Today’s Prep:
Ready to spend some time on the basketball court? We have some fun talking through past quotes from Shaq and then applying them to financial decisions.
Equipping Points:
Ready for some wisdom from the “Big Aristotle” himself? We go over some quotes from Shaquille O’Neal and then apply them to our financial lives. It may be an unlikely source of wisdom, but you may be surprised at how helpful it is.
In the past, Shaq discussed the quote, “Excellence is not a singular act but a habit. You are what you repeatedly do.” In our financial lives, you have to consider each decision you’re making and how it builds toward your overall goals. You’ve got to have patience, focus, and keep consistently saving.
Are you ready for taxes? How about facing Shaq? He once said, “I’m like tax, you’re going to pay one way or another.” Prepare yourself to always face taxes, both now and in the future. Are your retirement savings factoring in what you will later owe in retirement as you begin to withdraw your money? There are legal ways to reduce your tax liability, which is important to understand.
Is your focus on the numbers or your goal? Shaq said, “The day I stopped worrying about my stats was the day I started winning.” Eric talks about how you can best grow your money with your investments. You can invest in equities, debt, and real estate. Statistically speaking, stocks have outpaced the others. Instead of looking at the volatility of the market though, focus on your plan and make sure you are properly allocated.
Finally, Shaq said, “The only person who can really motivate you is you.” Even with coaches and trainers and teammates, ultimately, you are the one who is responsible for you. Personal responsibility is of utmost importance when it comes to your finances. A financial advisor is there to coach you through certain decisions and investments, but you are the one who makes the moves in your financial journey.
Listen to the entire episode or skip ahead using the timestamps below.
0:46 – Let’s get some advice from Shaq!
2:43 – “Excellence is not a singular act…”
4:33 – “I’m like tax, you’re going to pay one way or another.”
6:59 – “The day I stopped worrying about my stats was the day I started winning.”
9:03 – “The only person who can really motivate you is you.”
Today’s Takeaway:
“We know a lot about taxes, and we save people lots of money in taxes every year.“
-Eric Peterson
Subscribe To The Podcast:
Apple Podcasts - Google Podcasts - Spotify - Stitcher - iHeartRadio - TuneIn
Check out some other recent episodes
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
Healthcare in Retirement
One major (yet often overlooked!) expense in retirement is healthcare. Especially if you are retiring early, healthcare can be a huge expense as you bridge the gap between your working years and when eligible for Medicare. Not only will you have an increased monthly cost, but you may need to budget for additional medical costs as time goes on or even long-term care needs.
Read More
Family Matters When It Comes to Finances
Today we talk about what happens in a family, particularly when someone has passed away and the financial impact that can have.
Read More
Water Wheels and Retirement Planning
Have you ever wondered how a water wheel can relate to your retirement planning? It might seem like an odd comparison, but in today’s podcast, Eric breaks down this fascinating analogy and its significance in maintaining a stable financial future.
Read More