Unlikely Financial Wisdom

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.

(Click the featured times below to jump forward in the episode)

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

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: How Much is Too Much to Spend on a Forever Home?

August 4, 2022

Retirement decisions involve a lot more than just the money, but also the emotional and lifestyle decisions, too. Eric answers three questions from the mailbag from listeners making retirement decisions.

Read More

Financial Jeopardy

July 28, 2022

We play the game of Jeopardy as Eric answers financial questions on today’s show. Do you know all the answers?

Read More

401(k) Weaknesses

July 21, 2022

If you have a 401(k), what are some of the downsides? Eric talks through what a 401(k) is best for and when it is better to invest elsewhere.

Read More

Retirement Planning: It’s Not As Easy As It Looks

July 14, 2022

What should you be considering when trying to DIY your retirement plan? Eric talks through why many later decide working with a financial advisor is best.

Read More

Financial Security in Retirement

July 7, 2022

What does it look like to achieve financial security? Let’s talk through a few financial goals people have when they meet with a financial advisor.

Read More

Financial Planning for Business Owners

June 30, 2022

When you’re a business owner, you put your heart and soul into your business. There’s a lot that goes into starting and running a successful business. When it’s time to retire though, how can you make sure your transition goes well?

Read More

Economic News and Sensational Headlines

June 23, 2022

How much should you pay attention to some of these recent financial news headlines? Eric shares what he thinks and what matters when it comes to your financial situation.

Read More

Conventional Wisdom

June 16, 2022

Should you follow conventional wisdom when it comes to your financial decisions? Eric shares when the conventional wisdom might not be best.

Read More

Retirement Vacation Planning

June 9, 2022

Let’s plan the vacation of your dreams: retirement. More than simply a week away, you want to spend the right amount of time and energy thinking about this major season in life.

Read More

Financial Things We Can All Relate To

June 2, 2022

What are we all facing and wondering about in our financial futures? Eric talks through a few topics you might have had on your mind lately.

Read More

Leave a Comment