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
We all want a certain sense of safety and security, but we also need the growth and potential that comes with risk. So how do you weigh out the two and create a plan without compromise? What tools can be used to achieve the right combination of both safety and growth?Read More
When making any decisions, you may get to a point when you have to make some compromises. How about when it comes to your retirement plans, are you making too many compromises?Read More
Did you take the trash out? Oh, and what is our income plan after one of us dies? One of these is a question you might ask your spouse regularly after dinner while the other one is important but often overlooked. We’ll talk about five questions you should start to ask now when it comes to planning your retirement with your spouse.Read More
Asking questions is always a good thing. The more you ask, the more you understand. But sometimes you don’t get the answer you need until you ask the right question. These four common financial questions are a bit better when they are rephrased and reconsidered.Read More
Do you know the difference between a financial myth and financial reality? When you make a plan for your future, you want to make sure it is based on what’s true. We’ll talk through four ideas to discover whether they are myths and real.Read More
What do you do when…? Eric answers three pressing questions from the mailbag in today’s podcast. Whether you are being thrust into an early retirement or are considering delaying retirement due to debt, financial advice from an advisor will set you in the right direction.Read More