Today’s Prep:
What financial wisdom can we glean from the sayings of Mark Twain? Believe it or not, many of these quotes are quite relevant today.
Equipping Points:
Mark Twain, writer of some of the classics, had a number of things to say that still apply today. On today’s episode of the Retirement Ready podcast, Eric shares how these quotes from the past relate to life today as well as how they can be applied to your retirement plan.
Anything can happen, right? Twain said, “Apparently there is nothing that cannot happen today.” While 2020 was a year full of change and transition, 2021 may bring its own mix of change. Have you run your plan through a stress-test so that you can be prepared for whatever the future holds?
When money is a strain, you might make decisions that aren’t the best. Whether from a market swing or a job loss, are you reacting based on emotions or following your plan? In retirement, how can you be a good steward of your money to protect it and grow it?
If you’re going to be in the stock market, be ready for volatility. Twain joked that October was a bad month to speculate on stocks, but then went on to list all of the months. Every month carries a certain amount of risk and opportunity.
Lastly, Twain said, “The secret to getting ahead is getting started.” Are you dragging your feet on creating a financial plan? Or does it need a re-work but you’re scared of regretting not doing it sooner? Meeting with an advisor is not about getting scolded, it’s about starting off and continuing your financial journey in the right direction.
Listen to the entire episode or click on the timestamps below to hear more about a specific quote.
1:25 – “Apparently there is nothing that cannot happen today.”
5:02 – “The lack of money is the root of all evil.”
6:58 – “October is one of the particularly dangerous months for speculating on stocks…”
8:47 – “The secret to getting ahead is getting started.”
Today’s Takeaway:
“We’re not here to make you feel bad. We’re here just to point out where you want to go: here are some of the things you can look out for and here’s how we can help you.“
-Eric Peterson
Related Resources:
New Year, New Ideas to Consider
Subscribe To The Podcast:
Apple Podcasts - Google Podcasts - Spotify - Stitcher - iHeartRadio - TuneIn
Check out some other recent episodes
Finding Financial Silver Linings
Throughout our lives, there will be times when the markets rise and times when we experience downturns. Largely, we don’t have control over the circumstances we’re dealt, but we do have control over how we respond to those situations.
Read More
Unasked Retirement Questions You Shouldn’t Ignore
Tune in to this episode with Eric, as he breaks down some frequently unasked retirement questions that are very important to consider.
Read More
The Diverse Definitions Of Diversification
Diversification is one of those buzzwords you hear often in financial planning. While many people know it’s important, few are clear on what it actually means when applied to various aspects of their financial strategy. In today’s episode, Eric and Marc will bring you the diverse definitions of diversification.
Read More
The Use Of Technology In Financial Planning
As technology keeps advancing, it’s made our lives easier in so many ways. Tasks that used to need outside help can now be done on our own with just a few clicks. This shift has also brought more accessible online financial tools, but how accurate and helpful are they really?
Read More
Retirement Planning Conversations With Dorothy Parker
Dorothy Parker is one of the great writers of the 20th century. Her wit and prose have been appreciated by readers for generations. But are there any lessons we can learn when it comes to finance with some of Parker’s most well-known quotes?
Read More
Mailbag: Moving To A State With Income Tax And More
In this episode, Eric is answering your questions! We’ll cover a range of topics today, including key considerations for income taxes when moving to a new state, how to initiate financial conversations with parents or grandparents, and whether using a life insurance policy to save for a college fund is a wise choice.
Read More
What Is Lazy Money?
What is lazy money and why do you want to not have too much of it in your retirement portfolio? Simply put, lazy money is money that isn’t growing as much as it could be. Having your money grow and work for you is a key part of building a solid portfolio, so Eric breaks down some strategies to help get the most out of your money in this episode.
Read More
Retirement Planning Today Is Harder Than It Used To Be
Retirement planning simply isn’t the same as it used to be. From changes in life expectancy, the lack of pensions, and getting caught in the sandwich generation, there’s a lot to keep in mind when putting together your financial plan. Instead of taking advice from others who may have retired in a different era, it’s important to understand what strategy is right for you.
Read More
Social Security Variables That Impact Your Claiming Strategy
After so many years of paying into Social Security, you might feel ready to reap the benefits. But before you get too eager, it’s best to have a thorough understanding of the different variables and how to best leverage them.
Read More
Retirement Real Estate Decisions: Downsizing, Snowbirding, and More
One of the key discussions you may have in retirement is what to do about the house. Should you downsize your home? Pay it off early? Buy a vacation home and become a snow bird? Eric emphasizes the importance of considering not just the financial implications but also the lifestyle changes each of these decisions entail. Weighing out the pros and cons of each decision can highlight what is right for you (which isn’t always the same as what your neighbor is doing).
Read More