{"id":509802,"date":"2021-07-31T07:00:17","date_gmt":"2021-07-31T05:00:17","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=509802"},"modified":"2021-07-30T16:26:54","modified_gmt":"2021-07-30T14:26:54","slug":"how-to-retire-at-40-according-to-jpmorgans-asset-and-wealth-management-leader","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/wealth\/509802\/how-to-retire-at-40-according-to-jpmorgans-asset-and-wealth-management-leader\/","title":{"rendered":"How to retire at 40 &#8211; according to JPMorgan\u2019s asset and wealth management leader"},"content":{"rendered":"<p>&#8220;Invest every single dime you have, early and as often as you can.&#8221; That&#8217;s the advice from Mary Callahan Erdoes, the chief executive officer of JP Morgan Chase&#8217;s Asset and Wealth Management division on how to retire early.<\/p>\n<p>Erdoes was speaking during an episode of Bloomberg Wealth with David Rubenstein.<\/p>\n<p>&#8220;There&#8217;s a question, would I rather have a dollar double every day, or get a million dollars? A dollar doubling every day over a month would give you more than a million dollars. So investing and compounding, that&#8217;s the answer to every question,&#8221; she said.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">Want to retire at age 40? Here&#8217;s how to pull it off according JPMorgan\u2019s asset and wealth management leader <a href=\"https:\/\/t.co\/9w7y2Bq7PU\">https:\/\/t.co\/9w7y2Bq7PU<\/a> <a href=\"https:\/\/t.co\/FxyO3QfmPn\">pic.twitter.com\/FxyO3QfmPn<\/a><\/p>\n<p>\u2014 Bloomberg (@business) <a href=\"https:\/\/twitter.com\/business\/status\/1419647440618237959?ref_src=twsrc%5Etfw\">July 26, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Erdoes said that guarding against the unknown highlights the importance of diversification. This brings into play assets like cryptocurrency.<\/p>\n<p>&#8220;When you have things like Dogecoin, which was created as a joke but now has $30 to $40 billion in value &#8211; you have to ask yourself, is it liquidity in the system that&#8217;s causing this, or are there real, new things happening,&#8221; she said.<\/p>\n<p>&#8220;Only time will tell the answer to all these questions &#8211; but it all goes back to one of the most important things &#8211; diversification. There&#8217;s just no way to know what is going to happen in the future to every single asset class, so the most important answer is proper diversification.&#8221;<\/p>\n<p>Speaking about whether she would help clients diversify into crypto assets, Erdoes said that blockchain technology &#8211; which underpins cryptocurrencies &#8211; is very real, &#8220;and is changing all of the ways that we digitally interact with the different financial markets&#8221;.<\/p>\n<p>However, the digital currencies themselves are new, &#8220;and in general, digital currencies are being debated as to whether they are an asset class, or not.&#8221;<\/p>\n<p>She said that JP Morgan does not have Bitcoin as an asset class per se, and time will tell whether it has the store value. &#8220;But the volatility that you see in it today just has to play itself out over time.&#8221;<\/p>\n<p>On the best investment advice she has received,\u00a0 Erdoes, said: &#8220;If it sounds too good to be true, it probably is.&#8221;<\/p>\n<p>And answering a series of quickfire questions from David Rubenstein, Erdoes said: &#8220;You should never invest in something that can&#8217;t be simplistically explained to you.&#8221;<\/p>\n<p>On the question of where she would tell clients to invest $100,000 right now, she said: &#8220;In a balanced portfolio, well-diversified, that they can store away for a long period of time, and hopefully it compounds healthily for them.&#8221;<\/p>\n<p>&#8220;The most important thing is to be able to save early,&#8221; the investment expert said.<\/p>\n<hr \/>\n<p><strong>Read: <a href=\"https:\/\/businesstech.co.za\/news\/wealth\/508944\/these-charts-show-how-many-south-africans-plan-to-emigrate-and-why\/\" target=\"_blank\" rel=\"noopener\">These charts show how many South Africans plan to emigrate \u2013 and why<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;Invest every single dime you have, early and as often as you can.&#8221; That&#8217;s the advice from Mary Callahan Erdoes, the chief executive officer of JP Morgan Chase&#8217;s Asset and Wealth Management division on how to retire early.<\/p>\n","protected":false},"author":10,"featured_media":297616,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9880],"tags":[26],"class_list":["post-509802","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-wealth","tag-headline"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/509802","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=509802"}],"version-history":[{"count":4,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/509802\/revisions"}],"predecessor-version":[{"id":510094,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/509802\/revisions\/510094"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/297616"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=509802"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=509802"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=509802"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}