Today’s Prep:
Need someone to tell it to you straight? On today’s episode, Eric gives four financial truth bombs that might change the way you think about your financial plan and your portfolio.
(Click the featured times below to jump forward in the episode)
Equipping Points:
Want to know the truth about your financial plan? Some of these may come as a surprise if they feel counter intuitive or go against what you thought you knew. Eric explains four financial truths you’ll want to know while working on a financial plan.
Have you always assumed bonds are good as a retiree? Truth bomb: maybe it’s not as great as you think. While this can be a big surprise to many, it’s important to understand bonds and how they really function. Not only that, are you investing in a bond or a bond fund?
What’s the hardest part of investing? Is it picking the perfect fund? Believe it or not, it’s managing your behavior and being careful with your emotions when it comes to making investments. Is your financial advisor coaching you well, even in crisis?
If the tools are easy to use, shouldn’t you be an expert? While moving an investment online might be easy, the part that you may need help with is the planning piece of it. You are an expert in your own field at work, but you can’t expect to be an expert on everything. Or maybe you don’t even want to be an expert! From fixing a car to financial planning, sometimes it’s better to work with a professional.
Finally, how much risk do you actually have in your portfolio? You might be surprised to have more risk than you thought. When things are going up, it feels like a good thing, but as soon as we take a dive like this past March, you may realize how exposed you really are.
Listen to the full episode or click on the time stamps below to hear the truth bombs you’ve been needing.
1:23 – Bonds aren’t always as good as retirees think.
5:14 – The hardest part of investing is managing our own behavior.
7:47 – You aren’t an expert at everything.
10:27 – You probably have more risk in your portfolio than you realize.
Subscribe To The Podcast:
Apple Podcasts - Google Podcasts - Spotify - Stitcher - iHeartRadio - TuneIn
Check out some other recent episodes
Things Your Financial Advisor Might Not Be Doing
Sometimes people get advice from financial “professionals” who maybe aren’t the right fit for their needs. Today, we discuss some of the things your advisor might not be talking to you about.
Read More
Tax Consequences
Taxes are a major part of your life, especially your life in retirement. Having a good understanding of how you can prepare may save you in the long-run. Discussing your options with a financial advisor can help point you in the right direction. Listen in as we chat about tax consequences in today’s episode.
Read More
Cutting Corners Financially
Sometimes we want to take the easy way out instead of the smarter way. Today, we talk about ways people have tried to cut corners financially and where that falls apart. Think you can take extra risk to make up for lost time? Letting your financial life fall to disarray?
Read More
Risk Aversion
No one loves losing money. So how do you strike the right balance of investing vs. being overly risk averse? Eric talks through how he guides clients through this dilemma. You might be surprised to find out your investment accounts are riskier than you realized!
Read More
Tax Planning in Retirement
Next to income, tax planning is the most important thing Eric focuses on with his clients. If you can control how much tax you pay, it’s more money you get to keep, spend, and enjoy. Retirement is a prime time to focus on tax planning as you have more opportunity to control the taxes you owe.
Read More
Overconfidence in Your Financial Life
When can overconfidence cause catastrophe? If you are setting your financial goals based on a rule of thumb or a certain arbitrary dollar amount, you might want to reconsider. Having overconfidence, especially in the wrong things, can lead to financial disaster.
Read More
Learning From Financial Mistakes
Sometimes we learn from our mistakes, and unfortunately, sometimes we make the same mistake over and over. Having a financial advisor can help you navigate through your financial decisions so you don’t get stuck in the same rut of financial mistakes on repeat. In today’s episode, Eric will share some of the mistakes that he sees people make frequently.
Read More
The Hierarchy Of Retirement Needs
You may be familiar with Maslow’s hierarchy of needs which breaks down a human’s needs into five different tiers. In today’s episode, we apply those tiers to what you need when retirement planning. Have you planned and saved in a way that will cover all of these needs?
Read More
Finances with Forrest Gump
The classic movie, Forrest Gump, is full of great quotes. We see how some of those quotes can be applied to your finances. From figuring out what to do when life isn’t going just like you thought to learning from past mistakes, there are a lot of takeaways from Forrest.
Read More
Financial Matters People Put Off
Humans can be really good at procrastination. When we have the basics covered, it’s easy to put off the decisions and actions that we don’t want to deal with just yet. Today, we talk about some of the financial matters people are prone to put off and what you would be better off tackling right away. You might be surprised to find it wasn’t so hard to handle after all!
Read More