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更聰明地投資 ????當我們都以為會得到11%的長期年回報率時，沒人太在乎服務費和費用。現在不行了。需要對“幫手”挑挑揀揀了，“幫手”是巴菲特諷刺那些從我們的投資回報中收取費用的中介的說法。就像他和先鋒基金（Vanguard）創始人約翰?博格爾一直鼓吹的：在幾十年的投資期限下，千分之一都很重要。某些幫手，比如只收服務費的最佳咨詢師，確實物有所值。但在今天的環境下，投資者必須明了，他們實際付費多少？能夠得到什么服務？ ????聰明的投資也意味著靈活地利用我們的自然偏見為自己服務。行為經濟學家已經發現我們在大腦中將花費劃分到不同的類別中：比方說，一個用來外出吃飯，一個用來旅游，另一個用在汽車上。這個傾向并不總是理性的，但卡內基梅隆（Carnegie Mellon）大學經濟學家喬治?列文斯坦提出，退休人員可以利用它來設立分離的賬號，比如“付房租”和“寵孫子”。房租賬號需要保守投資，而孫子賬號可以激進投資，追求增長。 更聰明地生活 ????許多人在退休后的生活恐怕沒有期望的那般愜意了，甚至退休前就已經如此，這是殘酷的現實。我們不能為此煩惱，必須正視骨感的現實。我們生活的時代有大量的人口因為擁有太多而不是太少而不快樂，這是前所未有的。這就是當下書籍和學術研究的主題“富貴病”。 ????到底為什么要退休呢？顯然不是為了最大化收入。是為了快樂。數以百萬計的人發現擁有更少讓他們更快樂。少用多存的主意有點像壽司：最開始需要有個人促使你去嘗試，然后你會意外地發現，自己居然愛上了它。而這也正是迎風揚帆所暗藏的快樂。隨著條件的改變，到達同樣的目標需要新的航路。如果有正確的戰略，我們依然可以快樂地退休。甚至比我們自己預期的更快樂。 |
Invest smarter ????Back when we all thought we'd get 11% long-term annual returns, we could maybe afford to ignore fees and expenses. No more. It's time to get tough on the "helpers," Buffett's sarcastic term for the intermediaries who take bits and pieces of our investment returns. As he and Vanguard founder John Bogle constantly preach: Over decades, tenths of a point matter. Some helpers, such as the best fee-only advisers, are emphatically worth their cost. But in today's environment, investors must know exactly how much they're paying and for what. ????Investing smarter may also mean cleverly using your natural biases in your favor. Behavioral economists have found that we think of our spending in buckets -- one for dining out, say, another for travel, another for car expenses. The tendency isn't always rational, but Carnegie Mellon economist George Loewenstein has proposed that retirees harness it by setting up separate "pay the rent" and "spoil the grandkids" accounts. The rent account could be invested conservatively; the grandkids account could be invested aggressively for growth. Live smarter ????It's a hard reality that many people will be living a bit less large than they had hoped in retirement, and maybe before. Don't fight that thought. Embrace it. We're living through the first era in history when significant numbers of people are being made unhappy by having too much rather than too little. The term is "affluenza," now the subject of books and academic research. ????Why are you planning to retire at all? It isn't to maximize income. It's to be happy. Millions of people are finding that having less makes them happier. Spending less and saving more is kind of like sushi: You have to be made to try it, but then you may find you love it. That's also the potential exhilaration of sailing into the wind. As conditions change, reaching our goals demands a new course. With the right strategy you can still find your way to a great retirement. It could even be a happier one than you'd expected. |
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