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
Reasons Why People Don’t Retire
Why would someone put off retirement? Are there valid reasons to wait, even if you are of retirement age? Today we’ll look at the reasons that we often hear and the meaning behind what is said.
Read More
Financial Advisor Green Flags
How do you know if you’ve found the right type of financial advisor? What is most important when looking for someone to work with who will create the right types of financial strategies for where you are in life?
Read More
Understanding The SECURE Act, Part 2: Stretch IRAs
In part two of our series on the SECURE Act, we talk about some of the downsides to the changes. Eric explains the stretch IRA and what impact the SECURE Act made on it.
Read More
Understanding The SECURE Act, Part 1
What is the SECURE Act? And how does it impact your retirement plans? We’ll outline some of the major changes you need to be aware of in this two-part series.
Read More
Retirement Savings Options: IRA Contributions & Roth Conversions
What happens if you’ve maxed out your 401(k) contribution limit? When is a good time to make a Roth conversion? Eric answers three questions from the mailbag this week all pertaining to the options you have when it comes to saving for retirement.
Read More
Making The Right Decisions When It Comes To Real Estate
Are you considering making a move this year? When it comes to home buying or selling decisions, there are a lot of factors to consider. Eric answers a few questions from the mailbag related to real estate.
Read More
Fortune Cookie Proverbs For Your Financial Plan
The message inside a fortune cookie may bring you more fortune than you think if you apply those proverbs in your financial plan. Let’s look at four fortunes and how it applies with your financial decisions.
Read More
Facing The Final Decade Before Retirement
The last few years leading up to retirement can have a significant impact on what your retirement actually looks like. This is when you start making the decisions and plans you’ll actually implement in a few years. Are you ready?
Read More
A Message For The Good Savers
Maybe you are great at saving and putting away money toward retirement. Is that enough? Find out three areas where a bit more strategy and behavior modification may come into play with your savings and investments as you enter into retirement.
Read More
What Flying Can Teach Us About Retirement
Any time you fly in a plane, there’s a lot going on as you travel to your destination. How does this relate to your financial plan? We compare the experience of flying to preparing for retirement in today’s episode.
Read More