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?
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:
“Just because something looks good and sounds good, you need to see that it actually works. You want something in retirement that works, not something that in theory might work. – Eric Peterson“
Subscribe To The Podcast:
Apple Podcasts - Google Podcasts - Spotify - Stitcher - iHeartRadio - TuneIn
Check out some other recent episodes
DIY Planning: Where It Works and Where It Can Go Wrong
DIY works great for fixing up the house or building a bookshelf, but does it hold up when you’re planning your retire-ment? In this episode, Eric unpacks the pros and pitfalls of do-it-yourself financial planning, especially as you transition from the “saving” years to the “spending” years.
Read MoreToo Much Financial Info? How to Filter the Good from the Bad
Retirement isn’t just about financial spreadsheets, it’s about preparing your whole life for a new chapter
Read MoreFive People You Meet In Retirement
Retirement isn’t just about financial spreadsheets, it’s about preparing your whole life for a new chapter
Read MoreWhat The Psychology of Money Reveals About Retirement
We all like to believe we’re rational when it comes to money, but our emotions often tell a different story. In this episode, Eric unpacks key insights from Morgan Housel’s The Psychology of Money and explains how our upbringing, fears, and life experiences shape how we save and spend. From the fear of running out to the trap of always wanting more, Eric explores why logic alone isn’t enough to build a solid retirement plan.
Read More