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:
Subscribe To The Podcast:
Apple Podcasts - Google Podcasts - Spotify - Stitcher - iHeartRadio - TuneIn
Check out some other recent episodes
Financial Debates – Debt, Mortgages, Life Insurance & Mutual Funds
Inside of a mutual funds, the actions of others can impact you. If a lot of people are trying to sell that mutual fund, the manager has to sell some stuff to meet the redemptions and that can negatively impact you.
Read More
Retiring Early: Is It Possible and Is It Right For You?
Some may think that retiring early is just a dream, but can you turn this dream into a reality? In this episode, Eric talks about the ins and outs of taking an early retirement. Find out when you can retire and whether you will actually want to stay retired.
Read More
Tending To Your Retirement Garden
What does retirement planning have in common with growing a garden? Both need patience, vision, determination, and the proper tools to succeed. Eric Peterson explores all the comparisons on this week’s podcast.
Read More
Retirement Decisions: More Than Just Investments
When it comes to planning for your retirement, there’s a lot more to consider than where to invest. Going beyond the data and numbers, you need to consider these areas of your life and what you want them to look like in retirement.
Read More
Presidential Quotes And The Financial World
There are a lot of great quotes from past presidents that also apply in the financial industry. Have you heard all of these? How would you apply them to your financial portfolio?
Read More
Mailbag: Retention Bonus or Retirement?
As you near the final months or years before taking the plunge into retirement, there are always a few details to work out and questions to ask. Eric answers a few questions from the mailbag about pensions, paying taxes in retirement, and deciding when to walk away from a retention bonus and just retire already.
Read More
Handling What You Can’t Control in Retirement
Some things are just out of your hands. In retirement planning there are a lot of things completely out of your control, but if you re-frame your thinking, there is actually something you can do about them. Eric talks through these four areas where you have an opportunity to prepare for the unpredictable.
Read More
Wishful Thinking In Retirement Planning
Is your head in the clouds when it comes to retirement? Here are three common phrases people say when it comes to retirement planning. Eric shares whether these mentalities are wishful thinking.
Read More
Underrated Or Overrated?
We’re playing a game to determine what’s underrated and overrated when it comes to a few topics in the financial world (and even a few outside of financial planning). Let us know what you think.
Read More
Lazy Money
Do you have money sitting around without a purpose? We’ll explain the dangers of lazy money, why people have it, and how you can put it to work! Make your money work for you as you plan for retirement.
Read More