Today’s Prep:
What’s a simple way to make your financial planning better? Today we are going to discuss some easy steps you can take to improve your financial plan.
Equipping Points:
We all want to do some easy improvements, especially ones that can make a big impact. On today’s show, we talk about easy financial changes you can make to improve your situation. Have you done any of these already?
When it comes to cash, how much do you really need? Sometimes you need to change your definition and understanding of liquidity. There are ways to get your hands on money quickly if needed from accounts other than your bank. If you have an emergency, you likely have at least three or four days of notice. Talk with your advisor about where you can move some of your lazy money wisely.
Are you sitting on an old life insurance policy? Check to see if you are eligible for a similar policy at better rates. Think about what you really need out of your policy and determine if another product like an annuity is better for your situation once you’re in retirement. Don’t throw away an insurance policy without something else in place first.
Do you have a forgotten 401(k) account? Life happens and sometimes you aren’t ready to do a rollover right after you switch jobs. But this is your money, so be sure to track it down and move it to the right account under your name.
If you’re paying management fees, are you getting the proper value out of it? Look into the fees and make sure you get the service you deserve. You may need to get a second opinion to see what another advisor offers and charges. Getting a retirement readiness review could give you the clarity you need on your plan.
Listen to the entire episode or skip ahead using the timestamps below.
1:01 – What should you do with cash?
4:22 – Do you have an old life insurance policy?
6:15 – Have you left behind a 401(k)?
7:39 – Are your managed accounts being well managed?
Today’s Takeaway:
“People have a lot of cash right now that’s not doing them any favors.“
-Eric Peterson
Subscribe To The Podcast:
Apple Podcasts - Google Podcasts - Spotify - Stitcher - iHeartRadio - TuneIn
Check out some other recent episodes
The Stress That Comes With Retirement
Eric discusses why this phase can be so daunting and offers strategies to ease the transition.
Read More
Finding Financial Silver Linings
Throughout our lives, there will be times when the markets rise and times when we experience downturns. Largely, we don’t have control over the circumstances we’re dealt, but we do have control over how we respond to those situations.
Read More
Unasked Retirement Questions You Shouldn’t Ignore
Tune in to this episode with Eric, as he breaks down some frequently unasked retirement questions that are very important to consider.
Read More
The Diverse Definitions Of Diversification
Diversification is one of those buzzwords you hear often in financial planning. While many people know it’s important, few are clear on what it actually means when applied to various aspects of their financial strategy. In today’s episode, Eric and Marc will bring you the diverse definitions of diversification.
Read More
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