4 Things March Madness and Retirement Planning Have in Common

Today’s Prep:

What does your March Madness bracket have to do with financial planning? More than you might think!

(Click the featured times below to jump forward in the episode)

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:

More From Eric:

The host: Eric Peterson - Contact - Call: (515) 226-1500

Subscribe To The Podcast:

Apple Podcasts  -  Google Podcasts  -  Spotify  -  Stitcher  -  iHeartRadio  -  TuneIn

Check out some other recent episodes

Unlikely Wisdom From Unlikely Voices

April 18, 2019

You might not expect to gain wisdom from these popular celebrities. To be honest, these quotes weren’t intended to be about finances either. However, there’s plenty of retirement planning wisdom we can learn from these personalities.

Read More

Misconceptions With Annuities

April 11, 2019

Sometimes annuities are misused or misunderstood, but annuities can be powerful tools if you know how to use them properly.

Read More

Excuses, Excuses, Excuses – Stop Making Them

April 4, 2019

What’s your excuse for doing one thing over another when it comes to finances? Sometimes you want to justify your actions instead of thinking through what is actually best for you and your money. Here are three common decisions people make and why the excuses just don’t add up.

Read More

Technology For Retirement Planning

March 28, 2019

There are all sorts of online tools out there for financial planning. We’ll talk about some of the various technologies and tools to choose from as you prepare for retirement.

Read More

Why Retirement Planning Ain’t What It Used To Be

March 14, 2019

You’ve heard your parents discussing how difficult things used to be. We’ve all heard the adage about walking uphill both ways in the snow to get to school. However, reality suggests retirement planning actually used to be easier than it is today. Find out why.

Read More

3 Questions You Should Ask A Potential Advisor

March 7, 2019

When shopping for a potential advisor, you want to find the right fit for your needs. Ask each candidate these three important questions.

Read More

The Financial Water Wheel

February 28, 2019

On this podcast, we love a good analogy. Join us as we discover what we can learn from retirement by observing a water wheel.

Read More

Episode #27: It’s Time To Talk About RMDs

February 21, 2019

Required minimum distributions can easily slip through the cracks of your retirement plan. As tax day 2019 is approaching, understand the impact RMDs will have on your finances.

Read More

Episode #26: Taking Care Of Family

February 14, 2019

Part of retirement planning includes taking care of family. After all, you’ll want to make sure your loved ones have what they need after you’re gone.

Read More

Episode #25: Retirement On The Golf Course

February 7, 2019

Learn how retirement planning is a bit like golf. Grab your sticks, and join us on the proverbial golf course.

Read More

Leave a Comment