Today’s Prep:
There are probably lots of sayings you remember your grandmother using as you grew up. Find out how her musings might be applied as financial wisdom.
Equipping Points:
1:10 – Grandma’s Financial Wisdom: When It Rains, It Pours.
- Sometimes, you just get a lot of bad news. Market volatility, companies tanking, and overseas banking drama of some sort will always fill the news networks. It’s important not to panic at the first sign of a shaky market. Our investment decisions shouldn’t be based upon our emotions. Instead, we need a sound investing strategy and a well-diversified portfolio. If you know the volatility is going to keep you up at night, consider taking some of the risk out of your portfolio all-together. Invest in less risky options.
3:19 – Grandma’s Financial Wisdom: You Never Know.
- You never know what’s going to happen on Wall Street. After all, our only certainties in life are death and taxes. That’s why you need a financial plan to provide you with a sense of peace amidst the market roller coaster. Going back to taxes, you can even employ tax strategies to mitigate the tax burden on your portfolio. While we can’t possibly know what’s going to happen in Washington either, we do know taxes are at historic lows. This means there’s a good chance tax rates will increase in the future. Account for your tax burden now to save in the future.
5:39 – Grandma’s Financial Wisdom: I Heard It Straight From The Horse’s Mouth.
- This is a bizarre saying, but it basically implies you should get your information straight from the source. In our business, we often play this game of “Call The Company,” and this simply means we want to get information about certain products directly from the company who sold them. Rather than going through a broker, call up the company who sold the annuity or other insurance product to the broker in the first place. That’s the sure way to determine what you’re paying in fees and commissions on a product.
Other Preparation:
- 8:29 – Grandma’s Financial Wisdom: If Your Friends Jumped Off A Bridge, Would You Do It Too?
Today’s Takeaway:
“There’s all sorts of financial noise out there. Get your information straight from the source, and put together a comprehensive plan that will help you navigate the ups and downs of the investing world. – Retirement Ready“
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