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.
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:
“Work with an advisor who gives you confidence and fights for your best interest. – Retirement Ready“
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
Financial Strategies: Agree or Disagree?
There are a number of financial ideas that people have differing opinions on. Eric shares today which of these he agrees with or disagrees and why.
Read MoreDivorce Mistakes
Unfortunately, divorce happens. When it does, no one wants to make costly financial mistakes amidst an already stressful time. Today, we talk about the mistakes that can happen and how to avoid them when it comes to dividing up your assets with a spouse.
Read MoreVillains of the Financial World
Just like some of these cinematic villains, some of these financial elements may have a bit of nuance and history that can make it hard to label them all good or all bad.
Read MoreUses for Life Insurance
When you’re younger, life insurance is often thought of as an income replacement as needed. But as you get older and into retirement, you might find other uses for life insurance. When thinking ahead for your estate and how it passes to beneficiaries, life insurance can prove to be a useful tool. Currently, the proceeds from life insurance are tax-free. How does that change how you include it in your financial plan? Eric outlines some of the options and benefits life insurance can provide.
Read MoreUnderstanding Financial Risk
What kind of risks do you take in your financial life? As you get less comfortable with things like climbing up ladders and riding on skateboards, you might also become less financially risky. When you enter retirement, how you view your money in the market changes significantly from your working years. It’s important to look at your portfolio to ensure your investments match your risk tolerance.
Read MoreMailbag: What Financial Advice Should I Share with My Grandchild?
Why is retirement planning different than the “good old days” that our parents and grandparents experienced? Things like pensions, Social Security, and even RMD age have changed. Is your financial plan set up accordingly or is it in need of some changes to match?
Read MoreThe Good Old Days
Why is retirement planning different than the “good old days” that our parents and grandparents experienced? Things like pensions, Social Security, and even RMD age have changed. Is your financial plan set up accordingly or is it in need of some changes to match?
Read MoreMailbag: When Should I Retire?
When is the perfect time to retire? One question from the mailbag asks whether retiring now or in two years will make a big difference. Eric explains what you’ll need to consider and what differences you might encounter from a work and lifestyle standpoint. Then, he answers Nancy’s question on how important it is to have a financial advisor in retirement.
Read MoreDiscussing Dave Ramsey and His Core Beliefs
More than likely, you’ve heard about financial commentator, Dave Ramsey. Today, we talk about some of Dave’s core beliefs and how it may differ from those of a licensed financial advisor. While Dave’s tips and baby steps have helped people, it’s worth taking some of his advice with a grain of salt.
Read More