Today’s Prep:
Learn how retirement planning is a bit like golf. Grab your sticks, and join us on the proverbial golf course.
Equipping Points:
00:47 – Preparing For The Back Nine Of Life.
- Eric wrote a book called Preparing For The Back Nine Of Life. He sees golf as a wonderful analogy for what it takes to retire successfully.
2:10 – Stop Looking For That Hole In One.
- Many of you are looking for a hole in one in retirement. You’re trying to find that perfect investment that will solve all of your problems. However, there is no hole in one, magic bullet, home run, call it what you want in your investing life. Instead of obsessing over one stock or “one hole,” focus on the entire round. Build a well-balanced portfolio.
4:37 – What Clubs Do You Have In Your Golf Bag?
- Each club in your golf bag has its own purpose. Your Callaways, Mizunos, and Titleists all help you put your ball in a specific spot on the course. Similarly, each investing tool in your financial plan serves a purpose in your portfolio. Stocks, bonds, REITS, annuities, CDs, etc all work together to further your goals in retirement, and you wouldn’t want to use too many of any one product. Eric uses the story of Bubba Watson to illustrate the importance of club choices.
8:43 – Use Your Caddie.
- Even the pros turn to their caddie for advice on the golf course. A caddie knows the layout of the course, and they can help you decide when and how to use each club. Similarly, your advisor is indispensable when it comes to providing you with sound financial advice. You need an advisor who will work in your best interest and help you make wise financial decisions.
Today’s Takeaway:
“A lot of people are looking to do that with their retirements. They’re looking to hit that hole in one…You need to have a plan for the whole game, not just one hole. – Eric Peterson“
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