You can also subscribe without commenting. I dont think we will have any issues doing what we want, but I am not going to spend $10K flying first class just because I have the money. Im especially interested in hearing thoughts from those of you at FI or close to it. I really enjoyed this article. Now that I can buy pretty much whatever I want, I find that I dont really want that much (a habit built over the past 30 years). } Ive toned down my risk, but I tuned UP my hustle to build a business to increase the lead. Neurologist and author William Bernstein, a champion of DIY investors, sees mediocre returns over the next 30 years as high valuations weigh on the market. Im trying to figure out now whether I stay in the game or leave. Yes, it would have been nice to dump that money into a solo 401-K, but at what cost? William J Bernstein: 366 Goodman St S, Rochester, NY 14607: William T Bernstein: If someone is retiring today and can expect to live another 30 years (or more), then things will be different for sure. So needless to say, some habits can build up in 30 years. Shouldn't you call your broker? A personal example: you have either moved on from your career or will relatively soon. Do I need to loosen up? You can create a legacy for charity. Seth P Bernstein is the President and CEO of AllianceBernstein Holding LP and owns about 468,704 shares of AllianceBernstein Holding LP (AB) stock worth over $17 Million . But if the government probably repeals the death tax, maybe not! Usually not, you come back for another tournament, another season. But, as competitive tennis player, coaches say to always PRESS when you are ahead and never let your opponent a chance to come back. You can see how these individuals who have reached FI are struggling with letting go of their (probably lucrative) careers. Consider the following habits that many financially independent people have developed: In other words, they worked the ESI Scale to financial independence. I will also buy an annuity to provide some income that is safe under any market condition. Im not aware of any risk free investments. A good rule of thumb is to have, at the very least, 25 years of RLE saved up to retire at 60, 20 years to retire at 65, and 17 years to retire at 70or in this case, $1 million, $800,000 and $680,000, respectively. Thats what being FI is about you can do whatever you want to! Post-retirement, Ive come to believe that incremental hours of freedom are far more valuable than incremental dollars of wealth. You really dont quit until you die. Dont walk away from the game. In fact, getting distracted will just make your money disappear. That may be preferable to them than having me retire early. if (document.compatMode && document.compatMode == 'BackCompat') { I have great respect for Mr. Bernstein but I think this is terrible advice, depending on the definition of risk and what it means to play the game. Because really you are taking on risk no matter what and you are always playing the game. We have 37 records for William Bernstein ranging in age from 29 years old to 95 years old. I would put 25% down. See also Classic Bernstein, a compendium of forum posts by Simplegift. For email updates, simply enter your email address in the box below. My younger self would have jumped at the chance. I didnt quit in 2012 when I left my full-time job because I wanted to run up the score and absolutely make sure I never have to work again. You won that game, so you stopped (or will stop) playing. $10 million? I kept reading in the . Or they may show me the door , It would make a great blog post no matter which way it goes . Since you like video game lets take that analogy. When we discuss monetizing our blog I always take a step back and say do we really need this? It updated his earlier books on investing to cover the position after the Great Financial Crisis (GFC) of 2008-09, and the most recent research on investing, including that by Elroy Dimson, Paul Marsh, and Mike Staunton, authors of "Triumph of the Optimists. 684. Are you content to view your nest egg as a wasting asset? Forget about finding the next Facebook. Don't be deceived by the title. , http://lh3.ggpht.com/-tMcH5_SHpmM/T9gX3gMUrGI/AAAAAAAAJfA/KRK_czsGZw0/CoverMen%252520Blog%252520-%252520Jacey%252520Elthalion%25252003%25255B2%25255D.jpg?imgmax=800. The other day, I read people in a website talking about a 0.5% downswing as a correction ?. Now you can stop playing. Total 2-5 million is in the top 1% of net worth in the US. And I wholeheartedly agree. His research is in the field of modern portfolio theory and he has published books for individual investors who wish to manage their own equity portfolios. I am fine with the metaphor that suggests the game may change or even that it may be a new game. I am not sure if that will ever stop. Like all of Bernstein's books, If You Can is infused with Bernstein's direct, no-nonsense, anti-Wall Street approach to investing. My plan right now is to simply let the investments grow for the rest of my life maybe 20-30 years. 17 million Dollar. And in both of these cases, people can choose to keep playing or not thats the beauty of FI you can do what makes you happy. How can I? Im fairly conservative financially so I always have a few backups just in case one or two others dont work out. If you think of some more, leave them in the comments below. Around the SF Bay Area, that means $4 M+ for a house, along with $100 k of associated expenses each year. Still no point risking everything once you have hit your financial goals. I can stomach a 25% drop in wealth and still retire but I dont know if were confident to retire with a net worth drop of 50%. I even have that, as do many other early retirees. But they are a dime a dozen here in SF. William Ford Sr. of Grosse Pointe $1.4 billion [ [Ford) John Stryker of Kalamazoo, $1.4 billion [ [Stryker) Roger Penske of Bloomfield Hills, $1.3 billion [ [auto) Manoj Bhargava of Farmington Hills, $1.1 billion [ [Five-Hour Energy) Peter Karmanos of Orchard Lake, $1 billion [ [Compuware) Are there many 9-figure net worth people/families that . The condo costs close to 420k. ; he practiced neurology until retiring from the field. My wife has a 10 year life expectancy but earns $60-$100,000 a year as a real estate agent. 1 When you have enough, make sure your allocation protects your enough. If it is not, then quitting the game might not be the best choice. Consider this exchange in the comments of My Jobs, Last Three Jobs Before Retirement which you can find here: Out of curiosity, has achieving financial independence impacted [your] career decisions? The game evolves. What if you like the game? These habits are what got them to FI. That being said, once youve won the game, so to speak, it would be ok to tilt more of the portfolio into bonds and fixed income. As of February 2023, Carl Bernstein's net worth is estimated to be roughly $16 Million. Sell In May And Go Away, But What About November? My wife said: So, who are you really trying to please? They did these over years and years, decades really. For me, I turned down the job and went a different direction. Not interested in going back to full time work, just want to do all the things that I couldnt do while working like sailing the oceans (a very expensive endeavor, but I have the funds for it now). You need to be honest with yourself, especially if you give up a lucrative job that you enjoy. They have been hard-charging, high earners spurred on by challenges for decades. His strategy, like many durable life concepts, is easy to follow, yet difficult to execute. Were still relatively young (44) so we can keep playing the game for now. Snowdog, you and I are on the same page. So I told him I didnt know why hed hold any stocks; I think I may have even used the quote about quitting after youve won the game. Well if the equity markets dont work out in the long run, then many more than I will have a tough go of it. Each investor has to decide on a withdrawal strategy and also determine what level of exposure allows them to sleep well at night. In other words, once the game has been won by accumulating enough safe assets to retire on, it makes little sense to keep playing it, at least with the number: the pile of safe assets sufficient to directly provide or indirectly purchase an adequate lifetime income stream., Bernstein, William J (2012-06-18). You dont need any more, you simply need to protect what you have. I soon hope to have the same problems you are facing ESI. Although I wonder how many will dig through Jack Bogle's timeless books on mutual funds and other investment tomes, Bernstein has provided the essentials for a lifetime investment plan. Retirement can last much longer than it did in the past. Our personal journey was almost 30 years in the making. The Ages of the Investor: A Critical Look at Life-cycle Investing (Investing for Adults). When you retire 10-20 year prior to that the end is potentially a lot farther away with a lot more unknowns. I think the 4% studies generally all assume a balanced portfolio with a significant position in stocks. The question to ask switches from how do I get enough to what do I care deeply about that I can make a difference in while I am here. That plan is not for me. In any case, Celebrity Net Worth estimates that his current net worth is approximately $25 million, though it should be mentioned that there are also lower estimates such as approximately $15 million. People are motivated by feeling, far more than facts, and they have a hard time admitting this. I said this above at least a couple times (i.e. To give even more perspective on this thinking, let me share a few posts I found around the web. If I was in a situation where I thought I might lose my only (and vital) source of income, I wouldnt be buying anything very expensive. They get my competitive juices flowing. How did trade evolve to the point where we don't think twice about biting into an apple from the other side of the world? Heres a battle Im having right now: should I invest in new real estate opportunities when the time is right (which I am still waiting for)? I have to say that I know this about myself Ill never be able to buy treasuries or investment grade bonds. Any thoughts out there on my home purchase dilemma? Thats rich. The market will give plenty of opportunities to re-enter when sanity returns. "When we chase happiness externally, we're simply looking for God in all the wrong places." - Gabrielle Bernstein . ESI, I love this article and all the great comments associated with it. Enter your email address in the comments below thoughts from those of you at FI or close to.... Worth in the game may change or even that it may be a new game the! Also buy an annuity to provide some income that is safe under any market condition more than facts and! 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