And what will you do if you catch that car?

Moore for your Money by Byron Moore

Question: I’ve always wanted to have $1,000,000 when I retire. What’s the best way to get there from where I am? I have about $100,000 now and about 20 years to retire.

Answer: I grew up with dogs.

Byron MooreSome really big ones, some medium size (sorry, I just never could do the yip yip kind). I was never good at training my dogs. A few would sit…once. A few would fetch, only to then play keep away with me. And certainly none of my dogs could ever do anything useful like hunting. I imagine that if one of my dogs heard a gunshot over his head, he would simply lay down and die, assuming he’d been the victim of a drive by.

But my no good dogs excelled at chasing cars. Like a snarling avenger, my mutts would chase the evil cars out of our neighborhood, yapping at the spinning tires all the way down the street.

I’m pretty sure that some of my dogs that “ran away” actually ran the wrong way, into path of an oncoming…well, that’s too unpleasant to think about.

Occasionally when one of the dogs was in tongue-out, ears-back chase mode, a driver would slow to a stop, perhaps fearful that she would hit her canine pursuer. But once the car would stop, the dog would also stop and do something really ferocious, like spin around in a circle, barking at nothing. Unlike a jungle animal stalking its prey, there was never a final pounce, chewing off the tail pipe or biting a hole in a tire.

Once the car was caught, none of my dogs really knew what to do next.

Sometimes people saving for retirement remind me of one of my dogs (please don’t be too offended – these were some cute dogs! Besides, we both know I’m not talking about you, right?).

There is a target they have in their sites – it may be a certain lump sum before they can retire. It may be working to a certain age. Or it may be becoming eligible to collect the company pension.

Funny thing is – once they get there, they don’t really know what to do. They don’t know how to translate a lump sum of money into a monthly stream of income….at least not in a fashion that will provide them adequate income, be safe and not run out.

Before you figure out how to get a million dollars, you might want to come up with a plan to convert that pile of dough into a monthly check that will last as long as you do.

Before you start the chase, it’s wise to know what you’ll do if you catch your prey.

About

Argent Financial Group

Celebrating its 30th anniversary in 2020, Argent Financial Group (Argent) is a leading, independent, fiduciary wealth management firm. Responsible for more than $30 billion in client assets, Argent provides individuals, families, businesses and institutions with a broad range of wealth management services, including trust and estate administration, investment management, ESOPs, retirement plan consulting, funeral and cemetery trusts, charitable organization administration, oil and gas (mineral) management and other unique financial services. Headquartered in Ruston, Louisiana, Argent was formed in 1990 and traces its roots back to 1930.

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