Episode #14: Grandma’s Financial Wisdom

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.

(Click the featured times below to jump forward in the episode)

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:

More From Eric:

The host: Eric Peterson - Contact - Call: (515) 226-1500

Subscribe To The Podcast:

Apple Podcasts  -  Google Podcasts  -  Spotify  -  Stitcher  -  iHeartRadio  -  TuneIn

Check out some other recent episodes

What Goes Into a Customized Financial Plan?

October 15, 2020

Why should you have a customized financial plan? What do you need to consider and what goals help you build an outline for your plan? Join us as we talk about what goes into the process of setting someone up for a secure future.

Read More

Things That Don’t Matter…Until They Do

October 8, 2020

Certain financial documents might seem like they can be put off for now. But when you need them, it’s important to be prepared ahead of time! Do you have all of these things in place?

Read More

Uncommon Sense in Financial Planning

October 1, 2020

When common sense isn’t followed, what does that look like? What common sense should we adhere to when it comes to financial planning?

Read More

Visiting the Financial Doctor

September 24, 2020

We’ve all been to the doctor at some point, so how is it like working with a financial advisor? We compare the similarities on today’s podcast!

Read More

Mailbag: Should I Withdraw from an Old Annuity?

September 17, 2020

When is a good time to withdraw from an annuity and what should you know ahead of time? Eric answers this and two other questions from the mailbag in this week’s podcast.

Read More

Heard It Through The Grapevine?

September 10, 2020

From million-dollar retirement benchmarks to presidential election fears or predictions, have you heard these through the grapevine? Eric shares what he thinks about these three financial rumors.

Read More

Is This Retirement Fact or Fiction?

September 3, 2020

Ever hear something and think, could that be true? Some of these financial concepts are fact and some are fiction–do you know which is which?

Read More

Are You Flirting with Financial Disaster?

August 27, 2020

You might feel great about where you stand financially but there’s a chance you could be flirting with disaster. We’ll tell you about three key areas where people make mistakes in their planning that can end up causing major financial problems in retirement.

Read More

How To Pack Your Financial Suitcase

August 20, 2020

When you go on a trip, a lot of times it helps to refer to a packing list to make sure you have everything. When putting together a financial plan, do you have everything in order? Let’s talk about what you need to put into your financial suitcase.

Read More

What Is Your Retirement Mindset?

August 13, 2020

When it comes to retirement, where are you at? If you’re getting closer to retirement, it may help to understand your current mindset in order to know how best to proceed.

Read More

Leave a Comment