Nowhere To Hide | Recap

10/09/22 • 5 min

Retirement Quick Tips with Ashley

It’s Sunday, which means...it’s recap time here on the Retirement Quick Tips Podcast

This week the theme was: The theme this week on the Retirement Quick Tips Podcast was Nowhere to Hide.

In case you missed any episodes, here’s what we discussed this week...

Sell This, Not That
Don't Abandon Your Plan
Ideal Time For A Little DCA
Keep It Short-Term With Your Bond Portfolio
It's All About Quality, Stupid!

The most important takeaway from this week is: Some of the greatest opportunities present themselves when the economy and markets are in a state of chaos. Most people are hunkered down and too afraid to do anything...and when they do act, they often make the wrong decisions based on fear - like selling all of their stocks or stopping all of their retirement contributions. You may not be able to control interest rates, the economy, inflation, or how much the stock market drops this month, but if you keep a cool head, you can still take action on things you can control, and that’s been the focus this week.

Tomorrow I’m starting a brand new weekly theme: 5 Personality Traits of Self-Made Millionaires. Do you know what traits differentiate a millionaire - especially the self-made ones - from the rest of the population? A recent study points to 5 key traits and we’ll cover each of these traits and why they’re important for building wealth, next week.

Thank you so much for listening this week! If you’re enjoying the podcast, chances are someone else you know who is getting close to retirement could also benefit from checking it out, so please share the show with a friend, a neighbor, your sister, or your boss. Just go to your favorite podcasting app, hit the share icon, then text or email the show link to someone you know who is eyeing retirement.

Thanks for sharing the love and spreading the word. I hope you have a blessed Sunday. My name is Ashley Micciche, this is the Retirement Quick Tips Podcast.

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>>> Subscribe on Apple Podcasts: https://apple.co/2DI2LSP

>>> Subscribe on Amazon Alexa: https://amzn.to/2xRKrCs

>>> Visit the podcast page: https://truenorthra.com/podcast/

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Tags: retirement, investing, money, finance, financial planning, retirement planning, saving money, personal finance

It’s Sunday, which means...it’s recap time here on the Retirement Quick Tips Podcast

This week the theme was: The theme this week on the Retirement Quick Tips Podcast was Nowhere to Hide.

In case you missed any episodes, here’s what we discussed this week...

Sell This, Not That
Don't Abandon Your Plan
Ideal Time For A Little DCA
Keep It Short-Term With Your Bond Portfolio
It's All About Quality, Stupid!

Thanks for sharing the love and spreading the word. I hope you have a blessed Sunday. My name is Ashley Micciche, this is the Retirement Quick Tips Podcast.

----------

>>> Subscribe on Apple Podcasts: https://apple.co/2DI2LSP

>>> Subscribe on Amazon Alexa: https://amzn.to/2xRKrCs

>>> Visit the podcast page: https://truenorthra.com/podcast/

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Tags: retirement, investing, money, finance, financial planning, retirement planning, saving money, personal finance

Previous Episode

It's All About Quality, Stupid!

The theme this week on the Retirement Quick Tips Podcast is: Nowhere to Hide. It’s been a rough year, with threats of a deepening recession and continued, sticky inflation dominating the minds of most investors. So this week, I’m talking about how you can navigate an economic and investing climate where it seems like there’s nowhere to hide.

In the intro episode of this week I talked about James Carville’s catchphrase - “it’s the economy, stupid!” Carville’s catchphrase helped highlight the recession in the election year of 1992, and helped Bill Clinton get elected as president. Exactly 30 years later, we find ourselves in another recession - this time driven by massive government spending related to Covid ($4.5 trillion worth so far), which has stocked eye-popping inflation, and the need for the Fed to step in to aggressively raise interest rates.

So today, I want to highlight something that I think will be very important going forward, and that is: It’s all about quality, stupid!

Quality will be important for some time to come. I think that gone are the days when speculative traders could make money on meme stocks, cryptocurrency, and unprofitable tech stocks.
I also think that in a difficult market, it’s going to be less profitable to be a passive investor and just invest in the overall stock market. I think being more discerning and picky as an investor will become more important.
I believe that there’s too many things broken right now with our economy and that the pain could be with us for some time... Interest rates have remained low for too long, and all of this cheap and easy money has created a big inflation problem and bubble in a lot of areas - real estate & stocks - to name a couple.
But that doesn't mean that investing in these areas is going to be a waste of time and money. You just have to be more discerning.
At the core of investing in quality in anything is to pay attention to the underlying fundamentals. When it comes to a stock, you’re buying a piece of that business. So we need to look for some key ingredients that make for good businesses:

Consistently profitable
Strong cash flow
Durable and predictable
Healthy and growing dividend
Low debt
Disciplined management

These are some of the most important things to look for when buying a stock or selecting a mutual fund or ETF - it’s all about quality. Quality should be the bedrock of an investment portfolio at all times, but it’s easy to get greedy and leave the quality investments behind in favor of higher returns.

But the high flyers of the last decade have begun to come back down to earth, and I think that it’s the quality that will shine through in this difficult market environment, and also when we emerge on the other side.

That’s it for today. Thanks for listening! My name is Ashley Micciche and this is the Retirement Quick Tips podcast.

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>>> Subscribe on Apple Podcasts: https://apple.co/2DI2LSP

>>> Subscribe on Amazon Alexa: https://amzn.to/2xRKrCs

>>> Visit the podcast page: https://truenorthra.com/podcast/

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Tags: retirement, investing, money, finance, financial planning, retirement planning, saving money, personal finance

Next Episode

5 Personality Traits of Self-Made Millionaires

Welcome to a new week here on the Retirement Quick Tips podcast!

I’m your host Ashley Micciche, co-owner of True North Retirement Advisors, an independent financial advisory practice managing $340 million in client assets. I’m a Chartered Retirement Planning Counselor, and I started this podcast because I love helping people just like you gain clarity and make a plan for the retirement you envision.

The theme this week on the podcast is: 5 Personality Traits of Self-Made Millionaires

A recent study from Germany took an in-depth look at the unique traits that characterize the wealthy - or those with a net worth of 1 million Euros or more. Drawing from a large sample size of over 23,000 individuals, 1125 of whom were millionaires, they split the millionaires into groups of self-made and inheritors of wealth and measured them on the big 5 personality traits along with their risk tolerance. Their findings pointed strongly to a couple of conclusions:

Self-made millionaires differ significantly from inheritors of wealth in their personalities and risk tolerance, which indicates that personality is a driver of wealth, and not the other way around.
The millionaires are more risk tolerant, open, extraverted, and conscientious, but less neurotic then the general population. In other words, millionaires differ from the rest of the population by their unique personality profile.

My own conclusions from reading the study is that these findings are like a recipe for predicting the accumulation of wealth. While having these traits is not a guarantee that you’ll be wealthy, the more of them you possess and the stronger they are, the higher the likelihood is that you’ll build and keep your wealth.

So this week, we’ll explore each of these traits individually - defining what each trait means, why the trait is an important predictor of wealth accumulation, how to tell if you possess this trait, and how you can cultivate this trait more in your own life if you want to build more wealth.

That’s it for today. Thanks for listening! Come on back tomorrow when I’ll talk about the importance of a higher tolerance for risk on predicting your wealth.

My name is Ashley Micciche...and this is the Retirement Quick Tips podcast.

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>>> Subscribe on Apple Podcasts: https://apple.co/2DI2LSP

>>> Subscribe on Amazon Alexa: https://amzn.to/2xRKrCs

>>> Visit the podcast page: https://truenorthra.com/podcast/

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Tags: retirement, investing, money, finance, financial planning, retirement planning, saving money, personal finance