Today’s Prep:
Do you have a favorite movie villain? We talk about three classic roles and explain how they compare to the villains you may encounter in the financial world.
Equipping Points:
Movies have created some great villains over the years. Some struggle between good and evil while others seem to only have one goal: to destroy the hero. We look at three different villains today and compare them to things you may come across in the financial world.
Darth Vader was an ominous character, but as you learn more about him you find he went from good to evil over time. What functions like that in the financial world? Interest rates can be good and bad, depending on what’s happening. The stock market might be another good or bad character in your life.
In the Wizard of Oz, the Wicked Witch is obsessed with the ruby slippers. Are you fixated on only one thing or financial goal instead of an entire plan? Make sure to look at the bigger picture. Having a plan keeps you focused on the right things.
Do you remember Ivan Drago who fought against Rocky in Rocky IV? Who is the Drago you may be fighting against in the financial world? Do big brokerage firms really work in your favor or are they more robotic and focused on victory regardless of what it requires? Sometimes going through a boutique firm to coordinate between you and the brokerage firm. Big brokerage firms or robo-advisors might be okay during your accumulation phase, but it’s different once you get to retirement. During the distribution phase of your life you need a better approach.
Are you facing different villains right now and need help overcoming them? Reach out to your financial advisor to make a plan that will set you on the right path.
Listen to the entire episode or click on the timestamps below to skip to a particular movie villain.
1:37 – What is the Darth Vader in the financial world?
4:14 – The Wicked Witch of the West will do whatever she can to get the ruby slippers.
6:52 – Ivan Drago from Rocky IV was almost robotic in his approach.
Today’s Takeaway:
“Working with an advisor helps all the time, but especially in retirement.“
-Eric Peterson
Related Resources:
Which TV Character Describes Your Financial Personality?
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