Today’s Prep:

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: