Today’s Prep:
How would you grade yourself on your financial competency? Are you at the top of the class or falling behind? Find out on this episode.
Equipping Points:
Are you an “A” student or are you barely passing? Have you ever stopped to grade yourself on how well you are doing financially? Ask yourself how well you’re doing and if you need to meet with an advisor to help boost your grade.
For instance, do you know how much you actually have? From different investments to various assets and even 401(k) rollovers, maybe you don’t know what you have and where everything is. Then remember, it’s not only how much money you’ve saved, but how much do you spend? Do you know what your spending habits are now? How will these change in retirement? What kind of income streams will you have in retirement?
Are you aware of how much risk you have? What kind of risk are you exposed to? You might think you know, but talk about it with your advisor to make sure your risk tolerance and your actual risk match. When it comes to mutual funds, do you know what you’re paying in fees? Are you getting the appropriate level of value in exchange for those fees?
So how well did you do?
Listen to the full episode or click on the questions below to hear more about how you can improve your score.
0:57 – Do you know how much you actually have?
3:04 – Do you know how much you truly spend?
4:29 – How much risk do you have?
5:58 – What are you paying in fees?
8:43 – Do you know what your income streams are going to look like in retirement?
Today’s Takeaway:
[spp-tweet tweet= “It’s not a matter of how much money you’ve saved (which is important), it’s how much it costs you to live. -Eric Peterson”]
Related Resources:
Subscribe To The Podcast:
Apple Podcasts - Google Podcasts - Spotify - Stitcher - iHeartRadio - TuneIn
Check out some other recent episodes
Finding Financial Silver Linings
Throughout our lives, there will be times when the markets rise and times when we experience downturns. Largely, we don’t have control over the circumstances we’re dealt, but we do have control over how we respond to those situations.
Read More
Unasked Retirement Questions You Shouldn’t Ignore
Tune in to this episode with Eric, as he breaks down some frequently unasked retirement questions that are very important to consider.
Read More
The Diverse Definitions Of Diversification
Diversification is one of those buzzwords you hear often in financial planning. While many people know it’s important, few are clear on what it actually means when applied to various aspects of their financial strategy. In today’s episode, Eric and Marc will bring you the diverse definitions of diversification.
Read More
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 More
Retirement 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 More
Mailbag: 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 More
What 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 More
Retirement Planning Today Is Harder Than It Used To Be
Retirement planning simply isn’t the same as it used to be. From changes in life expectancy, the lack of pensions, and getting caught in the sandwich generation, there’s a lot to keep in mind when putting together your financial plan. Instead of taking advice from others who may have retired in a different era, it’s important to understand what strategy is right for you.
Read More
Social Security Variables That Impact Your Claiming Strategy
After so many years of paying into Social Security, you might feel ready to reap the benefits. But before you get too eager, it’s best to have a thorough understanding of the different variables and how to best leverage them.
Read More
Retirement 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 More