Today’s Prep:
Like in all areas of life, it’s important to be cognizant of your blind spots and sinful tendencies. When it comes to the seven deadly sins, how do those apply in your financial plans?
Equipping Points:
The seven deadly sins are ones you want to avoid in many areas of your life. How about in your finances? What do these look like and how can you actively resist them?
From a retirement planning standpoint, you need to be careful to not let your pride get in the way. You may be able to do plenty on your own, but don’t ignore or overlook the value that an advisor may bring. Also ask, would you rather spend time going over spreadsheets and watching your retirement or letting someone else worry about it?
Be cautious about keeping up with the Joneses and don’t let envy rule your financial decisions. The thing about being in retirement is, once you’ve spent money, it’s very hard to replace when you are no longer working. Work your plan and make sure it works for you.
A lot of people think retirement planning is insurmountable, but once you take that first step, it becomes easier. You have to work against the tendency to feel overwhelmed or fall into a sloth-like state, but once it’s established, retirement planning is often just minor updates.
Are you lusting after a certain retirement lifestyle that is well beyond your savings? The 4% rule is an easy one to use to help judge whether your goals are realistic or lofty. Set realistic expectations in order to avoid being lustful about your retirement plans.
In addition to these deadly sins, what does wrath, gluttony, and greed look like in a retirement plan?
Listen to the full episode to hear all seven financial sins to avoid or click on one of the timestamps below to hear about a particular deadly sin in your retirement plan.
1:07 – How pride gets in the way of your finances.
3:48 – Envy
6:12 – Wrath against your job, the market, or your financial situation can cause long-term consequences.
7:11 – Greed may cause you to look for a big payday…but then lose it.
9:40 – Sloth behavior can make establishing a retirement plan feel insurmountable.
11:13 – Gluttony is too much of one thing when you need to diversify.
13:37 – Lust may look like lofty goals, but it’s important to have realistic goals.
Related Resources:
Watch Out For These Red Flags When Working With A Financial Advisor
Can Financial Planning Be A DIY Job?
Today’s Takeaway:
[spp-tweet tweet=”Stress-test your portfolio. If your portfolio doesn’t make it, then you need to make some changes. –Eric Peterson“]
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