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:
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