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
How to Stay Calm When the Market Isn’t
Thanks to a variety of economic and geopolitical circumstances, many people are experiencing some form of financial anxiety right now.
Read More
Mailbag: 4% Rule, Life Insurance, and Early Retirement Questions
In this episode, Eric opens the mailbag to answer three listener questions that hit on some of the most common—and often misunderstood—retirement topics.
Read More
Beyond Stocks: The Problem-Solving Power of Financial Advisors
Most people think a financial advisor’s primary job is picking investments, but that’s just a small piece of the puzzle. In today’s episode, Eric explains that the real work happens in solving the complex, emotional, and unexpected problems that come with retirement: early job loss, tax challenges, the loss of a spouse, or even recovering from bad advice.
Read More
Mailbag – Roth IRA, Emergency Funds & Tax-Deferred vs. Tax-Free
Making more money is great, but what happens when it becomes a roadblock for contributing to a Roth IRA? And how can you make your emergency fund work smarter for you? In today’s episode, we pull from the mailbag and answer a mix of listener questions. Eric addresses concerns that reflect the real-life hurdles many face on the road to retirement.
Read More
How 2025 Tax Updates Can Impact Your Financial Plan
Although tax season has come to a close, the time for smart tax planning has just begun! In this episode, we unpack the upcoming tax updates that could affect your planning for the next few years, including changes to 401(k) contribution limits, tax deductions, and the potential benefits of using tax-advantaged accounts like HSAs.
Read More
Early Retirement: Dream Come True or Financial Trap?
Ever fantasize about leaving your 9-to-5 before traditional retirement age? You’re not alone, but is early retirement even possible? In today’s episode, Eric explores what it really takes to retire early including how to tackle healthcare costs, how to make money last longer and the importance of shifting your mindset from spender to saver.
Read More
What 400+ Advisors Say Really Keeps Retirees Up at Night
What are Americans really concerned about when it comes to retirement? In this episode, we unpack the results of an insightful survey from Financial Advisor Magazine, which was completed by over 400 financial advisors. We’ll also compare these answers with the real-world concerns we hear every day from the clients in our own practice.
Read More
Bracket Busters and Stock Flops: The Risky Game of Picking Winners
March Madness is here, and just like filling out a bracket, picking individual stocks can feel like a thrilling gamble. But the odds of winning big are slim. In fact, history shows that most stock picks, like most brackets, end up busted.
Read More
Are Hidden Fees Draining Your Retirement Savings?
In this episode, Eric reveals the true cost of investing and how to protect yourself from unnecessary financial drains.
Read More
What Game Night Can Teach Us About Financial Planning
In this episode, Eric breaks down the surprising financial lessons hidden in classic board games, offering valuable insights to help you navigate your retirement strategy.
Read More