Today’s Prep:
Are you feeling yourself slide into a bit of a rut? Need more tone and discipline in your life? Getting your body in shape can look a lot like getting your finances in shape.
(Click the featured times below to jump forward in the episode)
Equipping Points:
Like getting a personal trainer at the gym, getting in shape with your financial planning is vital to your well-being. Let’s talk about the many parallels between getting into physical and financial shape.
When you are learning what to do to improve your fitness, you may turn to several sources of information. The knowledge from a book might help, but it’s not going to give you everything. Having a trainer can make a significant difference when it comes to your health, just like having a financial advisor may help you overcome the hurdles toward financial success.
If you do something incorrectly you could exasperate problems instead of helping yourself. Things like a wrong yoga move or an error on your taxes could come back to hurt you later on.
If you sit down with a trainer, the first thing you’ll do is outline your goals. Do you want to lose weight or build muscle? Likewise, with a financial advisor, do you want to travel in retirement or leave more of a legacy? Knowing your goals helps the trainer or advisor craft a plan that works for you.
Ever hear the expression, “abs are made in the kitchen, not the gym”? It means you need to have both the physical regiment and the discipline to do the right things with your nutrition. Likewise, in your retirement plan you need the discipline to stay on track, even when your investments don’t look great. Markets are always up and down, but over the long-term, these things tend to work themselves out. Advisors can help provide the strength and support you need to keep your behavior in check when it comes to making financial decisions, which can really pay off in the long run.
Are you ready to hit the gym and tighten up your core? How about meeting with an advisor and refining your retirement plan?
Listen to the full episode to hear a financial pep talk from an advisor or click on the timestamps below for a specific segment.
[2:05] – You can’t just read a book and know all there is to know.
[4:04] – Doing it on your own and doing it poorly could make things worse.
[5:04] – Start with some goals.
[6:56] – Don’t counteract your progress with bad habits.
[8:35] – Think about the long-term and the value an advisor may bring.
Related Resources:
How To Handle Financial Pain Points in Retirement
Today’s Takeaway:
Subscribe To The Podcast:
Apple Podcasts - Google Podcasts - Spotify - Stitcher - iHeartRadio - TuneIn
Check out some other recent episodes
Social Distancing For Your Finances
In order to keep safe, we’re all practicing social distancing right now. With your finances, are there some areas that need a little bit of space between them for safety and protection? Let’s run through four examples of social distancing in your financial plan.
Read More
Should I Keep My Life Insurance Policy + Other Mailbag Questions
If your life insurance policy goes up after you turn 60, you may wonder if it’s still something
worth paying for. Or maybe you’ve just received an inheritance and don’t know what to
expect when it comes to taxes. Eric answers three questions from the mailbag this week.
Making Home Renovations and Protecting Your Retirement Income
Are you wondering how to pay for a home renovation in retirement? Or, are you concerned about the market volatility with retirement a few years away? Eric answers three questions from the mailbag all related to making wise decisions regarding money in retirement.
Read More
Life Happens: How Will Your Financial Plan Be Impacted?
We all know at one point or another something is bound to happen that can throw off your financial plan. How will you address these possible scenarios when it comes to your financial plan?
Read More
Don’t Mistake Good Intentions for Sound Financial Advice
Can you tell the difference between good intentions and bad advice? Sometimes, even people who are truly trying to help can give you bad information and cause you to question your financial decisions.
Read More
Stages Leading Up To Retirement
Life isn’t just “before retirement” and “after retirement” when it comes to your financial plan. There are several stages leading up to and through retirement. Which stage are you in?
Read More
5 Frequently Asked 401k Questions
Do you have a question about your 401(k)? There’s a good chance you’ve wondered about at least one of these five frequently asked questions when it comes to your 401(k).
Read More
What You Should Know About Leaving an Inheritance
Estate planning is just one piece of a comprehensive retirement plan but it’s an important one because you only get one opportunity to get it right. The problem is many individuals have very little experience with inheritances and often make mistakes when handing them down or receiving them. Let’s try to change that today by informing you about inheritances and the steps you need to take.
Read More
Reasons Why People Don’t Retire
Why would someone put off retirement? Are there valid reasons to wait, even if you are of retirement age? Today we’ll look at the reasons that we often hear and the meaning behind what is said.
Read More
Financial Advisor Green Flags
How do you know if you’ve found the right type of financial advisor? What is most important when looking for someone to work with who will create the right types of financial strategies for where you are in life?
Read More