Today’s Prep:
What safety measures do you use when you own a gun? Are you implementing similar tactics with your financial plan?
Equipping Points:
We like to use different analogies to relate financial planning with different aspects of life. From planning a vacation to playing chess, various topics will connect with different people and what they are most familiar with. So, today, we will compare financial planning to gun safety. What common safety measures apply to both?
Why take the risk when you do not need to? Even when playing, you never point a gun at someone because it’s a risk. What kind of investment risks are you taking that aren’t worthwhile? Have you had a risk assessment on your investments to find out just how exposed you are? It’s crucial to practice safety.
If you own guns, it’s important to keep your ammunition separate from your guns. Likewise, with your investments, you don’t want them all in the same place. Are yours properly spread out?
Sometimes we get a distorted view of what is entertainment and what is real. From video games to movies, you may think you are familiar with guns without any real experience or understanding. Similarly, financial shows or online tools may make things look simple or only share the success stories. Make sure you know the difference between education and entertainment.
Finally, is everything locked away as it should be? With a gun, you have a gun safe to keep it safe and out of the wrong hands. What about your assets and investments? What kind of safety net and emergency funds do you have set up? Don’t blur the lines between saving and investing. Make sure you have a plan in order to achieve your financial goals.
Listen to the full episode or click on the timestamps below to skip ahead.
1:15 – How does gun safety relate to financial planning?
2:03 – Why take unnecessary risk?
4:00 – Keep your ammunition separate from your guns.
5:48 – Understanding education vs. entertainment.
9:20 – Use a safe.
Today’s Takeaway:
“Investing money will fluctuate; saving money shouldn’t. Saving money and income money needs to be a lot safer than what a lot of people have right now.“
-Eric Peterson
Related Resources:
Facing the Villains in the Financial World
Subscribe To The Podcast:
Apple Podcasts - Google Podcasts - Spotify - Stitcher - iHeartRadio - TuneIn
Check out some other recent episodes
What 400+ Advisors Say Really Keeps Retirees Up at Night
What are Americans really concerned about when it comes to retirement? In this episode, we unpack the results of an insightful survey from Financial Advisor Magazine, which was completed by over 400 financial advisors. We’ll also compare these answers with the real-world concerns we hear every day from the clients in our own practice.
Read MoreBracket Busters and Stock Flops: The Risky Game of Picking Winners
March Madness is here, and just like filling out a bracket, picking individual stocks can feel like a thrilling gamble. But the odds of winning big are slim. In fact, history shows that most stock picks, like most brackets, end up busted.
Read MoreAre Hidden Fees Draining Your Retirement Savings?
In this episode, Eric reveals the true cost of investing and how to protect yourself from unnecessary financial drains.
Read MoreWhat Game Night Can Teach Us About Financial Planning
In this episode, Eric breaks down the surprising financial lessons hidden in classic board games, offering valuable insights to help you navigate your retirement strategy.
Read MoreMailbag – Upsizing, Financial Advisors & Business Owner Planning
Join us as we answer questions about the challenges of downsizing, the emotional aspects of planning for family gatherings, and the realities of transitioning into a financial advisory career.
Read MorePlanning for Kids, Grandkids, & Your Future
As many nearing retirement age are discovering, adult children and grandchildren can significantly influence financial strategies, making it crucial to understand how to navigate these relationships effectively.
Read MoreFinancial Planning Conversations for Couples
This episode is focused specifically on that planning we do with couples with insights on how we help them navigate tricky conversations about money and retirement.
Read MoreIs Your Retirement Based on Wishful Thinking?
Many people fall into the trap of wishful thinking when it comes to what they expect will happen in retirement, but a successful retirement isn’t built on hope and assumptions.
Read MoreSpending With Confidence in Retirement
Eric shares strategies to help retirees enjoy their savings while ensuring financial security.
Read More