FM 010: How To Engineer Your Wealth Using Retirement Calculators With Darrow Kirkpatrick

Retirement calculators are powerful tools when used properly. But retirement calculators can be weapons of mass deception when used incorrectly. In episode #10 of the Financial Mentor podcast, Darrow Kirkpatrick and I reveal the tricks and traps to using retirement calculators right. This topic is much bigger than just retirement planning. This is about planning your wealth and engineering your way to financial freedom using retirement calculators as a handy tool to make the math easy. There are many nuances and little-known creative strategies that can allow you to achieve financial security much earlier than you ever imagined possible. And there are many potholes you must avoid so you don't make foolish decisions. In this episode you will discover: * The “magic number” myth and how to overcome it. * The great inflation deception and why your personal inflation rate should be dramatically different from published government statistics. * The 2 most important assumptions that will make or break your financial security in retirement. * The little-understood but gargantuan impact that volatility and sequence of returns risk has on your financial security. * How market valuation and interest rates affect your sequence of returns risk. * Why life expectancy assumptions force you to be overly conservative – unless you adopt this unusual viewpoint. * The 3 ways to model investment return assumptions and a simple solution for their inherent inaccuracy. * The dangerous deception behind Monte Carlo analysis that causes overconfidence when your risk of failure is at its worst. * How 2 approaches – the “fuel gauge” analogy and iteration – can give you peace of mind with uncertainty in the future. * How to use a retirement calculator to engineer your path to wealth instead of just estimating if you have enough money to retire. * Discover little-known strategies to retire sooner and with greater financial security. * The red flag that warns you that a particular retirement calculator should be avoided. * How to balance the inherent tradeoffs between accuracy and simplicity when modelling your financial future. * and much more…. Resources and Links Mentioned in this Session Include: * Darrow's website is at http://caniretireyet.com * Darrow's analysis of the 3 Best Free Retirement Calculators.

Om Podcasten

Todd Tresidder from the FinancialMentor.com blog reveals unconventional wealth building advice and advanced investment strategy tips. Discover the next step in retirement planning and personal finance from a former professional hedge fund manager turned financial coach and author. If you are tired of the same old “buy, hold, and pray” and worn out frugality tips then this show is for you. Each episode teaches financial freedom for smart people by revealing what works, what doesn’t, and why. Todd has walked the path to wealth himself and coached hundreds of clients just like you to prove out every principle taught – no ivory tower theories or worn out platitudes. He’s organized the entire wealth building process into a cohesive, step-by-step system complete with specific action steps so you can produce measurable results. This isn’t just another “get-rich-quick” or “get out of debt” show. This is about carefully engineering your finances to take charge of your life so you can live the adventure you always imagined life could be.