Jonathan Satovsky shares the three essential keys to successful financial planning. By mastering these principles, you can navigate the complexities of saving and investing with confidence, ensuring long-term success and resilience.
Three keys to successful planning.
The three keys are:
Discipline. You need a disciplined strategy where you are saving regularly in the accumulation years and spending in a disciplined fashion in the decumulation years.
Number two is stamina. You need a tremendous amount of stamina because whatever you’re doing is not going to work every day, every week, every year. Even the best, to give you a baseball analogy, the Hall of Fame hitters hit 300. In the investing parlance, financial markets make money two out of three years, so a third of the time, you’re going to lose money. But you need a lot of stamina and endurance to be able to keep it going.
The third is humility. And why do you need humility? You need humility because you have to be careful with predictions. Everyone wants to make predictions about what they think they know. I’m telling you, automating your behavior that gets people off track in the accumulation and decumulation of money, is the most important thing for sustainable success.
Think about these three things, and you will be immensely successful. And if you need a guide, your Satovsky team is here to help.
Have a great day.
