Today’s Prep:
Perhaps a bit unexpected, the comic strip Calvin and Hobbes had a lot of great life and financial advice to dole out. Which of these apply to your financial situation?
Equipping Points:
When it comes to retirement planning, some of the same concepts found in these fun quotes from Calvin and Hobbes can apply. What sort of financial wisdom can you glean from a boy and his tiger? Eric shares how these quotes can coincide with what he teaches clients every day.
Everyone likes a surprise party or gift in the mail, but what kind of surprises do you get in the financial world? No one wants a surprise market crash. What about a sudden home repair needed? Those are not the kind of surprises anyone wants, so how can you prepare for them? Do you have a plan that can handle potential bad surprises? What about an emergency fund?
What do you do when there are problems? Calvin and Hobbes says, “When life gives you lemons, chuck it right back.” How can you chuck back a lemon into the financial world? What opportunity is available when the market goes down?
When you make a mistake, are you holding onto the guilt of that? How can you get the help you need when you take a financial hit? Are you feeling scared to make a move based on past failures or inexperience? Having an advisor by your side can make a huge difference in keeping you on track with your financial goals and plans.
Lastly, are you avoiding the things you should be doing right now when it comes to your financial plan? It can be more fun to plan vacations or even what you’ll do this weekend. Procrastination is normal, but you don’t want to procrastinate when it comes to your financial plan.
Listen to the entire episode or click on the timestamps below to skip to a particular quote.
1:47 – “Life is full of surprises, but never when you need one.”
4:14 – “When life gives you lemons, chuck it right back.”
5:50 – “There’s no problem so awful that you can’t add some guilt to it to make it even worse.
8:27 – “A day can really slip by you when you’re deliberately avoiding what you’re supposed to do.”
Today’s Takeaway:
“Everyone can benefit from talking to an advisor.“
-Eric Peterson
Related Resources:
Can You DIY Financial Planning?
Subscribe To The Podcast:
Apple Podcasts - Google Podcasts - Spotify - Stitcher - iHeartRadio - TuneIn
Check out some other recent episodes
Retirement Planning Statistics
Retirement is closer than you think, but are you ready? With a staggering number of people lacking confidence in their retirement savings, Eric shares the misconceptions people have and what mistakes can derail someone’s financial future. Many people feel inadequate when it comes to what they have saved in their nest egg, uninformed about the pitfalls of target date funds, and unprepared about the reality of leaving the workforce earlier than expected.
Read More
Mailbag: Should I Fire My Broker?
Navigating life’s financial crossroads can be tricky, especially when it involves your financial future. In this episode of Retirement Ready, Eric addresses these complex issues head-on. How do you best evaluate your broker and your investment performance against the S&P 500? Eric says a lot of that comes down to setting expectations and understanding the risks. Then, Holly wants to know what to consider before making a midlife career change.
Read More
Putting It Off
We are all guilty of procrastinating from time to time. Financially speaking, though, this can get you into a lot of trouble. Let’s talk about the areas where it might feel better to kick the can down the road.
Read More
Common Scams to Avoid
Americans over 60 have lost more than $3.1 billion in various forms of fraud and scams in the last 12 months! Today we talk through some of the common scams people unfortunately fall for and how you can stay vigilant against it.
Read More
Financial Strategies: Agree or Disagree?
There are a number of financial ideas that people have differing opinions on. Eric shares today which of these he agrees with or disagrees and why.
Read More
Divorce Mistakes
Unfortunately, divorce happens. When it does, no one wants to make costly financial mistakes amidst an already stressful time. Today, we talk about the mistakes that can happen and how to avoid them when it comes to dividing up your assets with a spouse.
Read More
Villains of the Financial World
Just like some of these cinematic villains, some of these financial elements may have a bit of nuance and history that can make it hard to label them all good or all bad.
Read More
Uses for Life Insurance
When you’re younger, life insurance is often thought of as an income replacement as needed. But as you get older and into retirement, you might find other uses for life insurance. When thinking ahead for your estate and how it passes to beneficiaries, life insurance can prove to be a useful tool. Currently, the proceeds from life insurance are tax-free. How does that change how you include it in your financial plan? Eric outlines some of the options and benefits life insurance can provide.
Read More
Understanding Financial Risk
What kind of risks do you take in your financial life? As you get less comfortable with things like climbing up ladders and riding on skateboards, you might also become less financially risky. When you enter retirement, how you view your money in the market changes significantly from your working years. It’s important to look at your portfolio to ensure your investments match your risk tolerance.
Read More
Mailbag: What Financial Advice Should I Share with My Grandchild?
Why is retirement planning different than the “good old days” that our parents and grandparents experienced? Things like pensions, Social Security, and even RMD age have changed. Is your financial plan set up accordingly or is it in need of some changes to match?
Read More