What common financial advice have you heard that is actually worth following? Do these concepts provide a better financial future for you and your family? Or are these ideas more damaging in the long-run?
(Click the featured times below to jump forward in the episode)
We’ve all heard a few different sayings when it comes to finances and building wealth. Do these have merit or lead us astray?
Conventional financial wisdom says real estate is a way to build wealth. But before you go buying a second (or third or fourth) home, consider what responsibilities are required of you. Eric says the tree T’s of real estate are: tenants, trash, and toilets. If any of these three things go wrong with your real estate investment, are you prepared to deal with them?
Is a mortgage considered good debt? When it comes to your own home, you may feel in a rush to pay off home debt. Should you prioritize paying off your house quickly over saving more toward retirement? You may feel like this is an asset, but remember that your house is worth what someone else is willing to pay for it.
When something seems like it isn’t working with your investments, it’s easy to want to make a quick change to correct the issue. Remember though that investments have an ebb and flow. Constantly trying something else may actually be a costly decision. How then do you know if you should shift your plan or pivot with your investments when things don’t seem to be working out?
Find out by listening to the entire episode or click on the timestamps below for a specific segment.
1:03 – Real estate is said to appreciate in value. But is it a good investment?
Check out some other recent episodes
When you work with a financial advisor, you aren’t just talking about money. Saving for your retirement also includes thinking about what kind of retirement lifestyle you want to have and what you need to keep in mind for the long-run. Do you want to work, by choice? What kinds of expenses will you have and how are they different in retirement? Is your money going to last for 30 years of retirement? Eric has seen his clients through all of these decisions and shares what to keep in mind about retirement.Read More
What kind of personality do you have when it comes to money? Before you put together a financial plan, it’s important to understand the way you think and approach money. We talk through a few different personalities Eric commonly sees and how he advises them. Whether you are spending whenever you get a good excuse to or more of an intentional spender, it’s good to be cognizant of how you handle it and what possible downfalls you may face.Read More
From teachers to engineers, there are a variety of people who work with Eric and his team to build a solid financial plan. Those in similar professions tend to have similar mindsets when it comes to finances. We discuss what similarities Eric sees across different industries and how he approaches each of them. Do any of these relate to you and your financial mindset? Find out what strategies a financial advisor might suggest pursuing.Read More
While no one really likes to talk about it, life insurance can be an important part of your financial plan. We talk about why people cringe when they hear the term, who most needs it, and why you might want to reconsider your preconceived notions about it. Life insurance sometimes gets a bad rap, but it can be a powerful tool. If you care for someone else and you hate taxes, look at life insurance.Read More