Today’s Prep:
What small piece of wisdom can we take away and apply to our financial plan? Eric talks through five fortune cookie statements and what they mean.
Equipping Points:
What do these fortune cookie sayings have in common with your finances? Let’s apply these pieces of wisdom to our financial lives and see.
In the markets right now, the fortune “Crisis is an opportunity riding on a dangerous wind” may apply. Whether you have a lot like Warren Buffett or you are trying to make the most out of what you have, finding these opportunities is important when building your portfolio. There’s always an opportunity, so ask what opportunity is available to you right now.
The next fortune, “A feather in the hand is better than a bird in the air” is similar to one we commonly say. Protect what you have. Sometimes you’ve accumulated enough money that you don’t need to make that large rate of return in order for your plan to work. So why take a risk if you don’t have to?
“Accept something you cannot change and you’ll feel better.” You can’t change tax rates and you can’t change what will happen to the stock market. What you can change is how much risk you take with your portfolio or how much money is subject to taxation.
Another fortune is, “A foolish man listens to his heart.” Sometimes you want to make sudden or drastic moves with your finances based on emotions. This is where a financial advisor comes in to coach you on how best to make financial decisions based on logic and your plan. Don’t try to twist the numbers to justify your decision. As the fortune goes, “Don’t let statistics do a number on you.” Numbers help support your decisions, but they have to be real numbers.
Listen to the entire episode or skip ahead to a particular question using the timestamps below.
[spp-timestamp time=”1:37″] – “Crisis is an opportunity…”
[spp-timestamp time=”3:10″] – “A feather in the hand is better than a bird in the air.”
[spp-timestamp time=”3:45″] – “Accept something you cannot change and you’ll feel better.”
[spp-timestamp time=”6:03″] – “A foolish man listens to his heart.” .
[spp-timestamp time=”7:00″] – “Don’t let statistics do a number on you.”
Today’s Takeaway:
Protect what you have. Sometimes you’ve accumulated enough money that you don’t need to make that large rate of return in order for your plan to work. So why take a risk if you don’t have to?
-Eric Peterson
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