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Coronavirus-bear-market-2020-analysis

How to Retire With No Savings

Personal_Finance / Pensions & Retirement Sep 28, 2009 - 11:16 AM GMT

By: DailyWealth

Personal_Finance

Dr. Steve Sjuggerud writes: "Do you have any savings?" I asked my friend Tony this week.

"Not really, no," he answered.


Tony is in his 50s. And he didn't sound worried in the least. How is that possible?

I was surprised Tony was so relaxed...

My wife, for example, couldn't consider living like that. My wife is hard-wired to save instead of spend. She really doesn't spend. And even though we have saved and invested well... she STILL worries.

Tony quit his job three years ago. And then he sold off a good deal of his possessions to finance living his dream.

Tony now builds extremely fine guitars. He's earned critical acclaim. He's doing what he always wanted to do. And he intends to do it for the rest of his life.

This week, I visited Tony in Indiana. I came to visit so he could help me build my own guitar...


"This is my retirement," Tony said, pointing his arms around his shop.

"The Larson Brothers built guitars until they died in their 70s," he reminded me. "And John D'Angelico and Jimmy D'Aquisto built guitars until they died, too." Tony intends to do like these legends did.

A few years ago, he had a "good" job as a computer graphic artist. And before that, he worked as a cabinetmaker. But making cabinets or pushing a computer mouse were not what he wanted to do with his life.

Guitars were always his passion. He'd been building and tinkering with them since the 1980s. So he took the leap. If it didn't work, he figured, he could sell off the contents of his guitar workshop and return to being a graphic artist.

I am not as bold as Tony. But I do admire him for following his passion. He took what must have seemed like an enormous risk three years ago. But now he's able to say something most people will never be able to say... he's living his dream, doing what he wants to for a living.

Tony has "retired" with basically no savings. And yet he is happy, because he has set up the rest of his life to do what he loves.

Is following your dream worth a shot? Can you turn that into a way to make money? If it doesn't work, do you have something to fall back on? You only live once... Think about it.

Good investing,

Steve

P.S. You can see more of Tony's work here: www.arkneweraguitars.com.

http://www.dailywealth.com

The DailyWealth Investment Philosophy: In a nutshell, my investment philosophy is this: Buy things of extraordinary value at a time when nobody else wants them. Then sell when people are willing to pay any price. You see, at DailyWealth, we believe most investors take way too much risk. Our mission is to show you how to avoid risky investments, and how to avoid what the average investor is doing. I believe that you can make a lot of money – and do it safely – by simply doing the opposite of what is most popular.

Customer Service: 1-888-261-2693 – Copyright 2009 Stansberry & Associates Investment Research. All Rights Reserved. Protected by copyright laws of the United States and international treaties. This e-letter may only be used pursuant to the subscription agreement and any reproduction, copying, or redistribution (electronic or otherwise, including on the world wide web), in whole or in part, is strictly prohibited without the express written permission of Stansberry & Associates Investment Research, LLC. 1217 Saint Paul Street, Baltimore MD 21202

Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.

Daily Wealth Archive

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