I have unclinched a bit once we hit $4M liquid. You could fund a cause, a foundation, etc. So I remain 80 % in indexed ETFs, I see no other option, maybe because that is all I know. It also puts asset-class returns into long-term historical perspective. William J. Bernstein net worth 40 Million Millions of dollars 99% Net worth score Disclamer: William J. Bernstein net worth displayed here are calculated based on a combination social factors. Both his parents were civil rights activists and members of the Communist Party. I think there is a rule of thumb that you should take 110 (Your Age) and thats about the percentage of your portfolio you should have allocated to bonds, I dont see why this would change once you reach FI/retire. It becomes part of our fine and to remove it is hard. Others might really enjoy the challenge of being a CEO and at least try it. Could be good! The game I am referring to is specifically wealth building because that is what the author seemed to be talking about: His thoughts are specifically related to investing and the assets accumulated on the way to hitting FI. Historically, this will allow me to ride out most downturns without selling into a bear to meet living expenses. In 2009 his fifth book was published "The Investor's Manifesto: Preparing for Prosperity, Armageddon, and Everything in Between" which continues the theme of asset allocation in a more accessible way. Now that Im 40 years old, Im going to finally take it down in orange. dr. william j. bernstein talks about how the imperfect portfolio you can stick with is better than the perfect portfolio you can't stick with, answers audience questions about bonds for young investors, bond maturity, the risks of bond etfs, treasury inflation-protected securities (tips), and about how he's changed his approach to investing over They developed and implemented this habit over a long period of time, so now stopping and changing course is tough for many of them. If someone has an investment that pays even 3 or 4% with zero risk Id like to hear about it. Moreover, she grew up in Howell, New Jersey, alongside a brother and a sister whose names remain a secret. I believe the reason for that is the amount of cash the safe part throws off and the stock market going crazy for the better part of 5 years. The IRA is 15 or 20 years out so thats staying mostly in equities. In that sense the advice is probably accurate for many people but I would suggest less so for readers of this blog. It feels like if you have been doing something for as long as you remember and it got you where you are today how do you stop even if you want to? "You can very quickly become as well informed as an academic.". If your game is to win the Super Bowl and you do it, then sure, you quit. We know that William is married at this point. Even though were still accumulating we got some chips off the table last year by shifting our assets to a more conservative allocation. They find it hard to stop taking advantage of opportunities. I had the same situation after Id reached FI. And Im pretty sure a zero percent withdrawal rate is safe no matter how I invest! For email updates, simply enter your email address in the box below. Love that idea for giving back. I asked. Habits are indeed hard to change. As they say, they dont ring a bell at the top or the bottom of the market. Apex specifically goes deeply and personally into what this means for him. It's not just for 20 somethings. Consider the following habits that many financially independent people have developed: In other words, they worked the ESI Scale to financial independence. A wise man once told me, no, definitely dont fly first class. He is the author of a dozen books, including The Intelligent Asset Allocator, The Four Pillars of Investing, and The Investor's Manifesto . With his website still drawing new admirers, Bernstein produced his second book, The Four Pillars of Investing, in 2002. Posts: 18,912. Shouldn't you call your broker? Hilary J. Bernstein University of California, Santa Barbara . They may have enough to retire on with the money that they have today as things stand today, but that doesnt mean that things are going to stay that way. Ive heard a quote that I cant properly give credit for, but its something like The real risk is not being in the stock market. Its in reference to the fact that most other investments will get eaten by inflation, so if your not in stocks, youre barely keeping up or actually losing buying power. In fact, the articles seemed to deal with everything except the mystery I wanted to solve: How did a doctor in the backwoods of Oregon, with no formal training in finance, turn himself into such a provocative investment thinker? Its in our DNA. He lives in Portland, Oregon. According to Bernstein, you are locked in a "life-and-death struggle" with the financial industry. So you are assuming the interest rate risk for a given duration; you are taking on the risk of rising inflation; you have reinvestment risk; and relatedly, you have the risk of your bonds being called and replaced at a lower rate. ",