Today’s Prep:
Everyone loves a good game show, whether it’s The Price Is Right, Jeopardy, or Who Wants To Be A Millionaire. It’s fun to play along, but remember, they’re just games. Today we’ll talk about game shows and how they relate to your retirement planning process. Ready to play?
Equipping Points:
1:43 – The Price Is Right
- The key to investing is buying low and selling high.
- You have to look at fundamentals like, “what are you paying for on an earnings standpoint?”
- In retirement, you need income to support your lifestyle.
- You still want growth in order to outpace inflation down the road.
- Proper diversification can help with big losses.
3:33 – Are You Smarter Than A 5th Grader?
- If you can’t explain your retirement to an 11-year-old, then it’s too complicated.
- Eric shares a teachable moment he had with his son while at the store.
- People make retirement more complicated than it needs to be, but an advisor should be able to relay it to you in a way that makes sense.
- In a client example, Eric talks about someone who took his class after being laid off.
- Yes, there are complicated formulas behind the scenes but an advisor is here to help you.
Today’s Takeaway:
“If you’re confused when you meet with your financial planner, then you’ve got the wrong person. That person should be someone you trust, someone who makes financial plannning easy for you to understand. – Retirement Ready“
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