- Create documents – and do a document audit on a regular basis
- Prepare for a seriously long innings. If you are born after 1980, prepare for a CENTURY.
- Decide how much cash you want to take from your portfolio for discretionary expenses and non-discretionary expenses. I have done a post on this.
- Remember that inflation plays a very important role in your long term planning.
- If you enjoy investing – use a small portion of your money and keep track of your performance.
- Asset allocation is very very difficult to understand and ever worse is to implement.
- Teach children the value of money…..repeat….repeat….repeat…..end of story.
- Do the asset transfer to your spouse and kids slowly…there is no hurry..
- Make sure that 2 people know all the details of your assets, will, etc
- Keep doing an audit of your assets and liabilities
- Do not comment on your kids financial habits. They may just walk away.