"I'm About To Retire, But I Want In On The Hot Stock Market — What Should I Do?" DM Lightning Round
YOU ASK. WE ANSWER:
1. How should you manage your portfolio aggression as retirement nears? And 2. what should you do when an employer low balls you during salary negotiations? Let’s do it!
you write, we respond
Responding to your most pressing questions from our mail bag is one of my greatest rewards.
Nothing question’s too simple or off-limits or off-topic, so let’s tee up the questions.
#1 - tony asked us through the ask page:
“The market seems to be doing far better this year, but I’m within five years of retirement. I’d hate to miss the continued growth — should I be pulling back?”
Without knowing your situation it’s tough to say. To answer in broad strokes: yes. Even though the market seems up, the possible gains you could make by maintaining the same level of aggressiveness that I presume you’re at right now doesn’t outweigh the pain you would endure if the market suddenly tanks.
Given how close you are to retirement, it’s time you start to peel back on the aggressiveness of your plan.
#2 megan was a mutual friend and asked us:
“I just got my first real job offer! It’s a good offer but not quite what I was hoping for. I want to negotiate for more but don’t want to jeopardize the offer — what should I do?”
When I was starting out, I didn’t negotiate my first salary working as a youth pastor. I was so thrilled by the prospects of any job offer that I jumped at it and said thank you! After I accepted, the church administrators came back to share that they misquoted me and my actual salary would be a few thousand dollars LESS than the original dollar amount.
I was given an out but I STILL accepted because I was so nervous about securing a job with a steady paycheck.
A few years later I was on the hiring side for that church and the man who hired me told me that he was impressed by people who negotiate their offers and when you don’t negotiate it’s a sign of weakness. WHAT?!?! Well, I was dumbfounded. Ouch. Lesson learned.
Salary negotiation is simply showing an employer your worth.
Don’t go over the top asking for the moon and the stars, but a little push back demonstrates to the employer that you know you’re worth it. Build a case and be ready to defend why you’re deserving of more citing your experience, what the company’s competitors are paying their employees or explain that the cost of living is high in your area and you should be compensated accordingly.
I know it can feel intimidating to ask for more money, but I don’t think it’s going to cost you the offer if you’ve received one.
Want to ask Dynamic money your question?
Do it! We would love to help. We get tons of these every week and feature a couple on the show and the blog.