On this episode of The Retirement Huddle podcast, Mark Howard shares some inspirational quotes from Mister Rogers and how that popular kids’ TV show has some hidden financial wisdom.
“Discovering the truth about ourselves is a lifetime’s work, but it’s worth the effort.”
Most investors don’t realize that the biggest risk they face in their financial life isn’t the next market crash, it isn’t inflation, and it isn’t tax rates increasing. The biggest risk you face is your own behavior. If you can come to terms with this truth about yourself, then you can put plans in place to save yourself from your own harmful financial behaviors.
“Often, out of periods of losing, come the greatest strivings toward a new winning streak.”
This is true in life and true with the stock market. It’s never fun to live through a market crash when you’re helplessly watching your account balance drop every month. But after every market crash we’ve ever had, there’s always been a recovery, and sometimes the recovery can be fast and intense.
For people who try to time the market and get their money out without experiencing the entire crash, they rarely get back into the market in time to also experience the new winning streak.
“Often when you think you’re at the end of something, you’re at the beginning of something else.”
You can think of this quote is in the context of retirement where you’re at the end of your working years but at the beginning of your golden years. But it can also be true with your career.
Sometimes a job might come to an end for you unexpectedly, but it can represent an opportunity to find a more fulfilling job, start your own business, or even discover that you’re able to retire earlier than you expected.
Listen to the full episode or use the timestamps to jump to a specific section. Thanks for listening! We’ll be back for another show every other Thursday.
[2:15] – Truth about ourselves
[3:41] – Periods of losing
[5:43 ]– At the beginning
[7:10 ]– Time and choices