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Let It Marinate!
Nobody wants a dried-out bland steak, or to be working into their 70’s-80’s out of necessity. In this way retirement saving is similar to a flank steak dinner, you need to have great seasonings and time to really bring out all its worth. Sure what goes into the marinade is important but what’s even more important is the time and using more than just one seasoning. This is translated into time until retirement and diversification, we’ll start with the latter.
A good marinade is composed of a diverse group of seasonings. You don’t just want your flank steak tasting like salt, or just straight chili powder same goes for your retirement planning portfolios, get a nice diverse group of investments so that it can grow and make for a stronger portfolio. This not only protects you from risk but also increases the chance your money, or the flavor will grow over time.
Speaking of time, that’s the key to your marinade reaching its full potential. Start early and keep investing in that marinade until it’s ready! Have patience while the marinade is absorbed by the steak and leave room in the bag to add even more seasoning.
This ties perfectly to your retirement savings. Don’t let yourself get spooked by market movements. The longer you can allow your savings steak to marinate the more full-flavored your retirement can be.
The sooner you start the process of marinating your savings the better off you’ll be in the long run but it’s never too late to start. Just remember what I talked about previously, make a diversified marinade and don’t get spooked by the market. In other words, keep your steak in the marinade! After a while, you’ll be able to have a full-flavored retirement.