Today’s Prep:
Can you tell the difference between good intentions and bad advice? Sometimes, even people who are truly trying to help can give you bad information and cause you to question your financial decisions.
Equipping Points:
Sometimes even the best intentions can result in bad advice. Where are you getting your financial information and advice from? How do you know if you are going in the right direction with your financial plan?
For instance, family might want to help you succeed, but sometimes they don’t know enough to help you. Working with a financial advisor will provide someone with professional experience and able to give you unbiased advice on what to do for your financial situation.
What about friends? Friends maybe are quick to brag about the wins but aren’t as willing to share about their losses. It’s best to get sound advice from a plan, instead of reacting to emotional responses from friends and family.
CPAs are experts in their field when it comes to tax planning. But should you go to them when it comes to investment advice? What if they contradict your financial planner’s advice? How can you get everyone on the same page when it comes to your financial plan?
Listen to the full episode or click on the timestamps below to determine whether you are getting good advice or merely good (but misguided) intentions.
0:47 – The best of intentions may include some bad financial advice.
1:11 – Family may lead you astray.
3:54 – Friends may brag about the wins but not admit to the losses.
5:12 – Should you take investment advice from your CPA?
Related Resources:
Making The Right Decisions When It Comes To Real Estate
What Holds You Back From Breaking Up With A Financial Advisor?
7 Deadly Sins of Financial Planning
Today’s Takeaway:
[spp-tweet tweet= “The best is to get sound advice from somebody and go through a process to develop a plan that is individualized to you. Then you can make logical decisions, rational decisions off of a plan as opposed to emotional decisions from inputs from family and friends. –Eric Peterson“]
Subscribe To The Podcast:
Apple Podcasts - Google Podcasts - Spotify - Stitcher - iHeartRadio - TuneIn
Check out some other recent episodes
The Use Of Technology In Financial Planning
As technology keeps advancing, it’s made our lives easier in so many ways. Tasks that used to need outside help can now be done on our own with just a few clicks. This shift has also brought more accessible online financial tools, but how accurate and helpful are they really?
Read More
Retirement Planning Conversations With Dorothy Parker
Dorothy Parker is one of the great writers of the 20th century. Her wit and prose have been appreciated by readers for generations. But are there any lessons we can learn when it comes to finance with some of Parker’s most well-known quotes?
Read More
Mailbag: Moving To A State With Income Tax And More
In this episode, Eric is answering your questions! We’ll cover a range of topics today, including key considerations for income taxes when moving to a new state, how to initiate financial conversations with parents or grandparents, and whether using a life insurance policy to save for a college fund is a wise choice.
Read More
What Is Lazy Money?
What is lazy money and why do you want to not have too much of it in your retirement portfolio? Simply put, lazy money is money that isn’t growing as much as it could be. Having your money grow and work for you is a key part of building a solid portfolio, so Eric breaks down some strategies to help get the most out of your money in this episode.
Read More
Retirement Planning Today Is Harder Than It Used To Be
Retirement planning simply isn’t the same as it used to be. From changes in life expectancy, the lack of pensions, and getting caught in the sandwich generation, there’s a lot to keep in mind when putting together your financial plan. Instead of taking advice from others who may have retired in a different era, it’s important to understand what strategy is right for you.
Read More
Social Security Variables That Impact Your Claiming Strategy
After so many years of paying into Social Security, you might feel ready to reap the benefits. But before you get too eager, it’s best to have a thorough understanding of the different variables and how to best leverage them.
Read More
Retirement Real Estate Decisions: Downsizing, Snowbirding, and More
One of the key discussions you may have in retirement is what to do about the house. Should you downsize your home? Pay it off early? Buy a vacation home and become a snow bird? Eric emphasizes the importance of considering not just the financial implications but also the lifestyle changes each of these decisions entail. Weighing out the pros and cons of each decision can highlight what is right for you (which isn’t always the same as what your neighbor is doing).
Read More
Healthcare in Retirement
One major (yet often overlooked!) expense in retirement is healthcare. Especially if you are retiring early, healthcare can be a huge expense as you bridge the gap between your working years and when eligible for Medicare. Not only will you have an increased monthly cost, but you may need to budget for additional medical costs as time goes on or even long-term care needs.
Read More
Family Matters When It Comes to Finances
Today we talk about what happens in a family, particularly when someone has passed away and the financial impact that can have.
Read More
Water Wheels and Retirement Planning
Have you ever wondered how a water wheel can relate to your retirement planning? It might seem like an odd comparison, but in today’s podcast, Eric breaks down this fascinating analogy and its significance in maintaining a stable financial future.
Read More