Today’s Prep:

You might not expect to gain wisdom from these popular celebrities. To be honest, these quotes weren’t intended to be about finances either. However, there’s plenty of retirement planning wisdom we can learn from these personalities.

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

Equipping Points:

[1:07] – Lindsay Lohan On Owning Your Problems.

“I’m my own worst enemy, and I know that.”

• Acknowledge your problems, and own them.
• Stop trying to justify poor financial decisions.
• There are no magic tricks or secrets to getting ahead in the stock market. You must follow a long-term investing strategy.
• Behavioral investors let their emotions get the best of them. They get excited and buy when the market is high, and then they panic and sell as it drops. A savvy investor follows a strategy. They aren’t driven by emotions.

[5:00] – Rosie O’Donnell On Being Wary Of The Media

“Anybody that you put on TV for five hours a week is bound to say something stupid at some point.”

• We live in a 24-hour news cycle, and sensational news sells.
• News channels appeal to their listeners. You’re going to listen to the channel you find most appealing.
• Be wary of the financial advice you receive from television personalities.

[3:57] – Mike Tyson On Changing Plans

“Everybody has a plan until they get punched in the mouth.”

• You think you know what you’re doing, and then you face one of those “life happens” moments. Suddenly, you need to change your plans.
• An illness, early retirement, or layoff could all force you to change your plans in retirement.
• Be ready to adjust your plan.

Today’s Takeaway:

Additional Resources: