1. Create documents – and do a document audit on a regular basis
  2. Prepare for a seriously long innings. If you are born after 1980, prepare for a CENTURY.
  3. Decide how much cash you want to take from your portfolio for discretionary expenses and non-discretionary expenses. I have done a post on this.
  4. Remember that inflation plays a very important role in your long term planning.
  5. If you enjoy investing – use a small portion of your money and keep track of your performance.
  6. Asset allocation is very very difficult to understand and ever worse is to implement.
  7. Teach children the value of money…..repeat….repeat….repeat…..end of story.
  8. Do the asset transfer to your spouse and kids slowly…there is no hurry..
  9. Make sure that 2 people know all the details of your assets, will, etc
  10. Keep doing an audit of your assets and liabilities
  11. Do not comment on your kids financial habits. They may just walk away.

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