Grading Your Financial Competency

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.

(Click the featured times below to jump forward in the 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?

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

What Goes Into a Customized Financial Plan?

October 15, 2020

Why should you have a customized financial plan? What do you need to consider and what goals help you build an outline for your plan? Join us as we talk about what goes into the process of setting someone up for a secure future.

Read More

Things That Don’t Matter…Until They Do

October 8, 2020

Certain financial documents might seem like they can be put off for now. But when you need them, it’s important to be prepared ahead of time! Do you have all of these things in place?

Read More

Uncommon Sense in Financial Planning

October 1, 2020

When common sense isn’t followed, what does that look like? What common sense should we adhere to when it comes to financial planning?

Read More

Visiting the Financial Doctor

September 24, 2020

We’ve all been to the doctor at some point, so how is it like working with a financial advisor? We compare the similarities on today’s podcast!

Read More

Mailbag: Should I Withdraw from an Old Annuity?

September 17, 2020

When is a good time to withdraw from an annuity and what should you know ahead of time? Eric answers this and two other questions from the mailbag in this week’s podcast.

Read More

Heard It Through The Grapevine?

September 10, 2020

From million-dollar retirement benchmarks to presidential election fears or predictions, have you heard these through the grapevine? Eric shares what he thinks about these three financial rumors.

Read More

Is This Retirement Fact or Fiction?

September 3, 2020

Ever hear something and think, could that be true? Some of these financial concepts are fact and some are fiction–do you know which is which?

Read More

Are You Flirting with Financial Disaster?

August 27, 2020

You might feel great about where you stand financially but there’s a chance you could be flirting with disaster. We’ll tell you about three key areas where people make mistakes in their planning that can end up causing major financial problems in retirement.

Read More

How To Pack Your Financial Suitcase

August 20, 2020

When you go on a trip, a lot of times it helps to refer to a packing list to make sure you have everything. When putting together a financial plan, do you have everything in order? Let’s talk about what you need to put into your financial suitcase.

Read More

What Is Your Retirement Mindset?

August 13, 2020

When it comes to retirement, where are you at? If you’re getting closer to retirement, it may help to understand your current mindset in order to know how best to proceed.

Read More

Leave a Comment