‘I spend 5 hours a day on my portfolio’: I’m 70 and received $300K in a lawsuit. Here’s my foolproof financial plan.
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Dear Quentin,
Your response to the man who received an
injury settlement of $100,000 was on the mark. I am 70. I work part time for the U.S. Census Bureau and spend five hours a day on my portfolio. I got a settlement three times the amount of your letter writer’s settlement (clergy sexual abuse). I lost one investing year and $30,000 getting my investment legs.
Settlement recipients can go through a grieving or adjustment period that may become acute around the time the money arrives and can persist for months or even years afterwards. It’s important to find a way to manage your emotions to prevent them from damaging your financial and personal future.
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William Watts is MarketWatch markets editor. In addition to managing markets coverage, he writes about stocks, bonds, currencies and commodities, including oil. He also writes about global macro issues and trading strategies. During his time at MarketWatch, Watts has served in key roles in the Frankfurt, London, New York and Washington, D.C., newsrooms.
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Brett Arends is an award-winning financial writer with many years experience writing about markets, economics and personal finance. He has received an individual award from the Society of American Business Editors and Writers for his financial writing, and was part of the Boston Herald team that won two others. He has worked as an analyst at McKinsey Co., and is a Chartered Financial Consultant. His latest book, “Storm Proof Your Money”, was published by John Wiley Co.
