“You can, theoretically, make a lifetime financial and investment plan for yourself, fund it with an appropriately diversified portfolio of the right kinds of equity mutual funds, and blissfully accumulate your way to wealth, ignoring all the manias and panics which will surely afflict the markets between now and the time you will retire.
You can then — still on your own — decide how those assets are to be deployed in retirement, such that you can withdraw a lifestyle-sustaining income that keeps up with the ever-increasing cost of living, and still leaves a meaningful legacy to your heirs. None of this is, strictly speaking, impossible. The question: is it probable?
My experience indicates that it is not. I know two truths, and believe they are decisive. First, there is a qualified, caring, and committed financial advisor for you. Second, the value of that advisor to you and your family — in incremental return, in mistakes not made, in time and worry you needn’t expend trying to do it yourself — will greatly exceed the cost of the advice.”
From “Simple Wealth, Inevitable Wealth,” 20th Anniversary Edition, pp. 30-31. Used by permission. The Nick Murray Company, Inc. www.nickmurray.com