Tuesday, December 31, 2019

10 reasons fail to work on IRA CD/ 401 K/RRSP from 2010 April to 2019 January

Dec. 31, 2019

Introduction


It is my new year resolution time. I like to figure out what I should do. One thing I like to learn is to analyze my financial behavior and then learn the lesson from the past 10 years mistake on my USA IRA CD.

10 reasons I do not work on IRA CD


I can think about and then analyze my financial knowledge, my life style, and also my personality and my problem solving skills.

I put $20,000 US dollars IRA CD with Amtrust bank and earn minimum interest. I made decision in 2009, and then I never thought about that is a huge mistake, I need to fix it as soon as possible. That is the reason it took me 10 years to figure out.

I try to save time and put 10 reasons.

1. Time management skills - need the serious review
2. My life style - work on weight loss, tennis sport, Christian activities, algorithm study
3. Personal finance study - I need to work on finance literacy
4. Curiosity - I need to learn my 401 K Charles Schwab website, download every month statement
5. Single as a family - I need to catch up a lot of skills
6. Hold high standard to manage my resources - time, money and skills
7. Aim top 10% job - Wealth, money, risk management
8. Self-learner - I need to push myself to be a self-learner
9. Research ability - how to explore the new area, and learn the basics
10. Reserve time for my own - brainstorm ideas to find leaks in my personal finance
11. Retirement research - I should work on the research instead of watching Netflix TV shows

From 2010 to 2019 the return will be more than 300% if I put into S & P 500 index fund. I learned the bull market and return over 300% until this May 2019.

I need to review my decision making process; I should work on reviewing process, I should not be so biased.

Actionable Items


I cannot retire and make a living on passive income from my portfolios and rental income. Even though I like to choose to be frugal, be minimalist starting from 2019 January, I still have to continue to work on other issues.

I need to find time to read a book or watch a video and learn from a lesson.



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