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Reclaim Your Nest Egg: Take Control of Your Financial Future

Book Description

Expert advice for changing how you think about money in order to rebuild and protect your retirement assets.

Investors who suffered tremendous losses in the market meltdown of 2008 want to know how to protect themselves from being so vulnerable in the future. In Reclaim Your Nest Egg: Take Control of Your Financial Future, Ken Kamen shows investors how they gave up control of their finances and how they can get it back again. Kamen explains:

  • How to recognize the psychological pitfalls, the distracting "noise" from the media and the internet, and the bad financial advice that derailed your planning.

  • How to develop a set of investment principles that can serve as your personal Commandments and keep you on course.

  • How to adopt an investment approach that maximizes the potential for growth while reducing risk, and how to implement it without being confused or overwhelmed.

Reclaim Your Nest Egg helps readers find a customized investment strategy that suits their budget and temperament and gives them their best chance of meeting their retirement goals.

Table of Contents

  1. Copyright
  2. Prologue
  3. 1. Reconsider the Future
    1. 1.1. Lessons from the Past
    2. 1.2. Sharing the Blame
    3. 1.3. Redefining Retirement
    4. 1.4. Social Insecurity
    5. 1.5. More Holes in Your Safety Net
    6. 1.6. It's Up to You
    7. 1.7. Life Isn't Short
    8. 1.8. Don't Count on a Paycheck
    9. 1.9. You Can't Predict Health Costs
    10. 1.10. Who's Counting on You?
    11. 1.11. You Become a Wealth Manager
      1. 1.11.1.
        1. 1.11.1.1. Key Takeaways
  4. 2. Rightsize Your Plans
    1. 2.1. How Much Is Enough?
    2. 2.2. A Plan for Your World
    3. 2.3. Come to Terms with Risk
    4. 2.4. Lose the Hunter Mentality
    5. 2.5. Don't Swing for the Fences
    6. 2.6. Think Goals, Not Performance
    7. 2.7. Wealth Isn't a Number
    8. 2.8. Put Everything in Context
    9. 2.9. Don't Benchmark from the High
    10. 2.10. Live Off Your Balance Sheet
    11. 2.11. Drop Out of the Trade-Up Generation
    12. 2.12. Abandon the Bubble-and-Burst Lifestyle
    13. 2.13. You're Responsible for Your Future
    14. 2.14. Be Realistic about Retirement
    15. 2.15. How Much Fuel Are You Burning?
    16. 2.16. Budget by the Bucket
    17. 2.17. Anticipate the Bumps
    18. 2.18. Treat Work as an Asset Class
    19. 2.19. Don't Carry Ongoing Debt
      1. 2.19.1.
        1. 2.19.1.1. Key Takeaways
  5. 3. Dump the Head Trash
    1. 3.1. You and Your Money
    2. 3.2. Risk Tolerance Isn't Fixed
    3. 3.3. An Investor's Worst Fear
    4. 3.4. Your Psyche Is Ground Zero
    5. 3.5. So Many Smart People, So Many Dumb Mistakes
      1. 3.5.1. Trash Thinking Category #1: Acting Impulsively
      2. 3.5.2. Trash Thinking Category #2: Making It All About You
      3. 3.5.3. Trash Thinking Category #3: Letting Anxiety Trump Reason
      4. 3.5.4. Trash Thinking Category #4: Confusing the Possible and the Probable
      5. 3.5.5. Trash Thinking Category #5: Believing Others Know Better
      6. 3.5.6. Trash Thinking Category #6: Relying on Justificationand Rationalization
      7. 3.5.7. Trash Thinking Category #7: Losing Perspective
      8. 3.5.8. Trash Thinking Category #8: Being Committed to Commitment
    6. 3.6. Be Guided by Your Goals
      1. 3.6.1.
        1. 3.6.1.1. Key Takeaways
  6. 4. Ignore the Noise
    1. 4.1. Consider the Source
    2. 4.2. Coverage May Be Superficial
    3. 4.3. Everything's Not Black or White
    4. 4.4. Don't Let Noise Guide Your Choices
    5. 4.5. Vet Your Information
    6. 4.6. Filtering the Noise
      1. 4.6.1. Don't Assume That the First Listed Is the Most Reliable
      2. 4.6.2. Establish Criteria to Judge the Credibility of a Web Site
      3. 4.6.3. Don't Seek Only Affirmation
      4. 4.6.4. Don't Be Seduced by the Poll Dances
      5. 4.6.5. Don't Equate the Volume of Coverage with the Importance of the Story
      6. 4.6.6. Don't Fall for the Numbers Game
      7. 4.6.7. Do Look for Context
      8. 4.6.8. Recognize Volatility for What It Is
      9. 4.6.9. Take Your Bathroom Break When the CEO Comes On
    7. 4.7. Judging Trustworthiness
    8. 4.8. Do Your Own Investigating
    9. 4.9. Listen for the Message
      1. 4.9.1.
        1. 4.9.1.1. Key Takeaways
  7. 5. Check the Fine Print
    1. 5.1. The Least You Need to Know
    2. 5.2. The Answer You Never Want to Hear
    3. 5.3. How'd We Get Here?
    4. 5.4. The Fault Might Be Yours
    5. 5.5. The Pitfalls of Online Trading
    6. 5.6. Tricks of the Trade
    7. 5.7. Act in Your Own Interest
      1. 5.7.1.
        1. 5.7.1.1. Key Takeaways
  8. 6. Embrace a Game Plan
    1. 6.1. Get above Tree Level
    2. 6.2. Asset Allocation and the Style Quilt
    3. 6.3. The Dow and "The Market"
    4. 6.4. Each Category Plays a Role
    5. 6.5. Currency for Short-Term Needs
    6. 6.6. Bonds as a Source of Income
    7. 6.7. Stocks for Growth
    8. 6.8. Real Estate Is Tangible
    9. 6.9. Commodities: Investments in Economies
    10. 6.10. International Investments: New Possibilities
    11. 6.11. The Power of Stocks
      1. 6.11.1.
        1. 6.11.1.1. Key Takeaways
  9. 7. Establish Your Rules
    1. 7.1. To Reach a Goal, You Need a Plan
    2. 7.2. Find the Right Balance
    3. 7.3. Meet Your Income Needs First
    4. 7.4. Don't Be Guided by Mr. Market
    5. 7.5. Risk and Volatility Are Different
    6. 7.6. You Can't Time the Market
    7. 7.7. Diversify, Don't Duplicate
    8. 7.8. Diversification Isn't Insulation
    9. 7.9. Don't Set It and Forget It
    10. 7.10. Taxes Aren't Your First Concern
    11. 7.11. Don't Buy on Margin
    12. 7.12. Avoid Illiquid Investments
    13. 7.13. Stay on Top of Everything
      1. 7.13.1.
        1. 7.13.1.1. Key Takeaways
  10. 8. Reconstruct Your Portfolio
    1. 8.1. Man or Machine: Who Calls the Shots?
    2. 8.2. Sleepers and Sizzlers
    3. 8.3. How Do You Buy It?
    4. 8.4. Sample Portfolios
      1. 8.4.1. Prototypical Conservative Allocation
      2. 8.4.2. Suggested Conservative Allocation
      3. 8.4.3. Suggested Conservative Allocation
      4. 8.4.4. Prototypical Balanced Allocation
      5. 8.4.5. Suggested Balanced Allocation
      6. 8.4.6. Suggested Balanced Allocation
      7. 8.4.7. Prototypical Aggressive Allocation
      8. 8.4.8. Suggested Aggressive Allocation
      9. 8.4.9. Suggested Aggressive Allocation
      10. 8.4.10.
        1. 8.4.10.1. Key Takeaways
  11. 9. Employ Defensive Moves
    1. 9.1. Offload Your Risk
    2. 9.2. Medical Insurance
    3. 9.3. Disability Insurance
    4. 9.4. Long-Term Care Insurance
    5. 9.5. Life Insurance
    6. 9.6. Property/Casualty and Liability Insurance
    7. 9.7. Umbrella Liability Insurance
    8. 9.8. Manage Your Decumulation
    9. 9.9. Customize Your Strategy
    10. 9.10. Asset Mix Affects Withdrawals
    11. 9.11. Is Your Lifestyle Sustainable?
    12. 9.12. Withdrawal Order Matters
      1. 9.12.1.
        1. 9.12.1.1. Key Takeaways
  12. 10. Take the Helm
    1. 10.1. Addressing Preservation Issues
    2. 10.2. Handling Money Management
    3. 10.3. A Matter of Discipline
    4. 10.4. Who's in the Control Tower?
    5. 10.5. Getting Unbiased Advice
    6. 10.6. Working Expert to Expert
      1. 10.6.1.
        1. 10.6.1.1. Key Takeaways
  13. Epilogue
  14. Acknowledgments
  15. About the Author