Today’s Prep:
Learn how retirement planning is a bit like golf. Grab your sticks, and join us on the proverbial golf course.
(Click the featured times below to jump forward in the episode)
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:
Subscribe To The Podcast:
Apple Podcasts - Google Podcasts - Spotify - Stitcher - iHeartRadio - TuneIn
Check out some other recent episodes
Do You Agree or Disagree with this Retirement Advice?
Which of these statements is worth paying attention to and which ones should you take with a grain of salt? Eric shares whether he agrees or disagrees with five retirement planning statements.
Read MoreMailbag: Can I Sell My Home and Just Rent in Retirement?
Ever consider a retirement plan that seems a little unorthodox? There’s no one-size-fits-all when it comes to financial planning, so Eric answers three questions in the mailbag from people considering a less traditional decision to make their plan work for them.
Read MoreWhat Creates A Sense of Urgency With Your Financial Plan?
Have you been procrastinating putting together a financial plan or do you have a sense of urgency? What events may prompt you to act quickly?
Read MoreShould You Follow Dave Ramsey’s Financial Advice?
Is the baby step program and financial advice from Dave Ramsey for everyone? What does a registered financial consultant have to say about it?
Read MoreFinancial Wisdom from Calvin and Hobbes
Perhaps a bit unexpected, the comic strip Calvin and Hobbes had a lot of great life and financial advice to dole out. Which of these apply to your financial situation?
Read MoreCan You DIY Financial Planning?
What reasons might someone debate going DIY when it comes to a financial plan? Is it better to go to an advisor or is sometimes DIY right for you?
Read MoreTranslating Financial Jargon
Do you know the difference between large cap and small cap funds? What are basis points? This episode will discuss various financial jargon to help translate what these really mean.
Read MoreFinancial Fill in the Blank
What’s the best way to not run out of money in retirement? What are most people worried about when retirement planning? Eric fills in these blanks in today’s episode.
Read MoreWhat to Know About Biden’s Initial Executive Orders
Let’s take a look at some of Biden’s executive orders so far in his first few weeks. How could they alter your financial plan?
Read MoreMailbag: Retirement Planning With Separate Bank Accounts
From managing your income as a contract employee to managing your income in retirement, Eric answers three questions from the mailbag in today’s episode of the podcast.
Read More