Today’s Prep:
What does your March Madness bracket have to do with financial planning? More than you might think!
Equipping Points:
2:05 – Predicting Outcomes.
- With your brackets, you pick teams that have done well in the past. Likewise, in retirement, you look for things that have worked in the past. Certain tools help people retire with confidence to retire the way they want. Having predictability in these tools will give you a higher probability of succeeding.
3:44 – Upsets.
- People love to root for the upset, for the “Cinderella story.” We do the same thing in regards to the stock market. However, when the market moves, you can make money whether it goes up or down. In the financial world, what if you just didn’t participate in any of the losses? Ask yourself, “How can I not participate when things go down?”
6:14 – Picking Your Own Team To Win.
- Regardless of whether their favorite team is good, some people like to pick their own team to “win it all.” In retirement, sometimes people are overexposed to their own company’s stocks. Regardless of how that company is performing, they’re apt to invest in their company. When you leave that company, you don’t have as much of the intel as you used to have. Why keep so much of your portfolio in one security? Make sure to diversify.
8:30 – Making Risky Picks.
- Only risk what you’re willing to lose. Everybody loves to win, be it in the March Madness pool or the stock market. If you want to take investing risks, have a separate account for risky assets. Otherwise, stick with a more prudent investing strategy.
Today’s Takeaway:
“Only risk what you’re willing to lose and make sure it doesn’t impact your overall plan. – Retirement Ready“
Subscribe To The Podcast:
Apple Podcasts - Google Podcasts - Spotify - Stitcher - iHeartRadio - TuneIn
Check out some other recent episodes
What 400+ Advisors Say Really Keeps Retirees Up at Night
What are Americans really concerned about when it comes to retirement? In this episode, we unpack the results of an insightful survey from Financial Advisor Magazine, which was completed by over 400 financial advisors. We’ll also compare these answers with the real-world concerns we hear every day from the clients in our own practice.
Read MoreBracket Busters and Stock Flops: The Risky Game of Picking Winners
March Madness is here, and just like filling out a bracket, picking individual stocks can feel like a thrilling gamble. But the odds of winning big are slim. In fact, history shows that most stock picks, like most brackets, end up busted.
Read MoreAre Hidden Fees Draining Your Retirement Savings?
In this episode, Eric reveals the true cost of investing and how to protect yourself from unnecessary financial drains.
Read MoreWhat Game Night Can Teach Us About Financial Planning
In this episode, Eric breaks down the surprising financial lessons hidden in classic board games, offering valuable insights to help you navigate your retirement strategy.
Read MoreMailbag – Upsizing, Financial Advisors & Business Owner Planning
Join us as we answer questions about the challenges of downsizing, the emotional aspects of planning for family gatherings, and the realities of transitioning into a financial advisory career.
Read MorePlanning for Kids, Grandkids, & Your Future
As many nearing retirement age are discovering, adult children and grandchildren can significantly influence financial strategies, making it crucial to understand how to navigate these relationships effectively.
Read MoreFinancial Planning Conversations for Couples
This episode is focused specifically on that planning we do with couples with insights on how we help them navigate tricky conversations about money and retirement.
Read MoreIs Your Retirement Based on Wishful Thinking?
Many people fall into the trap of wishful thinking when it comes to what they expect will happen in retirement, but a successful retirement isn’t built on hope and assumptions.
Read MoreSpending With Confidence in Retirement
Eric shares strategies to help retirees enjoy their savings while ensuring financial security.
Read More