Isaac Wright: Well, that's kind of where people fell into 2008 (Laughs). How about this one, Isaac? I wish we'd known how much risk we had in our portfolio before we took that big loss. John Stillman: So, learn from the mistakes of others on that.
Isaac Wright: So again, that's what we don't want to have happen, we want you to have enough return to keep up with your lifestyle, keeping up with inflation, that's hard to do leaving it in a money market, CD or cash. Just never ever felt trustworthy enough to get back in the market, I guess. If you'd have just left things alone, maybe trimmed a little bit, but I mean, we're finding people that made huge moves, and still had a, large deposits, let's call it, move from investments to cash that are still there today. Isaac Wright: And I would almost call this a situation where now all of a sudden, you're behind the eight-ball where you may have to save up a lot more money to have that same retirement lifestyle. And I think that's where, if you work with a good financial and retirement planner, their job is to keep you from falling into the ditch. This is people that are investing money in many different investments based upon the winds of the day, or maybe just being sold a product. Even if you missed a year or two of good returns, what this means to me is you didn't have a financial plan in place that had a time horizon and a stated goal. Isaac Wright: I just want to be clear here that kicking yourself, of maybe, let's call it have money move to cash and not knowing when to get back in the market. Even though we've had a great economy, even though we're maybe in a position where the economy will still do great.
Hindsight define plus#
And I want to say this, I know this is all of a sudden ten plus years later, I still find people bring this up. They can't even bear to look at their statements. So, you have people that unfortunately have gone into the well of having maybe too much risk in their portfolio to begin with and then they swing that pendulum when have down, and let's call it hit that uncle point, of how much money they've lost. Essentially people for the last 10 or 11 years have been invested way more conservatively than they should have been. John Stillman: So one of the things that we hear from people is, you know, I got scared after 2008, I put my money in cash, and now I'm kicking myself for missing a great decade in the stock market. Isaac Wright: Yeah, that does, and I think that's the way we should take the show today and the fact of, obviously, my experience of 20 years of having these kind of conversations, hopefully I can share a little bit of wisdom on how we've been able to help, let's call it define, the future of some of the things that we've seen as mistakes or people that have kicked themselves based on some of the things we'll cover here shortly. And maybe it's too late for them to make changes, but maybe other people can learn lessons from their hindsight, if that makes sense. John Stillman: Well, we're talking about 20/20 hindsight today because just like anything in life, making decisions would be a lot easier if we had the benefit of hindsight at the time that we're making the decisions, right? So let's talk about some of the things that we hear from people who wish they'd done things differently financially speaking, earlier in life, when they're looking in the rear view mirror.
Isaac Wright: You've still got a little time here. I guess this is my 20/20 hindsight, I should have come up with something years ago called 20/20 foresight. John Stillman: But I didn't think of that until.
If I'd been thinking, I would have come up with some kind of retirement planning strategy called 20/20 foresight, which is where we're planning for people who are retiring in the year 2020, we want to have foresight for their plan. John Stillman: You know, Isaac, we've often heard the phrase 20/20 hindsight. I'm John Stillman, alongside Isaac Wright, president of Financial Dynamics and Associates, Chartered Financial Consultant, and the author of Navigate Your Way to a Secure Retirement. John Stillman: Welcome once again to Wright Money Tips.
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