The above leads to an interview of author, public speaker and Director of Investor Education for BAM Alliance Carl Richards by Index Universe. The intro includes the following;
when it comes to investing, there’s no such thing as financial planning, there’s only life planning
I like the sentiment but might reword it to say there is no financial planning before life planning.
Then there was this;
...investing should be linked to your goals. It’s not a game, not a hobby. I can’t say this enough: You don’t invest because the market is going up, or because it’s fun; you invest because you want to meet some financial goal. And outperforming the market is not a financial goal.
The thing that will be important to you when you are 75 or 80 or some other age will be whether you have enough to fund the lifestyle you want. You won't remember what happened in some random year except extreme outliers like 1999 or 2008.
To repeat a frequent message it is more likely that savings rate and spending habits will end up being more important than investment results. Obviously some folks will permanently impair their capital and others will indeed make a fortune in the markets but that won't be most of us.