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
Subscribe To The Podcast:
Apple Podcasts - Google Podcasts - Spotify - Stitcher - iHeartRadio - TuneIn
Check out some other recent episodes
Retirement Lifestyles
Retirement planning is so much more than simply having enough money socked away. Social activity, hobbies, skills, physical activity, and routines are all big components of your life now and likewise, should be in your retirement.
Read More
Good Intentions and Financial Advice
How can you use your money wisely? Eric answers three questions that range from short-term travel plans to long-term estate planning decisions. While it’s good to be a good steward with your money, remember what it’s really there for.
Read More
Mailbag: Should I Invest Unused Travel Funds Into Something More Practical?
How can you use your money wisely? Eric answers three questions that range from short-term travel plans to long-term estate planning decisions. While it’s good to be a good steward with your money, remember what it’s really there for.
Read More
Desire to Retire
Are you dreaming of retirement? We talk through the different levels of desire people have in regards to retirement. Some can’t wait to cross the finish line and others have no plans soon to walk away from their jobs and careers. Depending on where your desire lies, here’s what you can be doing to prepare for the future.
Read More
Retirement Lessons From Disney World
Ready to reminisce about the happiest place on earth? Or maybe you have plans to visit Mickey in the new year. On today’s show, we talk through some of the classic rides you can find at Disney World and what they have in common with your financial plan.
Read More
Naughty or Nice? Financial Advisor Behaviors
Do you think your financial advisor belongs on the naughty list or the nice list this year? Eric talks through a few scenarios that financial advisors may face to set the record straight on whether it is nice or naughty. If you come across a similar situation, hopefully, this will shed some light on reasonable expectations clients should have with their advisors.
Read More
Mailbag: Where Should I Withdraw My Retirement Funds?
In retirement, even if you’ve saved more than you’ll need, there are still a lot of questions that come up as you make wise decisions about what to do with your money. Eric answers three questions from retirees on how to best navigate what they have and how to rest easy in retirement. If ever you have a question for Eric, feel free to reach out!
Read More
Year-end Roth Conversions
As we start to close out 2022, what are the things we should be doing with our finances? Is now the time to do a Roth conversion? Depending on your situation, you may want to con-sider it before the ball drops on New Year’s Eve. Eric explains how a Roth conversion works, what the benefits are, and why you’ll want to talk to your advisor about whether you should do one right now.
Read More
Inheritance 101
An inheritance isn’t something you experience every year, so when it does happen, there are a lot of details to understand. We talk about some of the questions surrounding inheritances. Eric also shares the most common mistakes and how you can avoid them.
Read More
Mailbag: Do I Have Too Much in Cash?
When people are in retirement or closer to retirement, the accessibility of money goes up. So, what does that mean when you have to take out RMDs? How do you know if you have too much money in the bank? Talking through this with an advisor might help you make the right next steps with your money. We also talk about what mistakes people are prone to make if they try to DIY their retirement planning without a financial advisor.
Read More