Today’s Prep:
What kind of classic TV personality do you most relate with when it comes to handling your finances? Are you more like Gilligan or Barney Fife? Find out on today’s podcast!
Equipping Points:
Are you a big dreamer or spend as little as possible? Super lucky or nothing but unlucky? Let’s think back on four different TV characters as a fun way to talk about our financial decisions.
It’s easy to dream about what you would do if you suddenly struck rich like Jed Clampett in the Beverly Hillbillies. It doesn’t happen often, but sometimes someone will come into a large sum of money. Be it from an inheritance or early retirement, you’ll need to figure out what to do to. Going through a retirement readiness review will help you understand how these funds fit in your plan. Make sure you don’t squander this new sum of money.
Are you always looking for the cheapest solution? Fred Mertz in I Love Lucy was a bit of a tightwad. Are you unwilling to pay fees? While no one likes hidden fees, what’s important to understand is what kind of value you are receiving from the fees. Does the value match what you’re paying?
Do you have big dreams without plans to back them up? Barney Fife in The Andy Griffith Show was a bit like this. Are you making all sorts of travel and relaxation plans for retirement without a thorough financial plan to show how you’ll achieve that dream?
Gilligan has terrible luck but then seems to make it a bit worse on each episode of Gilligan’s Island. Do you feel like Gilligan? Maybe you experienced a divorce or illness or lost some money along the way. Instead of being reactive, be proactive.
Which TV character are you most like?
Listen to the entire episode or click on the timestamps below to hear about a particular character.
1:08 – Jed Clampett from the Beverly Hillbillies got rich quick.
3:55 – Fred Mertz from I Love Lucy was always looking for the cheapest solution.
6:11 – Barney Fife felt big dreams were attainable.
8:06 – Gilligan has terrible luck on Gilligan’s Island.
Today’s Takeaway:
Behavior modification is the biggest value. Preventing you from doing the wrong things at the wrong time–that’s what you’re paying for with a financial advisor.
-Eric Peterson
Related Resources:
Subscribe To The Podcast:
Apple Podcasts - Google Podcasts - Spotify - Stitcher - iHeartRadio - TuneIn
Check out some other recent episodes
Retirement Planning Statistics
Retirement is closer than you think, but are you ready? With a staggering number of people lacking confidence in their retirement savings, Eric shares the misconceptions people have and what mistakes can derail someone’s financial future. Many people feel inadequate when it comes to what they have saved in their nest egg, uninformed about the pitfalls of target date funds, and unprepared about the reality of leaving the workforce earlier than expected.
Read More
Mailbag: Should I Fire My Broker?
Navigating life’s financial crossroads can be tricky, especially when it involves your financial future. In this episode of Retirement Ready, Eric addresses these complex issues head-on. How do you best evaluate your broker and your investment performance against the S&P 500? Eric says a lot of that comes down to setting expectations and understanding the risks. Then, Holly wants to know what to consider before making a midlife career change.
Read More
Putting It Off
We are all guilty of procrastinating from time to time. Financially speaking, though, this can get you into a lot of trouble. Let’s talk about the areas where it might feel better to kick the can down the road.
Read More
Common Scams to Avoid
Americans over 60 have lost more than $3.1 billion in various forms of fraud and scams in the last 12 months! Today we talk through some of the common scams people unfortunately fall for and how you can stay vigilant against it.
Read More
Financial Strategies: Agree or Disagree?
There are a number of financial ideas that people have differing opinions on. Eric shares today which of these he agrees with or disagrees and why.
Read More
Divorce Mistakes
Unfortunately, divorce happens. When it does, no one wants to make costly financial mistakes amidst an already stressful time. Today, we talk about the mistakes that can happen and how to avoid them when it comes to dividing up your assets with a spouse.
Read More
Villains of the Financial World
Just like some of these cinematic villains, some of these financial elements may have a bit of nuance and history that can make it hard to label them all good or all bad.
Read More
Uses for Life Insurance
When you’re younger, life insurance is often thought of as an income replacement as needed. But as you get older and into retirement, you might find other uses for life insurance. When thinking ahead for your estate and how it passes to beneficiaries, life insurance can prove to be a useful tool. Currently, the proceeds from life insurance are tax-free. How does that change how you include it in your financial plan? Eric outlines some of the options and benefits life insurance can provide.
Read More
Understanding Financial Risk
What kind of risks do you take in your financial life? As you get less comfortable with things like climbing up ladders and riding on skateboards, you might also become less financially risky. When you enter retirement, how you view your money in the market changes significantly from your working years. It’s important to look at your portfolio to ensure your investments match your risk tolerance.
Read More
Mailbag: What Financial Advice Should I Share with My Grandchild?
Why is retirement planning different than the “good old days” that our parents and grandparents experienced? Things like pensions, Social Security, and even RMD age have changed. Is your financial plan set up accordingly or is it in need of some changes to match?
Read More