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?
(Click the featured times below to jump forward in the episode)
Let’s talk about our feelings! Believe it or not, financial planning is not always about math and logic. Your feelings come into play, especially in regards to specific topics.
If you have a family home that you’ve lived in for the past few decades, do you downsize once the kids are out of the house? Or do you want to fix it up for when family comes to stay? Do you have land that has been in the family for a few generations? Sometimes the financial figures don’t make as much sense, but you need to ask, “How does it make me feel?”
What does your financial legacy look like and how important is it to you to leave money behind? Do you want to pass money to your children and grandchildren or to charities? With some of these decisions you’ll need to also consider the tax planning accordingly.
Depending on how you feel about your financial advisor, you may want to know every fine detail of the plan. Or, you may just want them to make the plans so you can be more carefree. Then, when it comes to market volatility, you’ll want to understand the true risks instead of just basing your decisions on feelings and knee-jerk reactions to a statement.
Listen to the entire episode or click on the segments below to hear more about a particular topic.
[1:06] – Feelings get tied up in the family home.
[3:36] – Make sure you can age in place and have the proper support around you.
[4:06] – How important is it to you to leave a financial legacy?
[6:25] – Do you want to know the fine details of your financial plan?
[8:41] – How you feel about the market volatility can impact your decisions.
Check out some other recent episodes
Let’s take a look at some of Biden’s executive orders so far in his first few weeks. How could they alter your financial plan?Read More
From managing your income as a contract employee to managing your income in retirement, Eric answers three questions from the mailbag in today’s episode of the podcast.Read More
What financial wisdom can we glean from the sayings of Mark Twain? Believe it or not, many of these quotes are quite relevant today.Read More
Whether you want to learn more about using your HSA or trying to make strategic use of your severance package, Eric answers three questions from the mailbag. Do any of these questions relate to your situation?Read More
What kind of decisions are you making alongside your financial advisor? How do you know if they are doing everything you need when it comes to creating and implementing a retirement plan? Eric talks through what you deserve from a financial advisor and how his team works with clients to meet their needs.Read More