Transcripts

Paul Merriman:
What people, I think sometimes think, is successful investing is a matter of chance. And I'll be lucky or I won't be lucky. I know that successful investing is about choice.

Money Manager Paul Merriman, author of the book, Live It Up Without Outliving Your Money…

If you go out thirty years and a lot of people are now are at that….with that many years before retirement. For most people if they would simply max out their 401K and IRA, if they would do those two things they'll make it.

But what if you only have fifteen or twenty years before retirement?

Well, you know something a lot of people who may say they've only got twenty, really have thirty, they simply have to work longer. I just got a huge basket of fruit and cheese from somebody who five years ago, I told them - they didn't want to work anymore - I said you got to suck it up stay five more years or you've got a big problem. So they worked five years longer than they had planned all their life and they are so happy they did that.

And where do you put your money? Well, Paul's a big believer in mutual funds.

Funds that have very low expenses, that implies index funds to me. It needs to be funds that are very broadly diversified, again I like index funds. Proper diversification is a balance between large and small, value and growth, and U.S. and international.

You can link to Paul's website from ours: somethingyoushouldknow.net I'm Mike Carruthers and that's Something You Should Know.