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
Breaking up is hard, but sometimes you stay in a relationship too long for the wrong reasons. Is your relationship with your financial advisor working as it should? Or are you using some of these common excuses to stay with the wrong advisor?Read More
When you make a financial decision, does it start with looking at the numbers or asking the question, “How do you feel about that?” When should your feelings overrule the numbers, and what areas of your plan are most likely swayed by feelings and emotions?Read More
Think back to your last road trip–what did you do to prepare? Chances are you didn’t suddenly jump in the car and then a few hours (or days) later simply arrive. Yet this is what some people think retirement looks like. Instead, you’ve got to plan ahead and know where you’re going and how you’ll get there.Read More
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