Equipping Points:
Financial planning involves a lot of planning ahead, much like Noah did when he started building the ark long before the rain began. This metaphor serves as a powerful reminder that proactive planning is essential for weathering financial storms. Eric highlights that while we can’t predict events like market crashes or global pandemics, we can prepare for them by stress-testing our financial plans.
Stress-testing involves thinking through various scenarios to see how your financial plan holds up. This process helps identify potential weaknesses and allows you to make adjustments before a real crisis hits. For instance, he suggests asking yourself if you could handle a 30 or 40 percent loss in your investments. By preparing for the worst, you can ensure that you’re not caught off guard when the unexpected happens.
Here’s some of what we discuss in this episode:
- Noah’s ark and financial planning.
- Preparing for the unexpected.
- Having a diversified income stream.
- Listening to your neighbors instead of your situation.
If you have any questions about what we discussed on the show or want to follow up with any financial planning questions of your own, get in touch with us and schedule a visit here.
Today’s Takeaway:
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