Today’s Prep:
What are we all facing and wondering about in our financial futures? Eric talks through a few topics you might have had on your mind lately.
Equipping Points:
When making a financial plan, there’s a lot of things that are unique to you and your situation. That said, there are some things that we can all relate to on some level. Today we talk about how we’re all alike.
Social Security is something everyone wonders about and worries about. Will it still be there by the time you want to withdraw from it? All government programs face some challenges, but Social Security is a bedrock of retirement for many. You put money into the system and more than likely, expect to get those benefits back. There might be some changes in the future, but we don’t know just how it will look in the future.
Thinking you have a high risk tolerance, at least until there’s market volatility? We all tend to think we have a higher risk tolerance than we really do. Sometimes the market will look crazy like it does right now. You need to have a plan that can address that.
Listen to the entire episode or skip ahead to a particular question from the mailbag.
0:47 – What can we all relate to?
1:46 – What do we all have in our car?
2:22 – We all are looking at Social Security.
4:47 – We all forget someone’s name.
6:28 – What’s your real risk tolerance?
Today’s Takeaway:
“Everyone’s comfortable with the risk when the market’s good. No one’s comfortable with the risk when the market’s bad.”
-Eric Peterson
Related Resources:
Building a Plan for the Long Haul
More From Eric:
The host: Eric Peterson - Contact - Call: (515) 226-1500
Subscribe To The Podcast:
Apple Podcasts - Google Podcasts - Spotify - Stitcher - iHeartRadio - TuneIn
Check out some other recent episodes
The Use Of Technology In Financial Planning
As technology keeps advancing, it’s made our lives easier in so many ways. Tasks that used to need outside help can now be done on our own with just a few clicks. This shift has also brought more accessible online financial tools, but how accurate and helpful are they really?
Read MoreRetirement Planning Conversations With Dorothy Parker
Dorothy Parker is one of the great writers of the 20th century. Her wit and prose have been appreciated by readers for generations. But are there any lessons we can learn when it comes to finance with some of Parker’s most well-known quotes?
Read MoreMailbag: Moving To A State With Income Tax And More
In this episode, Eric is answering your questions! We’ll cover a range of topics today, including key considerations for income taxes when moving to a new state, how to initiate financial conversations with parents or grandparents, and whether using a life insurance policy to save for a college fund is a wise choice.
Read MoreWhat Is Lazy Money?
What is lazy money and why do you want to not have too much of it in your retirement portfolio? Simply put, lazy money is money that isn’t growing as much as it could be. Having your money grow and work for you is a key part of building a solid portfolio, so Eric breaks down some strategies to help get the most out of your money in this episode.
Read MoreRetirement Real Estate Decisions: Downsizing, Snowbirding, and More
One of the key discussions you may have in retirement is what to do about the house. Should you downsize your home? Pay it off early? Buy a vacation home and become a snow bird? Eric emphasizes the importance of considering not just the financial implications but also the lifestyle changes each of these decisions entail. Weighing out the pros and cons of each decision can highlight what is right for you (which isn’t always the same as what your neighbor is doing).
Read MoreWater Wheels and Retirement Planning
Have you ever wondered how a water wheel can relate to your retirement planning? It might seem like an odd comparison, but in today’s podcast, Eric breaks down this fascinating analogy and its significance in maintaining a stable financial future.
Read More