Don’t Mistake Good Intentions for Sound Financial Advice

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“]

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

Financial Wisdom from Mark Twain

June 13, 2024

In the latest episode of the Retirement Ready Podcast, Eric invites us to explore the timeless wisdom of Mark Twain and how it applies to modern financial planning. Mark Twain, known for his wit and keen observations, offers quotes that are surprisingly relevant to today’s financial landscape. Eric takes these quotes and translates them into practical advice for those planning their retirement.

Read More

Understanding Bonds in Today’s Market

June 6, 2024

Are bonds really the safe investment we’ve always been told they are? What percentage of assets should a retiree or pre-retiree hold in bonds? In today’s episode, Eric addresses some of his most frequently asked questions about the world of bonds…

Read More

Understanding Your Financial Statements

May 30, 2024

Financial statements can often feel like a foreign language, filled with jargon and numbers that seem to have little relevance to your everyday life. However, understanding these documents is crucial for effective retirement planning. In the latest episode of the Retirement Ready Podcast, Eric breaks down the essentials of reading and interpreting your financial statements.

Read More

From Graduation to Retirement

May 23, 2024

This one goes to the grads! Whether you know someone graduating high school, college, or even preschool, graduation marks a new stage and season in life. Similarly, retirement is a new chapter in life. It’s a time of change, celebration, and sometimes, uncertainty. On today’s show, we talk through the similarities between leaving school and entering retirement.

Read More

401(k) Mistakes

May 16, 2024

Your 401(k) likely plays a major role in your retirement savings. That’s why it’s important that it’s set up and functions in the way that’s most beneficial to you. Following our last podcast about beneficiary mistakes, now we focus on common mistakes people make with their 401(k).

Read More

Beneficiary Mistakes

May 9, 2024

In this episode of the Retirement Ready Podcast, Eric guides us through the critical yet often overlooked details of beneficiary designations. Learn the simple yet vital steps to prevent beneficiary blunders that could lead to unnecessary headaches for your heirs. Eric calls these errors “low hanging fruit” because they’re easy to fix yet can save your family from future heartache.

Read More

How Emotions Can Impact Your Retirement Plan

May 2, 2024

Dive into the world of financial emotions in this episode with Eric Peterson. Discover how greed, fear, hope, and pride can make or break your investment strategy. Eric unravels the complexities of managing emotions to ensure a secure and enjoyable retirement.

Read More

Retirement Planning Statistics

April 25, 2024

Retirement is closer than you think, but are you ready? With a staggering number of people lacking confidence in their retirement savings, Eric shares the misconceptions people have and what mistakes can derail someone’s financial future. Many people feel inadequate when it comes to what they have saved in their nest egg, uninformed about the pitfalls of target date funds, and unprepared about the reality of leaving the workforce earlier than expected.

Read More

Mailbag: Should I Fire My Broker?

April 18, 2024

Navigating life’s financial crossroads can be tricky, especially when it involves your financial future. In this episode of Retirement Ready, Eric addresses these complex issues head-on. How do you best evaluate your broker and your investment performance against the S&P 500? Eric says a lot of that comes down to setting expectations and understanding the risks. Then, Holly wants to know what to consider before making a midlife career change.

Read More

Putting It Off

April 11, 2024

We are all guilty of procrastinating from time to time. Financially speaking, though, this can get you into a lot of trouble. Let’s talk about the areas where it might feel better to kick the can down the road.

Read More

Leave a Comment