How many entrepreneurs are as confident now as they were before the Covid-19 pandemic began? Yes, we know the majority of the S&P 500 are companies that began in down markets. And yes, the best entrepreneurs intuitively use hard times to lean in and listen even harder to their market and customers, innovating where necessary and making their companies more resilient than ever before.
But for many of us, the current climate feels different. The exits many or even most were aiming for are now delayed or entirely different. Consumers are different in ways we could not have predicted. Employees are different and even the fundamental forms of employment have changed.
Given this, is it still possible to become financially secure enough to retire? From my perspective, it absolutely is, but quite possibly through different methods than the ones you’d expected. I believe we can build a map for what we need to do now in four words: Think like Warren Buffett.
That’s it. But when I say this, know that I’m defining a type and not necessarily extolling the person. Listen closely to the rules Buffet has defined through a variety of mediums (spoiler alert: the fourth rule was given to financial advisor Adiel Gorel, who created and hosted the PBS specials Remote Control Retirement Riches and Life 2.0, in the form of a personal note). These rules have been consistent for decades but are even more important during our current political- and pandemic-related economic travails.
1. Pay your savings first
As Buffett has noted and demonstrated on multiple occasions, you should “pay yourself first” by putting a portion of your funds away first.
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