Today’s Prep:
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)
Equipping Points:
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?
Related Resources:
Wishful Thinking In Retirement Planning
Tending To Your Retirement Garden
Today’s Takeaway:
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