-years = 7.18%

Best Year = 23.93%

Worst Year = (23.32)

$1,000,000 grew to = $4,188,631 (Rebalanced Annually)

Average Expense Ratio = 0.06% (Admiral Shares)

Conclusion

Dr. William Bernstein wrote, “that if you won the game, quit playing”.  While a million dollars might not be enough to declare victory for everyone, it is a nice lead to have.  For me, I recommend holding on to that lead by running the ball and playing great defense.  To translate that football analogy into financial advice would mean to shoot for a nice conservative return of 6.8%.  That would enable you to double your money about every decade.  

This post was entered into the “How to invest a million dollars” contest.  

Please visit www.howtoinvestamillion.com to check out all of the sample portfolios. 

Please remember to check with a financial professional before you ever buy an investment and to read the Disclaimer Page.

 

How the Mob Influenced My Asset Allocation

“Behind every great fortune there is a crime”.  – Honore de Balzac

I have recently been doing a good amount of research on Peer-to-Peer Lending (P2P) and have written about it in a recent blog post.  Yes, Peer-to-Peer Lending (P2P) is legal in most states, but is it ethical?   While I was researching more about Peer-to-Peer Lending (P2P), I felt a strange nostalgia.  This type of investing caused me to reflect on the town I grew up in and the people I once knew.

I grew up in a small town located in Northeastern, Pennsylvania.  Like myself, most of the population was made up of people who were Irish, Italian, Polish, and from other Western European heritage.  Many of my friends would say that their grandparents were “right off the boat” at Ellis Island.  These were hard-working people, some might say salt-of-the-earth.  Many of those first-generation Americans performed back-breaking labor.  The men worked in coal mines and the women worked in dress factories.

Not everyone in this region shared the Protestant work ethic.  Like my parents, most of my friend’s parents also had square jobs.  Some, however, did not seem to work at all, yet lived very well.

This had me perplexed.  I remember asking my friend Sal what his dad did for a living since he always seemed to be home and never at work.  He told me that he worked as a billiards supply salesman and spent his evenings working at pool halls.

I asked my father if he knew how lucrative being a billiards supply salesman was.  He frowned at me and explained that even though it was socially acceptable in our town, Sal’s dad was not a billiards supply salesman.  He explained that Sal’s dad was a loan shark, bookmaker, and organized illegal high-stakes card games.  It was even rumored that people lost the deed to their house at these card games.

My dad was not being judgmental.  Sal’s dad was a legitimate criminal.  He did time at the Allenwood Federal Prison Camp for racketeering.

My parents raised me with high morals.  Never the less, I was young and impressionable.  I just saw that Sal’s dad seemed to live a great life.  He had a big house with a kidney-shaped swimming pool.  He drove a brand-new black Jaguar.  The whole family had the best of the best.  Plus, they were always nice to me and a very popular family in the community.

It was not until many years later that I realized why my dad was so critical about Sal’s father.  Sure, I understood that he was not paying taxes, but I was in denial about the scale of corruption that infected this region.  I thought that nobody was getting hurt.  Two books and a documentary changed my whole outlook on the area where I grew up and some the people who I grew up with.

The first book that blew my mind was I Heard You Paint Houses by Charles Brandt.  This book is about Frank “The Irishman” Sheeran.  Sheeran was a hitman from Philadelphia who worked for Jimmy Hoffa.  He also worked for the mob boss Russel Bufalino who was from Kingston, Pa.  What was truly shocking about this book was that it states that the plan to murder President Kennedy was hatched at Brutico’s Bar & Grill in Old Forge, Pa.  I have eaten dinner at that restaurant on countless occasions.  This book was adapted into the movie The Irishman that will be released in 2018.  The movie stars Robert De Niro, Al Pacino, Joe Pesci, and is directed by Martin Scorsese.

The second book that was shocking to me was The Quiet Don by Matt Birkbeck. The Quiet Don was about the history of organized crime in Pennsylvania and how powerful Russel Bufalino was with the New York crime families.  What floored me was that people who I knew as a teenager were mentioned in this book.  I used to casually talk to Frank Pavlico at Golds Gym in Scranton, Pa.  I did not know that he was the driver for mob boss William D’Elia.  He told me that he owned a car detailing business.  After William D’Elia was arrested, Frank was identified as an informant.  Shortly after that, Frank was found dead and his death was labeled as a mysterious suicide.

Thirdly, what truly was disturbing was the Kids for Cash Scandal in 2008 that was made into a documentary.  Kids for cash was a scandal involving a real estate developer who was also the owner of a for-profit juvenile correctional facility and two corrupt Luzerne County judges.  Basically, the owner of the for-profit jail was paying off Judge Marc Ciavarella and Judge Michael Conahan to send children to his jail for minor offenses such as not completely stopping at a stop sign or truancy.  The arrangement between the owner of the prison and the two judges was allegedly brokered by William D’Elia.

How does this tie into the ethics of Peer-to-Peer Lending (P2P)?  Maybe I am just not anti-establishment, but I see Peer-to-Peer Lending as being very much like an online loan shark.  It seems as shady as the payday loan stores or cash-for-gold outfits that you see in strip malls.

Some might say that Peer-to-Peer Lending (P2P) helps people who do not have the credit to get a traditional loan from a bank.  Some might even feel that they are sticking it to the man by taking business away from big banks.

In my opinion, it is not altruistic for an individual to loan money to other people and charge them a high-interest rate.  I would not do that to a friend or relative, so why is it alright for me to do in on an anonymous level?  Also, the lending practices of P2P companies are equally as manipulative as big banks based on advertising one rate and offering a higher one.

While I am socially conscious, I do not generally take on a socially conscious approach to investing.  My largest holding is an S&P 500 index fund.  Some of the stocks in the S&P 500 have questionable business ethics.   There are energy companies that pollute the environment and clothing manufactures that pay slave wages to employees in third world countries.  Yes, all of that might be true, but I do not feel like the pawnbroker who Raskolnikov murdered in Crime and Punishment by Fyodor Dostoevsky when I contribute to my Roth IRA.

Don’t get me wrong, I am an investor.  Never the less, I believe that is important to be honest to yourself and have principles.  If a business transaction or investment opportunity does not seem ethical, it should be examined further.

Just because I can use a sterile online platform to issue loans to people with shaky credit, am I not just shylocking?  Sure, nobody is going to get their finger broken or have the vigorish increased for defaulting and failing to pay back their loan on time.  It still feels like the same basic concept of taking advantage of people who are down on their luck.

For some time, I was considering opening an account and to participate as a lender. Upon further review, I have decided against opening a Peer-to-Peer Lending (P2P) account.  I am comfortable with my balanced-growth portfolio and do not see the need to add alternative investments to my holdings.  There is no need to go beyond a portfolio of a few index funds and to make my investment portfolio more complex.

What is your opinion on Peer-to-Peer Lending (P2P)?

Do you think that this type of investing is ethical?

Please remember to check with a financial professional before you ever buy an investment and to read my Disclaimer page.

Early Retirement Portfolio & Plan

Thank you for reading part-4 in my series on asset allocation.  In my last post, I wrote about our current balanced-growth asset allocation.  That is the asset allocation that we plan on maintaining until we retire in 2028.

In this post, I will be considering the future.  This post is about how I foresee our assets being allocated at the time of retirement.  I use the word foresee because it is what I am anticipating.  As I stated in my previous post, I don’t have a crystal ball.  Nobody can predict the future, but this is what I am optimistically forecasting.

At the time of retirement, I will be age 52 and my wife will be age 60.  At age 60, my wife will draw a Pension equal to 70% of her last annual salary.  The Pension technically has a cost of living adjustment (COLA), but there has not been an adjustment in over 15 years.  Moving forward, we are not going to count on any COLA adjustments.

By 2028, we plan on having about 50 years of annual living expenses in investable assets.  To come up with that amount, I have run our figures on many different financial calculators including AARP, Charles Schwab, and Fidelity that take the future projected growth of different asset allocations into account.  The 50 years of living expenses are based on what we currently have saved, the amount we plan on adding to our savings, as well as projected market performance.

The asset allocation that we plan on using at retirement will be 50% invested in stocks and 50% invested in bonds/cash:

S&P 500 Index Fund – 32%

Extended Market Index Fund – 8%

Total International Stock Market Index Fund – 10%

Intermediate-Term Bond Fund – 32%

TIPS Fund – 10

Cash – 8%

At retirement, we are planning on withdrawing only 1.8% per year from our portfolio.  Based on the Vanguard Monte Carlo Nest Egg Calculator, our success rate is projected to be 100%.  We also have a greater than 100% projected success rate on Firecalc.com and the Trinity study.

Between the pension and withdrawing 1.8% from our portfolio, we will have $112K per year to live on.  Just based on simple math, if we are taxed at 25%, we would have $7K per month to live on.  That would be more than double of what we live on now with fewer expenses.

For the first 10 years of retirement, we plan on withdrawing from our taxable account.  When my wife is age 70, we will be forced to withdraw from her Traditional IRA because of Required Minimum Distributions (RMD).  At that point, we will still be 8 years away from having to withdraw from my Traditional IRA.  We might never have to touch our Roth IRA accounts.  If we do use our Roth IRA accounts, it might just be to withdraw extra money without causing us to go into a higher tax bracket.

We are currently planning on being flexible when it comes to Social Security.  Our goal is to take it when my wife is 70 and I am 62.  We are, however, keeping the option open to taking it early based on retiring during a prolonged market correction. Otherwise, the amount that we will collect will compound 7% annually for every year my wife waits between age 62 and 70.

For some people, this plan might seem too conservative.  For me, being a little on the conservative side is important.  That is because I am retiring at a young age.  I have to plan on being able to fund a retirement of at least 35 years for both my wife and myself.

For me, I don’t see it as being overly conservative.  I see it more as being flexible.  By only planning on a 1.8% withdrawal rate, we have a great amount of flexibility.  If we had to increase it to 2.8%, our success rate only falls to 98% on the Vanguard Monte Carlo Nest Egg Calculator.  If my wife had to work two more additional years, her pension would jump to 80% of her last annual salary.  Also, I will most likely still work part-time because I want to continue to take advantage of my catch-up contributions in my retirement accounts.

That is how our future plan looks.  It is over 11 years from now.  I don’t want to get too excited.  Between now and then, we will work hard, save, invest, take care of our health, and enjoy every day.

Also, please check out the following links from some of the top personal finance blogs to learn about the #DrawdownStrategy Chain:

Anchor: Physician On Fire: Our Drawdown Plan in Early Retirement

Link 1: The Retirement Manifesto: Our Retirement Investment Drawdown Strategy

Link 2: OthalaFehu: Retirement Master Plan

Link 3: Plan.Invest.Escape: Drawdown vs. Wealth Preservation in Early Retirement

Link 4: Freedom is Groovy: The Groovy Drawdown Strategy

Link 5: The Green Swan: The Nastiest, Hardest Problem in Finance

Link 6: My Curiosity Lab: Show Me The Money: My Retirement Drawdown Plan

Link 7: Cracking Retirement: Our Drawdown Strategy

Link 8: The Financial Journeyman: Early Retirement Portfolio & Plan

Link 9: Retire by 40: Our Unusual Early Retirement Withdrawal Strategy

Link 10: Early Retirement Now: The ERN Family Early Retirement Captial Preservation Plan

Link 11: 39 Months: Mr. 39 Months Drawdown Plan

Link 12: 7 Circles: Drawdown Strategy – Joining The Chain Gang

Link 13: Retirement Starts Today: What’s Your Retirement Withdrawal Strategy?

Link 14: Ms. Liz Money Matters: How I’ll Fund My Retirement

Link 15: Penny & Rich: Rich’s Retirement Plan

Link 16: Atypical Life: Our Retirement Drawdown Strategy

Link 17: New Retirement: 5 Steps for Defining your Retirement Drawdown Strategy

Link 18: Maximize Your Money: Practical Retirement Withdrawal Strategies Are Important

Link 19:  ChooseFI:  The Retirement Manifesto – Drawdown Strategy Podcast

Please remember to check with a financial professional before you ever buy an investment and to read my Disclaimer page.