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
Subscribe To The Podcast:
Apple Podcasts - Google Podcasts - Spotify - Stitcher - iHeartRadio - TuneIn
Check out some other recent episodes
Mailbag – Roth IRA, Emergency Funds & Tax-Deferred vs. Tax-Free
Making more money is great, but what happens when it becomes a roadblock for contributing to a Roth IRA? And how can you make your emergency fund work smarter for you? In today’s episode, we pull from the mailbag and answer a mix of listener questions. Eric addresses concerns that reflect the real-life hurdles many face on the road to retirement.
Read More
How 2025 Tax Updates Can Impact Your Financial Plan
Although tax season has come to a close, the time for smart tax planning has just begun! In this episode, we unpack the upcoming tax updates that could affect your planning for the next few years, including changes to 401(k) contribution limits, tax deductions, and the potential benefits of using tax-advantaged accounts like HSAs.
Read More
Early Retirement: Dream Come True or Financial Trap?
Ever fantasize about leaving your 9-to-5 before traditional retirement age? You’re not alone, but is early retirement even possible? In today’s episode, Eric explores what it really takes to retire early including how to tackle healthcare costs, how to make money last longer and the importance of shifting your mindset from spender to saver.
Read More
What 400+ Advisors Say Really Keeps Retirees Up at Night
What are Americans really concerned about when it comes to retirement? In this episode, we unpack the results of an insightful survey from Financial Advisor Magazine, which was completed by over 400 financial advisors. We’ll also compare these answers with the real-world concerns we hear every day from the clients in our own practice.
Read More
Bracket Busters and Stock Flops: The Risky Game of Picking Winners
March Madness is here, and just like filling out a bracket, picking individual stocks can feel like a thrilling gamble. But the odds of winning big are slim. In fact, history shows that most stock picks, like most brackets, end up busted.
Read More
Are Hidden Fees Draining Your Retirement Savings?
In this episode, Eric reveals the true cost of investing and how to protect yourself from unnecessary financial drains.
Read More
What Game Night Can Teach Us About Financial Planning
In this episode, Eric breaks down the surprising financial lessons hidden in classic board games, offering valuable insights to help you navigate your retirement strategy.
Read More
Mailbag – Upsizing, Financial Advisors & Business Owner Planning
Join us as we answer questions about the challenges of downsizing, the emotional aspects of planning for family gatherings, and the realities of transitioning into a financial advisory career.
Read More
Planning for Unique Situations in Retirement
While many face the same general retirement concerns, each individual’s situation is unique, requiring tailored solutions.
Read More
Planning for Kids, Grandkids, & Your Future
As many nearing retirement age are discovering, adult children and grandchildren can significantly influence financial strategies, making it crucial to understand how to navigate these relationships effectively.
Read More