retirement | Squirrelers

Retirement or Nice Eyelashes?

I doubt she spent a lot of money on those long eyelashes

Have you ever had the occasion to meet someone who seemed really nice, but clearly had a very different worldview than you did?

I had this happen on a recent weekend on which I went out to eat. We went to a family-oriented place, a chain but it has decent food and an atmosphere that’s comfortable for kids and families too. There you go, life in the suburbs!

We got the menus – both for grown ups and for kids – and spent a few minutes trying to figure out what we were going to eat. You know, just like any other trip to a restaurant. Soon enough the waitress came by to take our order.

She seemed quite nice, and spoke sweetly to kids. I always appreciate when someone has the patience and understanding to be extra nice to kids, whether mine or anyone else’s. Anyway, she looked at one of my kids and extended a compliment about eyelashes. As in (paraphrased): “Wow, what beautiful lashes! Lots of grown women would love to have lashes like that!”

This isn’t the first time I’ve heard that, more like the 30th. Women, usually total strangers, will make nice comments like this. Even though I have never paid attention to another person’s eyelashes, I appreciate the nice words to a kid. As a side note, this must be some inherent difference between men and women – I couldn’t care less about another person’s eyelashes, but the ladies seem to notice these things very easily.

Anyway, after I said thanks, she proceeded to say something to the effect of: “Women will pay like $400 a month to have eyelashes like that! How lucky to have them naturally!”

I’m sure my own eyes opened wide when hearing that, along with my jaw dropping to the ground. That sounded insane! Almost instantaneously, I stated: “$400 for eyelashes! WHY? Don’t these people want to retire?”

Then, you could see by her facial reaction that my words might have hit a nerve. She blurted out that she had “worked somewhere that did those, and I’m one of those people, but I got a discount”. Then, after I asked “Why would anyone pay that much?” She said “oh, well they TOTALLY make your eyes stand out!”.

I then decided that since we will be consuming food that would be served by her, it might be a good idea to stop that conversation and just get back to getting our order in. And, be nice to her 🙂

This got me thinking, really, why on earth could anybody find it worthwhile to spend $400 in a month on eyelash enhancements? No matter what income, especially somebody making what I imagine is a modest income as a waitress. Good, honest work of course, but if a person ever thinks about how many hours of work it takes to buy something, it’s clear that it would take a lot of hours to earn those lashes. Aren’t there better uses for money?

How about planning for retirement instead of spending $400 on eyelashes in a month? Why even spend $50 on eyelashes? It won’t have any impact on a person’s life at all. I can assure you that this wouldn’t have impacted her career or job efforts.

On the personal front, I can assure you that no man (that I know of, anyway) cares one bit or would even think to notice a woman’s eyelashes. There are a few other obvious things men notice, but eyelashes are nowhere on the radar screen. Is she just doing it to feel good about herself, or compete with other women? Total waste, unless there is some medical condition.

Let’s do the math here, and let’s cut the cost by 50%, to $200 per month. That’s $2,400 based on doing this each month. Over 5 years, that’s $12,000. What if someone took that $12,000 and invested it over 30 years. Compounded annually at an optimistic 10% rate of return, the person would have over $200,000.

So, are expensive eyelashes worth it? You could substitute whatever other inane expense your heart desires, but you get the point 🙂

Retirement or nice eyelashes?

Anyway, when it came time for the tip, I had wave of sympathy for the lady. With that worldview, I wish her all the best. She was nice, and I gave her a 25% tip for the meal.

My Questions for You

Have you ever come across some expenses people regularly take on, and been really surprised?

Is this just a matter of me not understanding how important this fashion/style attribute is, or is it as much of a waste of money as I think it is?

Living a Financially Sustainable Lifestyle Now So You Aren’t Shocked Later

By Squirrelers 12 Comments

The term “sustainable” can bring about many first impressions. One might evoke an environmentally conscious mindset. As in, long-term ability to continue without resource depletion.

Another meaning, at least that comes to mind to me when it comes to standard of living, is the ability to continue without significant difficulty or intervention. A sustainable lifestyle is one that you can live now and for the foreseeable future without major worry of it being degraded. That degradation, given human nature, is often due to simply not being able to afford the lifestyle any more!

When I look at the life patterns of many people, it seems as though people simply try to live their lives based on the ability of their current income to support a desired level of expenses. Too often, that means that the expenses equal or exceed the income. That’s a difficult situation for many folks, and sadly – some are put into this position unfairly through no fault of their own. However, many simply live irresponsibly whether they know it or not.

When does the lifestyle become unsustainable? I think it’s when people assume that the good times will go on forever, without any problems. Kind of like the mindset of people that expect to work in old age, without realizing that this might not be possible. When they realize that their income and savings might not be able to cover their lifestyle, they end up having to change it downward.

I don’t know about you, but the idea of having a lower standard of living when older doesn’t sound fun. It’s a big source of financial motivation, trying to avoid money issues when older.

Along those lines, I think it’s worth considering how much money you’re on track to have for retirement, and what your cash flow will be during that time:

Income

We may be able to work in old age, but it’s not guaranteed – even if you want to do so. Health issues and ageism can make this a very dicey proposition to be able to count on working.

Social security? That’s not a ton of money, and many people don’t want to count on it getting it anyway. Pensions? It’s not like most people are going to be getting the benefits of one. If you will, that’s great!

So, where is your income going to come from? If you can generate passive income, that would be great. If you have investments, income from them can be a big source of income. Or, you just might be withdrawing money directly from the nest egg. There is a school of thought that believes a 4% withdrawal rate can be manageable to ensure cash flow through retirement. In that case, if you want a $40,000 per year retirement, you would need a $1,000,000 portfolio.

Keep in mind, we’re talking about today’s dollars, and purchasing power. Do you think you will have $1,000,000 in today’s purchasing power saved up by retirement age? Whatever you project to have – be it lower or higher – it can obviously affect your ability to generate income. For example, a retiree having $200,000 saved would withdraw $8,000 annually based on these calculations.

Expenses

I think a lot of us tend to have a belief that expenses would be lower when older. After all, there wouldn’t be any kids around day-to-day that we need to support, and our lives would be simpler overall. However, we generally don’t get any healthier when older. Think about the younger people you know, and the older people you know – who has more ailments, illnesses, conditions, and aches and pains?

With health expenses so outrageous for many people, I think some people just might face higher health care costs in retirement. Especially if long-term care is needed. So, when planning for what expenses we might have when older, let’s keep in mind that they just might be very substantial.

What Does This All Mean?

When you look at the cash flow situation we might have when older, it seems like a lot of people are on track to have to make some massive lifestyle changes.

I think it makes sense to realistically assess where you think you will be in the long-run, and live a lifestyle now that is actually sustainable. In other words, one that you can get used to, and continue to live when older. Why get shocked by lowering our standard of living later? Worse, why put ourselves in a bad position later because we lived it up when younger and healthier? Let’s be nice to the future old version of ourselves 🙂

To the extent we can save and invest early and often, while also living within our means, maybe we can put ourselves in position to even have a more comfortable lifestyle when ready to retire. That’s the dream many of us have been sold – or sold to ourselves, anyway. It just takes planning to make it actually happen.

My Questions for You

Do you ever think about how your lifestyle in the future might be versus the one you have now?

Have you done the analysis to project where you are on track to be down the line?

I’m curious how sustainable you think your current lifestyle might be (or might not be), and what assumptions you’ve made in determining this.

If You Plan to Work Until Old Age, Change Your Plan

By Squirrelers 33 Comments

Over the last few years, I’ve read a ton of articles related to personal finance. Actually, I’ve written quite a few articles as well, so clearly this is a topic that captivates me. Most of it is quite interesting to me: the math behind it, and the strategies that can be taken on to both make, save, and protect money.

What’s also interesting is the psychological part of it, in terms of how we view money. Some people are inherently afraid of losing money, and pinch pennies to the extreme. Others are simply obsessed with materialism, and just love spending without worry for the future. One group that interests me is the set of folks that fully expect to work until well past 65.

Now, if someone is 60, for example, I would believe them if they say they expect to keep working. They would probably know defnitively if they were in financial trouble, and would have a good sense of what their general health would be like at the time. One would think, anyway. Or at least hope. The fear of having to work in old age is huge financial motivation for me, to get me to save.

However, if somebody 35 said that they plan to work until old age, I would wonder what would make them so confident in being able to do so. Perhaps it’s that it seems so hard to relate to what it would be like to be older?

The best way to handle this potential blind spot for many of us is to simply look around at people of that age. Some, happily, are very successful and doing some amazing things in the world. We have had presidents over that age here in the U.S., and in recent years have had serious presidential candidates in that age group as well. However, that’s not exactly the norm.

Look at people you know. I know friends whose parents died in that age group. Others simply pass due to unexpected illnesses. Beyond that though, many people come up with all kinds of health issues. Even if there are no major issues, there might be some minor problems or – if nothing else – a lot of aches and pains that didn’t occur in one’s 20’s. I’m not of that age, so I can’t speak from personal experience of course, but I just think that the life experience of people can be different at various stages in life.

So, why would anyone expect to be able to work until later in life? Confidence, as a part of a very positive attitude? Naivete? Evidence that if some people can do it, why can’t anyone do it? I don’t know.

There is also the issue of ageism in the work force. Look at many corporate-type jobs out there, and try to assess the percentage of workers that are in each age bracket: 20’s, 30’s, 40’s, 50’s, and 60’s. Personally, I see that the younger decades tend to be a bigger portion of the workforce. Also, when looking at new hires, how many are younger versus older? Think about what you tend to see.

I would say the safe bet is to assume that we will be unable to work in old age, perhaps unable to find work, or maybe really not wanting to spend our time needing to work. Plan on saving for being out of the workforce out at a certain age well before 60, and then not having a job for many years while you live a longer lifespan than prior generations.

If we are lucky enough to have an opportunity to work while in that age group, and enjoy what you could do, then working because you want to is a different story. But planning on working because you think you’ll have to, and banking on that income to support us then, seems very risky to me.

Best to plan for what might seem like the unexpected, and set a target date for retirement savings which is much earlier than standard ages. Then, save and invest accordingly 🙂

My Questions for You

What do you think about the notion of people planning to work until later in life?

Does this bother you or cause any concern?

At what age are you targeting to be out of the workforce – by choice or force?

You Can’t Work Forever: 5 Reasons Your Retirement Will Be Sooner than Expected

By Squirrelers 10 Comments

That rocking chair won't be empty for long

There have been multiple occasions where I have read people talk about how they’ll probably end up working for most of their lives. The comment is usually a part of some discussion of retirement planning, and these people basically convey their opinions that retiring early is simply unlikely. These people simply expect to keep on working until they’re old, as they don’t see themselves being able to retire comfortably anytime too soon.

Well, I think many of these folks, if not most of them, are wrong. They think they’ll be working until very late in life. However, they actually won’t be, based on my guess.

My suspicion is that many people make too many assumptions about their ability and opportunity to work when older. Instead of thinking realistically, some folks lose sight of the changes that come with aging, in terms of our place in the work force. Along those lines, it just might be that people are too optimistic about how much remaining time they have to work and earn money.

While we want to think that we have a number of years to be able to work, that simply might not be the case. Here are 5 reasons why you can’t work forever, and will likely retire sooner than you might think.

Your Health. When we’re young, we have the energy to work long hours. We might not like to, but we might have the capacity to do so. When older, our health might unexpectedly hit some serious bumps in the road. Things happen, whether we like it or not or can foresee it or not. We may be healthy now, but If we aren’t physically capable of working as we get older, retirement may have to happen. Ironically, we might need to work because of the high cost of health care in retirement.
Your Mind. #1 above referred to our physical health. However, it’s not always our joints and muscles that give way. Sometimes, we have cognitive issues as we age. Memory loss is not uncommon, and “senior moments” don’t exactly help one achieve success in this fast-moving world we live in. The bigger issues are those related to problems like alzheimer’s and dementia. It’s very sad to see somebody so smart be rendered marginally effective due to such afflictions, but tragically this happens unexpectedly.
Outdated Skills. It does happen, where people let their skills atrophy over the years. If this happens, and you try to get back into the workforce later in life, it can often be an uphill battle to get back in the game. When people get laid off or lose jobs later in life, it can be quite tough to come back. Not always of course, as some do bounce back. But some don’t.
Ageism. Sadly, this exists out in the marketplace for talent. I really think that in many endeavors, experience matters and can make a person much more effective. The thing is, some people don’t see it the way I do, and tend to value fresh, young workers over older, less energetic-looking workers.
You May Not Want to Work. Yes, right now you might love what you do, and have tons of energy. However, you may just not feel like working as you get older. Some people simply get tired. Maybe this is related to #1 and #2 above, but to a lesser and more indirect extent. But your interest in working might change. You may have to take care of a very sick relative, help with grand kids, or take on some other activity. Bottom line is that your feelings toward work might change later in life.

What’s the takeaway from this? You may want to plan to ramp up your retirement savings efforts now, as you may not have as long to work as you might presently believe.

My Questions for You

Do you plan on retiring early, at a “typical” age, or do you think you’ll work very late in life?

Do you ever think about the “unexpected” things that might happen in the future that could keep you from working when older?

Is saving for retirement an active part of your personal finance strategy today?

The Staggering Cost of Health Care in Retirement

By Squirrelers 7 Comments

As we get older, health care costs increase. This much, most of us can agree on, right?

That being said, when many of us plan for retirement we think about health care costs as just one part of our future needs. There are other basic needs – housing, food, etc – that we think about. But it’s often tempting to think about things that are wants, rather than needs. For example, traveling, a dream home, and other aspirational things of the like.

However, perhaps it’s time to revisit the personal finance hierarchy of needs, and look at the foundational needs. Did you notice “medical care” noted there? Well, it’s something that we all need, and this need increases as we get older. A recent article on WSJ brought to light some eye-popping monetary figures on the cost of health care in retirement. It’s really quite an expensive proposition!

The article noted a figure of $240,000 as the estimated cost of health care for a couple retiring in 2012. Even crazier, these costs apparently don’t include nursing home care expenses, according to the article.

This is, quite simply, a ton of money. Now, I’m nowhere near 65 or near retirement, but this still jumps out at me as a big deal that many people don’t seem to pay enough attention to. Like I alluded to before, I think that people tend to think about retirement as some kind of promised land of traveling, relaxing, maybe grandchildren, etc. But what about the elephant in the room: health care costs?

When you think about it, there are probably a ton of people here in the U.S. that are 65 or older that have nowhere near $240,000 in net worth. I mean, when you think about how many people can’t cover unexpected expenses, it makes you wonder how many are prepared to handle their health care needs in retirement. That is, if they can ever retire!

I really hope to not be in a position to face such struggles.. This type of situation serves as a financial motivator, in terms of being responsible with health and money, and planning for the future. That planning clearly must take into account the importance of good health, and the financial costs of not having it when older.

Bottom line: Save diligently for old age, no matter how far away, and be aware of the critical need to cover health care expenses.

My Questions for You:

Have you given thought to the high costs of health care in old age?

Does this figure of $240,000 surprise you, or is it in line with what you thought?

Do you ever wonder how people will handle such expenses when they don’t have much in savings to begin with?

Different Ways to Plan Ahead for Retirement

By Squirrelers 15 Comments

Anyone who regularly visits here can tell that I’m a fan of thinking ahead in terms of future financial needs. My own driving financial motivation keeps me thinking about the future even as I simultaneously enjoy and live in the present.

Clearly, retirement planning is important. Along those lines, I like to keep me eyes and mind open for different ideas on how to make good decisions in terms of saving for the future. Sometimes means taking in new or less frequently discussed ideas, but it also might mean reinforcing existing views with some repetition.

A recent article from US News provided a mix of both, as it shared ways to be more individually reliant in terms of retirement planning. Good, solid tips that I think we should keep in mind as we think toward our future. Below I’ll state the tips (paraphrased), along with my viewpoint on each.

Downsize before immediately necessary. I agree totally. It’s not like it’s any mystery that we’ll need money in the future, so why spend without regard for future savings? We’ll need to save and invest now to make retirement feasible and decent in the future. Why live with a big hat no cattle lifestyle? Differentiate wants and needs, and be true to those current and future needs.
Say No. This could apply to many people who want your resources, but it’s often hard for many of us to say no to kids. As a parent of younger kids, it’s a concept that I intellectually get but have a hard time with sometimes. However, when you’re old and they’re young adults, you’ll have far less available years to work. They won’t. At some point we need to avoid martyrdom, and take care of our basic needs for retirement first.
Delay Social Security. Admittedly, I don’t think of this much since I’m far off from that time period. Additionally, I am conditioning myself not to count on social security in the future. However, it’s worth thinking about anyway. For those closer to that age, it’s definitely worth considering, as it can be quite costly to retire too soon.
Invest in Wellness. This is one I totally agree with. Also, it’s one that I need to really force myself to continually focus on and would like to do a better job with. Really, I do think that when one looks at the role of money in life, there is a connection with health (and relationships). Without health, life can break down. It’s imperative to think about the connection of health and money, and not be afraid to invest some time and money into staying healthy and fit.
Hope for the best, plan for the worst. By working hard and making smart, disciplined decisions, we can achieve great things. That being said, not everything always follows our plans, despite our best intentions and actions. Things can and do happen. If a big unexpected expense happens, we want to be ready to handle it.

One more I’d like to add is the idea that we should avoid procrastination. Tomorrow comes quicker than we often realize, so rather than start taking steps “someday”, we might as well do it now.

What do You Think?

How many of these 5 do you actively focus on?

Can you think of any other tips for self-reliance in retirement planning?

Retirement Planning and Carefully Avoiding Mistakes

By Squirrelers 10 Comments

Planning for retirement is an important part of personal finance. Money isn’t going to magically come crashing down from the sky, showering us with financial security in our old age. Rather, it’s up to us to make this happen.

This is why it’s important to make good decisions, while avoiding retirement planning mistakes. When I think of my own big financial motivaton, it’s easy to take seriously the need to plan for retirement. Nobody wants to end up old and stressed about money!

Along those lines, a recent article on Moneyland caught my eye. It discusses major mistakes people make in planning for retirement, and shares seven. Below are the ones they’ve mentioned, along with my own commentary and thoughts on each.

Assuming you will have control over when you quit. I agree with this one wholeheartedly. Most people don’t factor in unforeseen circumstances, or other negatives that just happen whether or not we want them to happen. I was once told second hand, years ago, about a guy who worked a company for a long time, like almost 30 years. A year before he was to quit and get full retirement benefits, they got rid of him. He never saw it coming and was crushed. But hey, they saved themselves some money, right? Or, a person could get sick and be unable to work – I think many of us have seen this happen to people. Bottom line is that things happen.
Ignoring the tax impact of distributions. The article mentions that almost half of workplace retirement participants cash out and deal with penalties. Are you kidding me? This speaks to the value of financial education, and the need to understand how to grow net worth.
Not saving enough for medical costs. Totally agree. I wonder if you agree with me that the average person, when younger, just doesn’t give enough thought to the reality that while they might be healthy now, they will likely have problems when older no matter what their best intentions are. Things break down when we get older, don’t think that eating very healthy, regular exercise, etc will be enough to prevent all problems. Thinking about this reality, along with how high out of pocket costs can be, makes it paramount to save for medical costs that are far greater than anything you’re spending today.
Failing to lock up lifetime income. I do agree that regular cash flow is very helpful, but am simply not sure that an immediate fixed annuity is a panacea, and certainly don’t expect that most of us should be counting on social security. The latter is especially true the longer you have until you actually retire. Best to save, save, and save some more.
Retiring too soon. This goes hand in hand with the next point on underestimating longevity. Aside from social security income or pension (if you’re lucky enough to have one) concerns, when one drops out of the workforce when older, it can be tougher to get back in if needed.
Underestimating longevity. If one outlives his or her money, there’s a positive involved: you’re living longer! Wouldn’t that be a good thing? Maybe it’s best to reframe thinking here, and think positively that we’ll each live a long time, but negatively about our ability to work in our older years. In other words, there could be many years where we’ll be alive but unable to work.
Drawing down retirement savings too quickly. This is where financial planning, relatively basic math, and some common sense can help a lot. You don’t want to risk running out of money, which means we must continue to discern wants and needs in retirement.

Personally, I’m a long way from retirement. But I try to keep in mind that I’m working for myself today, and the needs of the “future me” of 30 years from now. When that so-called future version of ourselves is older, creaky, has less energy, is less employable, and might not be able to work – we’ll be thankful for the savings that took place when much younger.

My Questions for You

Have you given thought to any of these 7 mistakes? How do your views align with mine on this topic?

Have you seen others make these types of mistakes?

Do you have any additional ones to add?

Prepare for Retirement

By Squirrelers 3 Comments

Please note: the following post is a guest post.

No matter what stage of life you are currently in you can also be preparing for your retirement. The time will come when your work will be done and you will be able to have more freedom to pursue the passions that you enjoy. However, the amount of money that you save for retirement will dictate how much money you have to put towards living expenses, hobbies and travel.

Just the thought of needing that much money might send you right out to look for loans but you don’t need a loan just yet. Consider all the ways that you can save and plan ahead during different stages of your life. When you first join the work force you may not be hinking about retirement. Growing old seems so far away and you live for the moment, especially in your youth. However, this is the best time to start saving for your retirement.

No matter where you work or how many hours you work, check to see if your job offers any type of 401K or 403b program. You can start by just putting in a percent or two each paycheck. You will barely notice that the money isn’t there and in the end, it will work in your favor during tax time.

As you establish a career, your employer is more likely to offer matching incentives for your retirement savings. If you have a 401K or 403b and you are putting money away, good for you! Once you find a career and settle into a company, look to see if your employer will match any of your contributions up to a certain percentage. If they do, make sure that you are putting in at least that percentage, if not more. If your employer matches up to 2% and you are putting in 2%, it means that 4% is actually being tucked away for you to use when retirement rolls around. Don’t be discouraged if the amounts look small. At this point in your life, even a small amount of money, when interest is accrued, will turn into something considerable in the future.

The younger you are the more risks you can take when it comes to investing the money in your 401K or 403b. Speak with a representative to learn about the specifics that you are investing in. This is also a great time to open up an IRA or Roth IRA. Here, you can also tuck away money meant for retirement. The options include taking a tax break now and paying when the money is removed or paying taxes on it now. Either way, the money is set aside specifically for retirement.

Throughout your life, continue to work towards the goal of being debt free. You want to pay everything off so that you don’t need to continue to make those payments while you are on a retirement budget. Some people even set the goal of paying off their mortgage, as that is one of the biggest expenses a retired person can have.

Don’t forget to keep a savings account. While you are only earning the minimum amount of interest, it is still a good idea to have some money tucked away in a savings account with no requirement about when you can take it out and how old you have to be to gain access to it.

Remember that for many people looking to retire in years to come, there is no guarantee about Social Security. If you don’t count on that check every month, you will be more aggressive in your savings and be pleasantly surprised if it all works out.

Factors that Influence Retirement Savings: An Adviser?

By Squirrelers 9 Comments

We all want to be able to have enough money for retirement. Many people are not on track to do so, which makes it paramount to understand what actually helps us get enough money for our older days!

A recent article from Smart Money listed three factors that are drivers of retirement success. Here they are, and I’ll follow with my comments.

Employing a consistent, long-term savings and investing strategy
Working with a financial adviser
Saving money in your workplace retirement plan

Here are my thoughts:

I absolutely agree with this. Being disciplined with our savings efforts, and doing in regularly over a long period of time, can do wonders for one’s retirement. It’s really straightforward in principle: save, do it regularly, do it early in life, get a solid rate of return, and let compounding work it’s magic. Now, there’s more to it, such as protecting cash inflow, managing one’s career, and diversifying income streams. In any event, regularly saving and investing consistently over a long period of time is a great practice.
Hmmm. I manage my investments on my own. Would it help to have an adviser? Apparently, according to the article, it would. They show that people who have an adviser have a higher probability of replacing income in retirement than do those without an adviser. With me, it’s kind of a control factor, wanting to make the decisions on my finances individually. I’m not into sharing these decisions:) Plus, admittedly, there could be some hubris involved. Beyond that, however, I just feel safer managing my own money. Maybe this is something I should revisit, in terms of considering a financial planner.
Yes, I agree with them on saving in a workplace retirement plan. When you do so, it can often become automatic. This aligns well with #1 above. Plus, when you consider that some employers offer a 401k match, it becomes an even more attractive option. When it comes to that retirement plan, think carefully before ever taking on a 401k loan, and just don’t use that 401k for credit card debt, needless to say!

As you can see, the one area for which I’m not totally on board is the adviser factor. I’d like to learn more about the study that yielded the findings quoted in the article, just for my own curiosity so I could better interpret the data. Who knows, I might be able to be convinced to revisit this one.

Also, their recommendation to save at least 10% is good, but I would suggest higher. To be fair, they did say “at least”.

Anyway, I’m all in on #1 and #3, and skeptical on tip #2.

My Questions for You:

What do you think about these tips? Any more that you would add?

Considering my own thoughts on advisers, I’m curious what yours are. Do you have one? Are you considering one? Feel free to convince me on your views:)