7 Deadly Sins of Financial Planning

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?

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

 

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:

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

Why Eric Loves Working as a Financial Advisor

October 22, 2020

Why does Eric do what he does? What’s his history and what are his passions? Find out on today’s episode of the podcast.

Read More

What Goes Into a Customized Financial Plan?

October 15, 2020

Why should you have a customized financial plan? What do you need to consider and what goals help you build an outline for your plan? Join us as we talk about what goes into the process of setting someone up for a secure future.

Read More

Things That Don’t Matter…Until They Do

October 8, 2020

Certain financial documents might seem like they can be put off for now. But when you need them, it’s important to be prepared ahead of time! Do you have all of these things in place?

Read More

Uncommon Sense in Financial Planning

October 1, 2020

When common sense isn’t followed, what does that look like? What common sense should we adhere to when it comes to financial planning?

Read More

Visiting the Financial Doctor

September 24, 2020

We’ve all been to the doctor at some point, so how is it like working with a financial advisor? We compare the similarities on today’s podcast!

Read More

Mailbag: Should I Withdraw from an Old Annuity?

September 17, 2020

When is a good time to withdraw from an annuity and what should you know ahead of time? Eric answers this and two other questions from the mailbag in this week’s podcast.

Read More

Heard It Through The Grapevine?

September 10, 2020

From million-dollar retirement benchmarks to presidential election fears or predictions, have you heard these through the grapevine? Eric shares what he thinks about these three financial rumors.

Read More

Is This Retirement Fact or Fiction?

September 3, 2020

Ever hear something and think, could that be true? Some of these financial concepts are fact and some are fiction–do you know which is which?

Read More

Are You Flirting with Financial Disaster?

August 27, 2020

You might feel great about where you stand financially but there’s a chance you could be flirting with disaster. We’ll tell you about three key areas where people make mistakes in their planning that can end up causing major financial problems in retirement.

Read More

How To Pack Your Financial Suitcase

August 20, 2020

When you go on a trip, a lot of times it helps to refer to a packing list to make sure you have everything. When putting together a financial plan, do you have everything in order? Let’s talk about what you need to put into your financial suitcase.

Read More

Leave a Comment