Today’s Prep:
Come on down! We talk about our favorite TV game shows and how it relates to our financial plan (and when it should look different).
Equipping Points:
It’s always fun to watch a TV game show, so we thought we’d take some time today to compare some of our favorite game shows to our financial lives.
Let’s start with The Price is Right! You may be tempted to price out the best price for stocks. But Eric suggests you dollar-cost-average over a given amount of time instead. When it’s down, the price is right, but not everyone sees it that way at the time. If you need retirement income, pay attention to where you take that money from.
Are you smarter than a 5th grader? A planning process should be simple enough that a 5th grader can understand it. Eric uses a planning process is very simple to understand. You’re going to get a great, comprehensive plan, but it’s not going to be a three-ring binder full of 150 color pages and graphs that you look at and think, “What does this mean?” If it seems too complex, it might be. If it’s too much, it is harder to implement.
Who Wants to be A Millionaire? Doesn’t everyone? You may focus on a certain number but the reality is you should focus on what number you need. Final answer? Eric talks about what you should do once you hit the number you’re aiming for. But remember that needing a million dollars or even more really depends on what kind of retirement income you need. Don’t assume that what you need will be the same as what your neighbor needs. Reach out to a financial advisor and ask what it is you need and how to get there.
Listen to the entire episode or skip ahead using the timestamps below.
0:47 – Do you have a favorite TV game show?
2:08 – The Price is Right…with your stocks?
4:54 – Are You Smarter Than a 5th Grader?
7:10 – Who Wants to be a Millionaire? (Doesn’t everyone?)
Today’s Takeaway:
“Our planning process is very simple to understand. You’re going to get a great, comprehensive plan, but it’s not going to be a 3-ring binder full of 150 color pages and graphs that you look at and think, ‘What does this mean?'”
-Eric Peterson
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