Today’s Prep:
Much like the lights on your dashboard indicate issues with your car, there are indicators in your financial life that highlight problems in your portfolio. Join us as Eric serves as our financial mechanic.
(Click the featured times below to jump forward in the episode)
Equipping Points:
[1:33] – Warning Lights: I Have No Idea What It Costs To Fund My Lifestyle.
- If you don’t know what it costs to fund your lifestyle, it’s probably a warning light indicating you need to visit with your advisor. It’s important to figure out what type of income you’ll need to retire. After all, whether you can retire isn’t dependent on the big number on your investment statement. It’s dependent on how much monthly income you’ll need to fund your lifestyle. Make a list of your needs in retirement as well as your goals for retirement. Take that list to your advisor, and start to develop a monthly budget.
[3:13]- Warning Lights: I Need A Million Dollars To Retire
- Again, your retirement isn’t dependent on whether you’ve saved $500,000, $1,000,000, or even $10,000,000. If you want to travel the world on your private yacht, you might need more than $10,000,000 to fund your monthly expenses. There’s actually this television commercial in which a financial company is asking people what their “number” is. Remember, those advertisers want you to invest in their products because they make a living on commissions and fees when you do. Instead of buying a collection of products, work with a planner who will help you to properly allocate what you’ve already accumulated as well as manage your income streams in retirement.
[5:37] – Warning Lights: Current Events Anxiety.
- If Fox News and CNN are keeping you up worrying about your investments at night, it might be time to meet with your advisor. There’s always going to be economic upheaval making headlines. Stock market volatility, trade wars, tax hikes, and other economic events will continue to arise. Don’t forget the way global events and political news affect the markets as well. You need a plan that’s not dependent on what’s happening around the world and on Wall Street. Rather than trying to time the markets, develop a strategic financial plan that takes the fear out of investing.
Today’s Takeaway:
Subscribe To The Podcast:
Apple Podcasts - Google Podcasts - Spotify - Stitcher - iHeartRadio - TuneIn
Check out some other recent episodes
Financial Debates – Debt, Mortgages, Life Insurance & Mutual Funds
Inside of a mutual funds, the actions of others can impact you. If a lot of people are trying to sell that mutual fund, the manager has to sell some stuff to meet the redemptions and that can negatively impact you.
Read More
Retiring Early: Is It Possible and Is It Right For You?
Some may think that retiring early is just a dream, but can you turn this dream into a reality? In this episode, Eric talks about the ins and outs of taking an early retirement. Find out when you can retire and whether you will actually want to stay retired.
Read More
Tending To Your Retirement Garden
What does retirement planning have in common with growing a garden? Both need patience, vision, determination, and the proper tools to succeed. Eric Peterson explores all the comparisons on this week’s podcast.
Read More
Retirement Decisions: More Than Just Investments
When it comes to planning for your retirement, there’s a lot more to consider than where to invest. Going beyond the data and numbers, you need to consider these areas of your life and what you want them to look like in retirement.
Read More
Presidential Quotes And The Financial World
There are a lot of great quotes from past presidents that also apply in the financial industry. Have you heard all of these? How would you apply them to your financial portfolio?
Read More
Mailbag: Retention Bonus or Retirement?
As you near the final months or years before taking the plunge into retirement, there are always a few details to work out and questions to ask. Eric answers a few questions from the mailbag about pensions, paying taxes in retirement, and deciding when to walk away from a retention bonus and just retire already.
Read More
Handling What You Can’t Control in Retirement
Some things are just out of your hands. In retirement planning there are a lot of things completely out of your control, but if you re-frame your thinking, there is actually something you can do about them. Eric talks through these four areas where you have an opportunity to prepare for the unpredictable.
Read More
Wishful Thinking In Retirement Planning
Is your head in the clouds when it comes to retirement? Here are three common phrases people say when it comes to retirement planning. Eric shares whether these mentalities are wishful thinking.
Read More
Underrated Or Overrated?
We’re playing a game to determine what’s underrated and overrated when it comes to a few topics in the financial world (and even a few outside of financial planning). Let us know what you think.
Read More
Lazy Money
Do you have money sitting around without a purpose? We’ll explain the dangers of lazy money, why people have it, and how you can put it to work! Make your money work for you as you plan for retirement.
Read More