Phil-wasserman-retirement-income-planning

Introduction to
Retirement Income Planning

Live Richer in Retirement
Than Ever Before!
Phillip Roy Financial Services
Office locations: Clearwater/Tampa, Sarasota, Naples, Boca Raton,
North Palm Beach, Fort Lauderdale, Orlando

© 2005 - Phillip Roy Financial Services Call us Toll Free: 1-888-225-8161

What is Retirement?
Social behaviorists say:
• Retirement is an uncertain social experiment
evolving out of the need to retire older workers
to make room for younger workers.

• Over time, the concept of retirement became the
reward for decades of hard work and many times,
unfulfilling work.

Source: Survey by gerontologist Ken Dychtwald, Ph.D., president and CEO of AgeWave, February 2005.


Retirement is a Gift of Time
• “Aging is humanity’s greatest, most important, and
most enduring discovery. The discovery and exploitation
of human longevity is what has led to the globe-dominating
species we have become.” Dr. William Thomas, M.D.

• We have the most awesome resource in our retirees to
help solve society’s most difficult problems.
– Retirees can give of their time, skills, wisdom, and shared experiences.
– This legacy will make for better individuals and communities.
– To do this, retirees must have a safe, sustainable retirement income.


Why Wealthy Americans Worry
Can't maintain income level

High taxes will decimate our estate

Unpredictable long-term returns

Taxes will rise steeply
2005
Stock market gains will be lower 2004

Inflation will erode investment

Education costs grow too fast

Terrorism will hurt economy

Children will have it tough financially
0% 20% 40% 60% 80% 100%
Source: U.S. Trust Survey of the Affluent, 2005


Downward Trend in U.S. Savings
12%

10%
Personal Savings
% Disposable Income

8%

6%

4%

Net National Savings
% GDP

2%

0%
70

72

75

78

81

84

87

90

93

96

99

02

05
19

19

19

19

19

19

19

19

19

19

19

20

20
Source: Bureau of Economic Analysis, U.S. Department of Commerce, 2005


The Perfect Retirement Storm


The Perfect Retirement Storm
is when you:
(1) Undersize your retirement nest egg
- A TIAA-CREF Institute study on spending in retirement reported that more households
are surprised by how high expenditure needs are.
- People often underestimate health care costs, a growing concern as more and more
employers drop coverage for retirees or spouses.

(2) Underestimate how long you are likely to live
- Most people think of life expectancy as a target date by which you are likely to die
rather than the point estimate at which about half the people of a certain age will still
be alive. If a 65 year-old man has about a 30% chance of living to 90, this means, in
actuarial science, that half of the people studied are expected to live longer.

(3) Overestimate how much you can withdraw from your
retirement portfolio without depleting it
- Using Retirement Income Planning (RIP), retirees develop more awareness about how
different withdrawal rates can affect the odds that their retirement assets will last.
Source: Society of Actuaries and LIMRA International (a life insurance marketing and research organization),
Retirement Storm Clouds by Walter Updegrave, Money Magazine, November 2003


Threats to Your

Retirement Nest Egg


Threats to Your Retirement Nest Egg

Inflation Risk/Volatility

Health Fees

Age Taxes


Age & Health

Retirement Threat #1


Age & Health - Retirement Threat #1

Don’t underestimate your life expectancy
• If you are 65, there is 50% chance you will live beyond 85.
• If you are a 65-year-old man, there is at least a 30% chance
you will live to 90.
• If you are a 65-year-old nonsmoking woman, there is at
least a 50% chance you will live to 90.
• Widows live, on average, about 18 years beyond the death
of their spouse.
Source: Ask the Expert, American Online, November 29, 2003.
Raymond James financial seminar, September 28, 2005.


U.S. National Center for Health Statistics
Life Expectancy
90

80

70

60
Lifespan in Years

50

40 U.S. Census Bureau (2000) estimates the number of seniors
age 65 and older will double by the year 2030 to 70 million
30
(over 25%) of the U.S. population.

The fastest growing segment of society over the next 50 years
20
is the 85 and older population.

10
Source: National Vital Statistics Report, March 18, 2002

0
1880 1890 1900 1910 1920 1930 1940 1950 1960 1970 1980 1990 2000


Health is Unpredictable
• If you are 65, there is 50% chance you will need
Assisted Living care at least once during your life.
- If you are 70, there is at least a 68% chance you will need it.
- If you are 80, there is at least a 75% chance you will need it.

• Many U.S. retirees skip doses of prescription drugs or
don’t fill prescriptions because of the high cost.
- Over one-third of nearly 11,000 Americans over age 65 who were surveyed
said they skimped on prescribed drugs to save money.
- This study included people with chronic and costly diseases, including
diabetes and heart disease, for whom prescription drug treatment is essential.

Source: Commonwealth Fund and Kaiser Family Foundation study, Washington Times, August 1, 2002.


The High and Rising Cost of Care
Nursing Home: Private and Semi-Private Room
Caution: Costs vary widely by location. Check your local area.

$200
National Average Daily Cost

$192
$150 $181
$168 $169
$158
$143
$100

$50

$0
Private SemiPrivate
2002 2003 2004
Source: MetLife Annual Surveys



Average Annual Costs for Assisted Care

• Private Room in a Nursing Home $ 70,080

• Semi-private Room in a Nursing Home $ 61,685

• Home Health Aides (HHAs) $ 52,416
provided by a home care agency at an
average rate of $18 per hour

Source: MetLife Mature Market Institute annual survey of nursing home costs in the U.S., 2004



Spending Down
Your Retirement Assets


Don’t outlive your money
• People retiring at 65 often assume their
assets have to carry them only 20 years.
They are going to be wrong about half
the time.
• This means a lot of retirees could be
entering their nineties with investment
portfolios that are already depleted or
on the verge of running dry.
Source: Ask the Expert, American Online, November 29, 2003.


Spending Down Retirement Assets
How Much Money Do You Need?
• A MetLife survey asked what percentage of pre-retirement income
will be required to support yourself after your career. More than
half of the respondents said 50% or less.
This might be the case, but only if you:
– Pay off your mortgage
– Remain in excellent health
– Live in an area where living costs are low
– Prefer low-cost retirement activities only

• A 2001 study conducted by Georgia State University and others found,
on average, people needed about 80% of pre-retirement income.
Source: MetLife survey results, Money Magazine, November 2003.


Spending Down Retirement Assets
How Fast Can You Draw Down
Your Assets?
A MetLife survey asked what percentage of your portfolio could
be withdrawn each year to ensure assets last a lifetime. About 27%
of the respondents said 4% per year withdrawal rate.
But, it depends upon:
• How your money is invested
• How financial markets perform
• Inflation and Taxes
• Age and Health
Source: MetLife survey results, Money Magazine, November 2003.


Making Your Retirement Last
Source: MetLife Mature Market Institute, 2003
100

90

Example - A MetLife study indicates that to sustain your portfolio,
80 use an annual withdrawal rate of 4% based upon a T. Rowe Price
% Retirement Portfolio Remaining

forecast for a 60% stock, 40% bond portfolio.
70
Note: A withdrawal rate that's fine in a bull market may deplete
your retirement assets much faster if the market slumps.
60

50 30 years
35 years
40

30

20

10

0
4% 5% 6% 7% 8%
Initial Withdrawal Rate


Inflation



Inflation - Retirement Threat #2

If you had $1 million in 2000, (assuming 6% inflation)
you need:

$1.34 million in 2005, and

$1.8 million in 2010

Just to Stay Even!


The High Cost of Inflation
$1,000,000 Today - Adjusted for Inflation
Years from now You will need over (rounded)
Assume 6% annual inflation
5 $ 1,340,000
10 $ 1,800,000
15 $ 2,400,000
20 $ 3,210,000
25 $ 4,290,000
30 $ 5,740,000

Although the CPI inflation has averaged about 4% per year over the past two decades,
this rate does not take into account factors like housing, prescription drugs, travel, etc.
Source: U.S. Department of Labor, Bureau of Labor Statistics, October 2002


Risk/Volatility



“Safety” is Critical to Successful
Retirement Income Planning
Risk Level Financial Vehicle
Higher Stocks
Limited Partnerships

Mutual Funds
Your Home

Money Market Funds
Fixed Annuities
Lower Bank CDs


Risk - Retirement Threat #3

• Risk-taking is an inevitable ingredient in investing, and in life,
but never take a risk you do not have to take. (Peter Bernstein quote)

• Investing without research is like playing stud poker and never
looking at the cards. (Peter Lynch quote, global-investor.com)

• I never attempt to make money on the stock market. I buy on the
assumption that they could close the market the next day and
not reopen it for five years. (Peter Bernstein quote, global-investor.com)

• Good planning involves understanding the risk, mitigating it and
making trade-offs as needed. (What Not to Do in Retirement Planning, Forbes.com,
May 12, 2005)



Tips about taking risk:
– Recognize that we do not know the future

– You should take risk only if losses will not threaten
your survival

– You must focus on how serious the consequences
could be if you are wrong

– Make risk management a conscious part of the
investment process
Source: Peter Bernstein interview, Money Magazine, October 2004


A Roadmap to Retirement
Assume Less Risk As You Get Older
Age 55 to 65
Balanced
Age 45 to 55 Age 65 to 75
Growth Conservative

No more than
10% of your
Age 75+
ASSETS

portfolio should
Income
be at risk (stocks)

None of your
portfolio should
be at risk

AGE
Source: “Why We Need to Fix the 401K”, Jane Bryant Quinn, Newsweek, August 19, 2002



Don’t lose money
• In years 2000 to 2002, many people lost 20% to 50%
of their portfolio.
Source: Where was Your Broker in 2000-2002, Suze Orman

• The first rule is not to lose money.
The second rule is not to forget the first rule.
Source: Warren Buffet quote, global-investor.com



Wall Street May Not Be
Your Friend


What’s Wrong in Corporate America?
• The American wage earners’ pension and 401K savings
are now the major source of capital - making wealth more
concentrated. (Jack Bogle, The Battle for the Soul of Capitalism, Yale Press, September 2005)

• “Our economy has suffered because managers have
placed their own economic interest ahead of those of
owners and investors.” (Eliot Spitzer, Attorney General, New York)

• “Capitalism has too many characters and not enough men
of character.” (Cliff Asness, Ph.D., Managing and Founding Principal, AQR Capital Management)

• “Individual investors and beneficiaries remain helpless,
intermediaries are passive or conflicted, and boards not
yet effective.”(Ira Millstein, Senior Partner, Weil, Gotshal & Manages LLP)
Source: Review comments about John Bogle’s new book, The Battle for the Soul of Capitalism, www.yalepress.yale.edu


Wall Street May Not Be Your Friend

Brokerage Firms
• “The broker is not your friend”
He is more like a doctor who charges patients on how often they change
medicines. He gets paid far more for the stuff the house is promoting than
the stuff that will make you better. (Warren Buffet quote)

• “Be careful, even if your broker is fee-based”
Brokerage firms often team up with money managers to create personalized
portfolios of stocks and bonds, much like a mutual fund. You won’t pay a
commission, but fees can be very high. (Arthur Levitt quote, former SEC Chairman)

Source: How to Sleep as Well as Your Broker, Arthur Levitt, Take on the Street, Vintage Books, 2003, p. 20, 37



Brokerage Firms
• Do you think your mutual fund - the one you
hope will pay for your retirement - is in good
hands?
“When you have strong managers, weak directors, and
passive owners, it’s only a matter of time until the
looting begins.”

Source: Interview with John Bogle, founder of Vanguard - one of the world’s biggest mutual
funds, NOW WITH BILL MOYER, www.pbs.org, October 2003



Fire Your Broker
“If you have more than $50,000 to invest, you should
fire your broker and find an investment adviser.”
(Arthur Levitt quote)

• Brokerage firms would like you to think that they perform the same functions as investment
advisers. But they’re not the same as independent investment advisers.
• Most brokers do not have a fiduciary duty (a legal obligation) to put your interests above his/her
interests or that of the firm. In any case, an investment adviser’s fiduciary duty is on a higher
plane.
• There are different kinds of investment advisers, depending upon their qualifications and how
they are paid. Most charge fees or commissions.
• Be sure you find an adviser who can offer you a wider array of investments to lessen the chances
of conflict of interests and provide you with more diverse investment choices.

Source: How to Sleep as Well as Your Broker, Arthur Levitt, Take on the Street, Vintage Books, 2003, p. 34-36


Fees



Fees Can Drastically Affect
Your Returns
• Most individuals ignore the effects of
high investment fees

• They watch the tab for dinner more
closely than examining the fees they see
. . . or don’t see!


Fees - Retirement Threat #4
Many retirees consider a 2 percent annual fee
to be quite low, but they don’t realize that it is
“really a punishing levy”.
Example:
If you invest $10,000 in a domestic stock fund with an
expense ratio of 2 percent and a sales load of 3 percent, and
you get an annual return of 7.5 percent for 20 years, your
money would almost triple to $27,508. But, you would have
lost $14,970 in fees and foregone earnings over the 20 years.

Therefore, you made only: $27,508 - $14,970 = $12,538 or 46%.
Due to fees, you lost the opportunity to realize 54% of the gain.
Source: High Fees Strangle Returns, Arthur Levitt, Take on the Street, Vintage Books, 2003.


Mutual Funds
Americans have over $3 trillion invested in actively
managed stock mutual funds and another $800 million
invested in actively managed bond funds.
• Experience clearly shows that fund managers’ stock and bond picking
abilities usually fall short of their considerable fee-imposing abilities.
• Mutual fund companies run up at least $70 billion per year in costs for
investors in their attempts to beat the market.
• “In total, expect to pay something in excess of 4% (fees) on your fund assets
for a load fund. If you are good at picking only no-load funds, you should
still expect (fees) totaling close to 3% per year. Compound these (fees) over
your lifetime and you’ll see the serious bite they take out of your savings.”

Source: The Great Mutual Fund Trap, Gregory Baer & Gary Gensler, Broadway Books, 2003, p. 108-109

Mutual Funds
Over 55 years ago, John C. Bogle (founder and former Chairman of the
Vanguard Group) sat in Princeton University’s Firestone Library and
contemplated his thesis topic on mutual funds.

• Over a half-century ago, Jack Bogle noted that the mutual fund industry was an
industry in which the idea was to “sell funds that offer the small investor peace
of mind, an industry primarily focused on stewardship”.

• In contrast today, Bogle notes the mutual fund industry is one “focused
primarily on salesmanship”, an industry in which “marketing (determines)
what we sell, and in which short-term performance is the name of the game”.

Source: Remarks before the Harvard Club of Boston, John C. Bogle, January 14, 2003


Mutual Funds
“The way mutual funds are sold and managed reveals a
culture that thrives on hype, promotes short-term
trading, and withholds important information.”
- The industry can mislead investors into buying funds on the basis of past
performance, which should be only one of several factors to consider.

- The industry spends millions of dollars on marketing, but does a
relatively poor job explaining the effect of annual expenses, sales loads,
and taxes on investment returns.

Source: The Seven Deadly Sins of Mutual Funds, Arthur Levitt, Take on the Street, Vintage Books,
2003, p. 46-47



Fees - a “Punishing Levy”
• The way fees are automatically deducted from a fund’s returns makes
them all but invisible. You never see an invoice and you never have
to write a check.

• Fees can be confusing, but not impossible to figure out if you know what to
look for:
- The fee table at the front of the prospectus lists one-time fees (e.g. front-end and back-end loads)
and recurring charges (e.g. advisory fees and distribution fees that can include advertising).

- The Expense Ratio is the percent of total fund assets (your money) eaten up by annual fees.
Although it is used to comparison shop among funds, beware that it does not include the loads,
which are charged only once.

Source: High Fees Strangle Returns, Arthur Levitt, Take on the Street, Vintage Books, 2003, p. 50-51



Fees - Hidden from View
• Stock pickers, accountants, distributors, transfer agents, brokers,
advertisers, attorneys, custodians and others suck steadily at the
$7 trillion inside mutual funds.

• Once recent challenge by New York Attorney General Eliot Spitzer is
that “fund companies hide steep trading expenses from their customers”.

• “For every dollar you know you spend on fund expenses, another 40 cents
is hidden from view,” said Mercer Bullard, a University of Mississippi
assistant professor who acts as an investor advocate at www.fund democracy.com

Source: Constant drip of fees can soak mutual fund owners, Mark Davis, Business Spotlight,
news-press.com, 2004



“Just follow the money”
• Variable annuities, mutual fund B shares, and brokerage firms’ in-house
funds rank among Wall Street’s more dubious offerings. Yet brokers often
are relentless in pushing these products, even when they aren’t in the
client’s best interest.

• Fund A shares charge big upfront commissions, while B shares levy both
higher annual expenses and a back-end sales charge if you sell in the first
six years or so.

• But, regardless of the fund type, the brokerage firm immediately collects a
4% or 5% commission from the fund company. The selling broker then
gets perhaps 40 percent of this 4% or 5% commission.

Source: Brokers’ sales tactics stunt investment growth, Jonathan Clements, Wall Street Journal, 2004



“Just follow the money”
• Many variable annuities charge both hefty annual expenses and a high
surrender charge, making it tough to earn decent returns.
• While investors may not like variable annuities, brokers love them. As with
Fund B shares, there are usually no breakpoints (reduced commission) on
large investments and investors tend to sit tight due to surrender charges.
• Brokerage firms often collect commissions of more than 5% commission
on variable annuities, making them a tempting product for income-hungry
brokers.
• The best way for brokers to collect a fistful of commissions is to land new
accounts. But, because brokers spend so much time hunting for new
customers, they tend to neglect existing clients.
Source: Brokers’ sales tactics stunt investment growth, Jonathan Clements, Wall Street Journal, 2004


Taxes



Taxes - Retirement Threat #5
Income Tax Mistakes
• Retirees who pay income tax on earnings
they are not using, for example:
Last year, one senior couple earned $64,000 from their investments.
and received $20,000 in social security income. They spent $24,000
of the investment earnings and all of the $20,000 social security income.

By moving the extra earnings of about $40,000 (the $84,000 income earned
less $44,000 income used) to a tax-deferred vehicle, they could save about
$15,000 in income taxes.

• Retirees who pull too much money out of
IRA funds instead of taking money out of
regular non-IRA accounts

Estate Planning Mistakes
Retirees who do not plan their estate properly can leave
much of their wealth in the hands of the IRS upon death.

• The so-called “Death Tax” threshold in 2005 is $1.5 million,
the amount below which no federal estate tax is paid

• Since 2003, the top death tax rate has dropped from 50% by
1% per year (e.g. 45% in 2009)

• In the year 2010, the top estate tax rate is scheduled to be 0%

• But, unless new legislation is passed, the estate tax threshold
will return to $1 million in 2011, with a top tax rate of 50%


This Means
for Sizeable Estates,

The IRS is
Your Partner!


Estate Planning Mistakes
Retirees who do not properly use gift tax rules to
reduce their taxable estate

• Retirees may gift $11,000 to anyone on an annual basis
e.g. This money could be used to pay premiums on a life insurance policy

• Life insurance can be used to help assist heirs in paying
estate taxes

• Life insurance can also be used to transfer wealth tax-free


Einstein
and
The Wonder of Tax Deferral


The Wonder of Tax-Deferral
Compound Interest and the Rule of 72
• Albert Einstein is credited with discovering the
compound interest Rule of 72.

• Albert Einstein (1879-1955) called compound interest the
8th Wonder of the World - it can work for you, or against you:
- When you invest, it works for you.
- When you borrow, it works against you!
• Making interest on interest, the power of compounding interest,
is truly magical:
At 15% interest for 25 years, $10,000 would grow to $330,000.

Source: Compound Interest . . . The 8th Wonder, brainyquote.com/quotes/authors


The Wonder of Tax-Deferral
Rule of 72
• Find the average annual return on your investments from your
financial statements. This is your growth rate.

• Divide 72 by your growth rate. This is the number of years it
will take for your investment to double, assuming your rate of return
remains constant. Keep in mind that rates of return for most
investments are not guaranteed.
Example:
If you put $2,000,000 in a tax-deferred retirement account, it will grow to $4,000,000
in 9 years, assuming a constant growth rate of 8%.

However, it will take 14 years for the $2,000,000 to double in a taxable account
at that same 8% annual rate of return (assuming a 33% tax rate).


The Power of Tax Deferral
$100,000 Initial Investment
$600,000 $574,350

Hypothetical Example
$500,000 Not representative of any particular product $441,532

$400,000 $355,654
$320,714

$300,000 $258,914
$232,998

$179,084
$200,000 $152,642 $156,940
$133,822
$123,488 $124,352

$100,000

$0
5 Years 10 Years 20 Years 30 Years
Taxable Account Tax-Deferred Account Tax-Deferred Account After Tax

Assumes 28% Tax Bracket; Hypothetical Annual Return of 6%


Wealth Management Pitfalls


Top 10 Wealth Management Pitfalls
1. Neglecting Your Retirement Savings
2. Choosing the Wrong Investment Strategy
3. Drawing Down Assets in Retirement
4. Leaving Assets Unprotected
5. Mismanaging Cash Flow
6. Mismanaging Debt
7. Mismanaging Windfalls
8. Failing to Maximize Retirement Plan Benefits
9. Failing to Plan Your Estate
10. Leaving Heirs Unprepared

Source: Top 10 Wealth Management Pitfalls, Sue Stevens, Morningstar, May 13, 2004


1. Neglecting Your Retirement Savings
- Have years flown by without increasing your retirement savings?
- Should you fire your broker and hire an independent financial advisor?

2. Choosing the Wrong Investment Strategy
- Do you know how to protect and preserve capital?
- Have you misjudged your risk tolerance?
- Are you re-balancing your portfolio periodically?

3. Drawing Down Assets in Retirement
- Will you run out of money?
- Do you know how to manage taking your Required Minimum Distributions?

4. Leaving Assets Unprotected
- Do you have adequate life insurance?
- Have you considered Long Term Care insurance?
- Do you have enough liability insurance coverage?



5. Mismanaging Cash Flow
- Are you minimizing your taxes?
- Are your capital loss carry forwards being managed to
maximum advantage?

6. Mismanaging Debt
- Can you better use cash values of life insurance policies?
- Are you paying too much in fees and interest?
- Could you use a mortgage to better manage debt?

7. Mismanaging Inheritance
- Over the next 10 years, $10 trillion will pass from generation to generation.
- Most heirs don’t know how to integrate that wealth into their own portfolios.

8. Failing to Maximize Retirement Plan Benefits
- Do you know that when you take distributions from nonqualified plans,
they are immediately taxable?
- Do you know the tax issues, cash flow considerations, and potential penalties in
IRA rollovers?


9. Failing to Plan Your Estate
- The best way to care for your family if something happens to you is to put
an Estate Plan in place.
- After setting up a plan, be sure to fund the trusts and change the beneficiary
designations on life insurance, IRAs, etc.
- Planning should include considerations for disability as well as death, and
include:
. Powers of attorney for health care and property
. Living trusts

10. Leaving Heirs Unprepared
- A big concern for families with significant wealth is how to teach their heirs to
responsibly manage their inheritance.
You can set up children’s trusts within estate documents that stagger the ages for
access to the money over time - e.g. at ages 25, 35, and 45.

- Another concern is who might actually inherit the estate that you intended to
leave to your children. A Dynasty Trust can be used to insure your bloodline
will inherit your estate regardless of unanticipated events like divorce.



What is needed?
• New financial products with up-to-date, expert advice:
– Old savings benchmarks and advice are simply outdated
– Tax codes and investment opportunities have changed

• Retirement Income Planners (RIP) must be more
creative and resourceful in helping clients decide:
– What retirement means to each individual, and
– How to achieve those financial and personal goals


Solutions for
Your Retirement Nest Egg
Beat Reduce Risk/
Inflation Volatility
Eat Lower
Healthy Fees

Stay Minimize
Active Taxes


What is needed?
Comprehensive independent financial planning
to:
• Keep Your Retirement Money Safe
• Help You Make Money on Your Money
• Provide You With Easy Access to Your Money
• Help with Estate Planning, Wealth Creation
and Wealth Transfer
• Minimize Your Tax Consequences


About Phillip Roy Financial Services
Phillip Roy Financial Services, LLC (PRFS) provides financial services to qualified clients,
including opportunities to invest in hedge funds and alternative investments. Any discussion
of investments and investment strategies of funds (including current investment themes,
research and investment processes, and portfolio characteristics) represents the views of
PRFS at the time of publication. All expressions of opinion included herein are subject to
change without notice and are not intended to be a guarantee of future events.

This document is supplied by PRFS for information only and does not constitute a
solicitation to buy or sell securities. Opinions expressed herein may differ from the opinions
expressed by other businesses and activities of PRFS. Although information and opinions in
this document have been obtained from sources believed to be reliable, we do not warrant
the accuracy or completeness and accept no liability for any direct consequential losses
arising from its use. The information is representative of PRFS viewpoints at the time of
publication. Not all products and services are available at all locations and not all
instruments are suitable for all investors.


Unforgettable Quotes
• The most powerful force in the universe is compound interest. (Albert Einstein)

• A big part of financial freedom is having your heart and mind free from worry about the what-ifs
of life. (Suze Orman)

• You should invest in a business that even a fool can run, because someday a fool will. (Warren Buffet)

• The list of qualities an investor should have include patience, self-discipline, common sense, a
tolerance for pain, open-mindedness, detachment, persistence, . . ., and the ability to ignore
general panic. (Peter Lynch)

• For some reason people take their cues from price action rather than from values. Price is what
you pay. Value is what you get. (Warren Buffet)

• Insanity: doing the same thing over and over again and expecting different results. (Albert Einstein)

• The indispensable first step to getting the things you want out of life is this: decide what you want.
You can do what you think you can do and you cannot do what you think you cannot. (Ben Stein)

• Winning at money is 80 percent behavior and 20 percent head knowledge. Most of us know what
to do but we just don’t do it. (Dave Ramsey)

• First time a Victim; second time a Volunteer. (Suze Orman)


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