Today’s Prep:
How you feel about things has a big impact on your financial decisions. We talk through several areas where understanding your feelings can help you determine what’s best for your financial plan.
Equipping Points:
Like it or not, we all feel strongly about money. How you feel about it plays into what decisions you make with it. Understanding how you view money and how you make your decisions helps as you put together a plan. You want to know what’s really important to you and how your plan fits with that.
Let’s start with your home. How do you feel about it? Does it have the right space and layout to fit your needs? Are you wanting to stay there in retirement or are you hoping to move? All of these feelings about your home then impact your financial decision surrounding it.
How do you feel about leaving behind some money as a financial legacy? Eric feels that most people want to leave something for their kids if they can. If you’re going to leave something behind, the next question is, what’s the most efficient way to do that? The SECURE Act changed how that money gets passed down and potentially creates a more taxable event for your heirs. You may want to consider other ways to pass that money on through something like doing a Roth IRA.
Do you feel comfortable carrying debt or do you feel like getting rid of it? Does it cause you too much stress to have it? Going into retirement, you may feel like you need to handle your debt better, which may mean changes to your financial plan. Feel stressed about market volatility? Having a properly set up retirement plan allows you to worry less about the ups and downs of the market and understand how much you need on the day-to-day.
How are you feeling today? Reach out to a financial advisor to help you navigate your financial feelings and make a plan that works well for you and your situation.
Listen to the entire episode or skip ahead using the timestamps below.
0:46 – We all feel strongly about money.
3:00 – How do you feel about where you live?
5:09 – Do you want to leave a financial legacy?
7:18 – Do you feel like getting rid of debt?
Today’s Takeaway:
“Understanding how you view money and how you make your decisions, that always helps because when we put together a plan, then we need to find out what’s really important to you about how this plan works.”
-Eric Peterson
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