Retirement Planning with Shaq

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.

(Click the featured times below to jump forward in the episode)

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

More From Eric:

The host: Eric Peterson - Contact - Call: (515) 226-1500

Subscribe To The Podcast:

Apple Podcasts  -  Google Podcasts  -  Spotify  -  Stitcher  -  iHeartRadio  -  TuneIn

Check out some other recent episodes

Mailbag: Should I Move my Mom’s Money into Investments?

May 26, 2022

Where’s the best place for your money to go? Several people are considering where their money should be, so Eric answers three questions from the mailbag for today’s show.

Read More

A Perfect Match: Tennis and Retirement Planning

May 19, 2022

Ready to ace your retirement plans? Let’s talk tennis and see how much it relates to your financial plans on today’s show.

Read More

Mailbag: Money Management Tips For Younger Couples

May 12, 2022

What financial advice does Eric have for younger couples? What can you do to reduce next year’s taxes? Eric answers these questions and more from the mailbag.

Read More

Building a Plan for the Long Haul

May 5, 2022

What do you need to get you through the long haul of life? Eric talks us through what this looks like in your financial plan and how to build it with an eye on a distant horizon.

Read More

What Do You Need to Know About Today’s Inflation?

April 28, 2022

Everywhere you turn there’s a headline about inflation but what do you need to know about what’s going on? Eric weighs in on the recent numbers and what you can do about it.

Read More

Mailbag: Should I Save Elsewhere Besides My 401(k)?

April 21, 2022

What kind of savings do you really need for retirement? Are you working with the right advisor to get you there? Eric answers three questions from listeners.

Read More

Playing the Retirement Game Show

April 14, 2022

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).

Read More

Tax Season

April 7, 2022

What do you need to know when it comes to tax planning? Eric outlines the ways a tax strategy can make a big difference in your retirement plan.

Read More

Asking the Wrong Questions

March 31, 2022

What do I really spend? What does it take to maintain this standard of living? And what changes in retirement from when I am working from an expense side?

Read More

Mailbag: Should I Combine My Old 401(k) Accounts?

March 24, 2022

What should you do about 401(k) accounts from old jobs? How can you find out what your Social Security benefits would be? Eric answers these questions on today’s show.

Read More

Leave a Comment