Financial “Jerseys” and What They Say About Your Plan

Today’s Prep:

On game day, it’s fun to wear your jersey and show some team spirit. What you might not realize are the three ways your financial planning process is similar to a jersey. Consider the names, numbers, and symbols on a jersey. How might they be similar to the names, numbers, and symbols on your financial statements?

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

Equipping Points:

[1:20] – The Number

  • Jersey numbers often signify positions. What is your number in retirement?
  • How much do you need in savings?
  • What rates of return do you need?
  • What risks should you take?
  • Income is the most important number to understand in retirement.
  • Eric shares a client story of a couple who felt they understood the numbers.

[5:48] – The Name

  • Some teams choose not to have individual names on their jerseys. Instead, they feature the name of the team.
  • A lot of people face similar issues in retirement. These include: income planning, Social security planning, and tax planning. Depending on the household, these issues will have different impacts.
  • You want your financial advisors to be working for you, but they should customize a plan to your needs.
  • Eric shares how he uses his tax knowledge to help clients.

[11:11] – The Look

  • Sometimes the jersey looks great, but the team is awful.
  • Consistent teams understand the basics and have a system.
  • A lot of times, there are simple plans and products that work for retirement.
  • You want a plan that will enable you to enter retirement with confidence and enjoy it.

Today’s Takeaway:

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

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