Today’s Prep:
Sometimes wisdom comes from the most unlikely places. Today we take celebrity advice and apply it to our own financial lives for a new take on how to approach your financial plan.
Equipping Points:
What should you be thinking about when it comes to your financial plan? Today we discuss three different quotes from celebrities whose advice might not always be what we seek, but these particular quotes ring true when it comes to our financial decisions. How do these statements relate to your financial plan?
Child star Lindsay Lohan had a harsh transition into adulthood and owned it saying, “I’m my own worst enemy, and I know it.” When it comes to our finances, this may also be true. In the face of adversity, people often do the wrong thing at the wrong time. This is where having a financial coach really helps. Even the best of the best, like Tiger Woods and Tom Brady, still have coaches to tell them what to do.
Comedian Rosie O’Donnell said, “Anybody you put on TV for five hours a week is inevitably going to say something stupid at some time.” Remember that when you watch the news. As a pundit, they are constantly trying to keep your attention. They use terms like “soar” or “plunge” that may cause you some stress. Always take what you see on TV with a grain of salt.
Finally, professional boxer Mike Tyson said “Everybody has got a plan until they get punched in the mouth.” How you deal with the blows is what separates successful investors from unsuccessful investors. Having somebody to help you through the financial ups and downs will help keep you focused. You don’t want to have to sell when things are down. Having some money in safety is key. Reach out to an advisor to make sure your plan is able to take a few punches but still keep you in the game.
Listen to the entire episode or skip ahead to a particular quote using the timestamps below.
1:21 – “I’m my own worst enemy.”
4:43 – “Anybody you put on TV for five hours a week is inevitably going to say something stupid at some time.”
7:03 – “Everybody has got a plan until they get punched in the mouth.”
Today’s Takeaway:
“Focusing on hype is not going to get you to where you want to be.“
-Eric Peterson
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