Spending with Confidence

Today’s Prep:

What can you do to spend with confidence now and in the future? Eric discusses what will ensure you feel good about your financial decisions and spending habits.

Equipping Points:

As you enter into retirement, you may feel nervous about how much you have or what you can spend. While you’re working, you get a steady paycheck. But in retirement, you have you create a bridge to that income. Where will you pull your money from? How can you spend with confidence?

You may need to do a budget. Instead of viewing a budget as a way to limit you, consider it as a way to see what you can spend. You don’t have to always be scrimping and saving. Figure out what you’re spending, so you can get the income you need in retirement.

Going through a planning process will help identify what you spend and what you need. Maybe you are behind in what you’ve saved. There’s a solution to that! Maybe you still need to work, but you can work a lot less and feel like retirement. Your plan is not to “set it and forget it” but rather something you review every year.

Helping people get their income from the right source all the while considering taxes is what a financial advisor does. You’ll want to stress test your plan to prepare for worst case scenarios, market crashes, or inflation. You have to be ready to adapt as needed. The retirement readiness review with Eric will help give you the answers, as well as the confidence, you need when entering retirement.

Listen to the entire episode or skip ahead using the timestamps below.

0:49 – What does Bill Murray say about taxes?

2:03 – How do we get around the nerves in retirement?

4:20 – What does your budget do?

5:53 – How do you overcome a lack of confidence?

Today’s Takeaway:

The difference between saving and investing: if you’re saving, you’re saving for something–you want that money to be there. Investing is you’re willing to take risk to grow it.

-Eric Peterson

More From Eric:

The host: Eric Peterson - Contact - Call: (515) 226-1500

Subscribe To The Podcast:

Apple Podcasts  -  Google Podcasts  -  Spotify  -  Stitcher  -  iHeartRadio  -  TuneIn

Check out some other recent episodes

Mailbag: What Financial Advice Should I Share with My Grandchild?

February 22, 2024

Why is retirement planning different than the “good old days” that our parents and grandparents experienced? Things like pensions, Social Security, and even RMD age have changed. Is your financial plan set up accordingly or is it in need of some changes to match?

Read More

The Good Old Days

February 15, 2024

Why is retirement planning different than the “good old days” that our parents and grandparents experienced? Things like pensions, Social Security, and even RMD age have changed. Is your financial plan set up accordingly or is it in need of some changes to match?

Read More

Mailbag: When Should I Retire?

February 8, 2024

When is the perfect time to retire? One question from the mailbag asks whether retiring now or in two years will make a big difference. Eric explains what you’ll need to consider and what differences you might encounter from a work and lifestyle standpoint. Then, he answers Nancy’s question on how important it is to have a financial advisor in retirement.

Read More

Discussing Dave Ramsey and His Core Beliefs

February 1, 2024

More than likely, you’ve heard about financial commentator, Dave Ramsey. Today, we talk about some of Dave’s core beliefs and how it may differ from those of a licensed financial advisor. While Dave’s tips and baby steps have helped people, it’s worth taking some of his advice with a grain of salt. 

Read More

Mailbag: What Should I Do With My Inheritance?

January 25, 2024

Every day you have to make choices about your money. What to spend it on, when to save, and how to manage it well. We tackle three questions from the mailbag today from people facing a financial decision. From learning how to take care of the household finances after one spouse passes to deciding about helping a child pay for college, Eric can help point clients in the right direction.

Read More

The Voice of Greed

January 18, 2024

What does the voice of greed sound like? We hear a lot in the financial space, some of it sound advice, and some of it just plain greedy (and even risky). There’s a time and a place for risk, but it comes down to planning. Not all of your money should have the same risk profile. Working with a financial advisor can help you determine how much risk is good vs. having safety.

Read More

The Financial Guessing Game

January 11, 2024

Sometimes we fall into playing the guessing game when it comes to our finances. For instance, how much do you really need in retirement? Instead of grabbing at arbitrary numbers, first think about how much you spend. Some of your expenses may change in retirement compared to your working years, but plan for your needs based on your expenses and your goals.

Read More

Mailbag: Should I Pay off my Daughter’s College Loan?

January 4, 2024

When you retire, you have to be strategic about what you do with your money. On today’s show, Eric answers three questions from the mailbag about how to make the best financial decision possible with your money once you’re retired.

Read More

Inheritance FAQ

December 28, 2023

We’ve found that some common questions come up around inheritance, so today we are going to tackle a few! Whether you have recently inherited or want to set up your estate in a way that makes it easier on your beneficiaries, there’s something for you to learn in today’s show.

Read More

Financial Lessons from Christmas Songs

December 21, 2023

There are so many different ways to approach the subject of financial planning. In light of the holidays, we wanted to have a little fun and compare some Christmas classic songs with financial lessons.

Read More

Leave a Comment