This week’s top reads are all about financial lessons, and Raghav has sourced interesting articles to intrigue and inspire you. Whether you’re saving for retirement, trying to find better ways to work by learning from others, or hoping to sell your business, you’ll find some good takeaways from the articles below.
James Wilson of 50wealth shares obstacles most commonly faced by people when planning for a secure retirement. He has used his knowledge from working with hundreds of clients to compile this list of what might be keeping you from achieving your long-term financial goals, including failing to plan, misconceptions, and conflicting goals. For the full list, click here.
Estate planning is not just for the wealthy or those nearing the end of life. Every one of us has loved ones that we care about, and having an estate plan in place gives them something to refer to as they grapple with the loss of you, making some tough decisions a little easier on them. Peter Lazaroff has outlined everything you need to know and do to implement a well thought out estate plan, including five documents you need, when to start, what happens if you wait, and what happens once your plan is in place. For the full article, click here.
Have you taken the time to think about how only 0.5% might affect your portfolio or your retirement savings goals? In this article, Ben Carlson breaks down the difference that 0.5% might mean for you by using the example of a couple with a household income of $75,000 over a period of 30 years and 10 years. Another example from the article:
If you save $5,000 a year for 40 years and make only 8% (the “small” mistake), you’ll retire with about $1.46 million. But if you earn 8.5% instead, you’ll retire with nearly $1.7 million. The additional $230,000 or so may not seem like enough to change your life, but that additional portfolio value is worth more than all of the money you invested over the years. Result: You retire with 16% more.
For the full article, click here.
Organizational psychologist and professor Adam Grant made changes to the way he works by learning from astronauts. Grant decided to place himself in a variety of unconventional work environments in an effort to learn from these experiences and shares about these lessons in his new podcast called WorkLife. He uses interesting examples to talk about fostering better creativity in the workplace, learning to love criticism, building trust and taking healthy doses of humility. Read the full article here.
If you’re thinking about selling your business or have already started the process, you know the energy, thought, and planning that must go into the decision. You’ll want to ensure that your business is ready for the market and to avoid surprises as much as possible. Forbes has created a list of five questions to ask yourself prior to selling your company.
There are countless questions you can ask yourself to ensure you are 100% satisfied with the deal. What makes this process a little easier is prioritization, or figuring out which questions you should spend the most time thinking about. Doing this will create a sense of certainty in the areas that have the highest chance of leaving you unhappy.
For the five questions, click here.