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“
Subscribe To The Podcast:
Apple Podcasts - Google Podcasts - Spotify - Stitcher - iHeartRadio - TuneIn
Check out some other recent episodes
What 400+ Advisors Say Really Keeps Retirees Up at Night
What are Americans really concerned about when it comes to retirement? In this episode, we unpack the results of an insightful survey from Financial Advisor Magazine, which was completed by over 400 financial advisors. We’ll also compare these answers with the real-world concerns we hear every day from the clients in our own practice.
Read MoreBracket Busters and Stock Flops: The Risky Game of Picking Winners
March Madness is here, and just like filling out a bracket, picking individual stocks can feel like a thrilling gamble. But the odds of winning big are slim. In fact, history shows that most stock picks, like most brackets, end up busted.
Read MoreAre Hidden Fees Draining Your Retirement Savings?
In this episode, Eric reveals the true cost of investing and how to protect yourself from unnecessary financial drains.
Read MoreWhat Game Night Can Teach Us About Financial Planning
In this episode, Eric breaks down the surprising financial lessons hidden in classic board games, offering valuable insights to help you navigate your retirement strategy.
Read MoreMailbag – Upsizing, Financial Advisors & Business Owner Planning
Join us as we answer questions about the challenges of downsizing, the emotional aspects of planning for family gatherings, and the realities of transitioning into a financial advisory career.
Read MorePlanning for Kids, Grandkids, & Your Future
As many nearing retirement age are discovering, adult children and grandchildren can significantly influence financial strategies, making it crucial to understand how to navigate these relationships effectively.
Read MoreFinancial Planning Conversations for Couples
This episode is focused specifically on that planning we do with couples with insights on how we help them navigate tricky conversations about money and retirement.
Read MoreIs Your Retirement Based on Wishful Thinking?
Many people fall into the trap of wishful thinking when it comes to what they expect will happen in retirement, but a successful retirement isn’t built on hope and assumptions.
Read MoreSpending With Confidence in Retirement
Eric shares strategies to help retirees enjoy their savings while ensuring financial security.
Read More