Today’s Prep:
What kind of classic TV personality do you most relate with when it comes to handling your finances? Are you more like Gilligan or Barney Fife? Find out on today’s podcast!
Equipping Points:
Are you a big dreamer or spend as little as possible? Super lucky or nothing but unlucky? Let’s think back on four different TV characters as a fun way to talk about our financial decisions.
It’s easy to dream about what you would do if you suddenly struck rich like Jed Clampett in the Beverly Hillbillies. It doesn’t happen often, but sometimes someone will come into a large sum of money. Be it from an inheritance or early retirement, you’ll need to figure out what to do to. Going through a retirement readiness review will help you understand how these funds fit in your plan. Make sure you don’t squander this new sum of money.
Are you always looking for the cheapest solution? Fred Mertz in I Love Lucy was a bit of a tightwad. Are you unwilling to pay fees? While no one likes hidden fees, what’s important to understand is what kind of value you are receiving from the fees. Does the value match what you’re paying?
Do you have big dreams without plans to back them up? Barney Fife in The Andy Griffith Show was a bit like this. Are you making all sorts of travel and relaxation plans for retirement without a thorough financial plan to show how you’ll achieve that dream?
Gilligan has terrible luck but then seems to make it a bit worse on each episode of Gilligan’s Island. Do you feel like Gilligan? Maybe you experienced a divorce or illness or lost some money along the way. Instead of being reactive, be proactive.
Which TV character are you most like?
Listen to the entire episode or click on the timestamps below to hear about a particular character.
1:08 – Jed Clampett from the Beverly Hillbillies got rich quick.
3:55 – Fred Mertz from I Love Lucy was always looking for the cheapest solution.
6:11 – Barney Fife felt big dreams were attainable.
8:06 – Gilligan has terrible luck on Gilligan’s Island.
Today’s Takeaway:
Behavior modification is the biggest value. Preventing you from doing the wrong things at the wrong time–that’s what you’re paying for with a financial advisor.
-Eric Peterson
Related Resources:
Subscribe To The Podcast:
Apple Podcasts - Google Podcasts - Spotify - Stitcher - iHeartRadio - TuneIn
Check out some other recent episodes
What 400+ Advisors Say Really Keeps Retirees Up at Night
What are Americans really concerned about when it comes to retirement? In this episode, we unpack the results of an insightful survey from Financial Advisor Magazine, which was completed by over 400 financial advisors. We’ll also compare these answers with the real-world concerns we hear every day from the clients in our own practice.
Read MoreBracket Busters and Stock Flops: The Risky Game of Picking Winners
March Madness is here, and just like filling out a bracket, picking individual stocks can feel like a thrilling gamble. But the odds of winning big are slim. In fact, history shows that most stock picks, like most brackets, end up busted.
Read MoreAre Hidden Fees Draining Your Retirement Savings?
In this episode, Eric reveals the true cost of investing and how to protect yourself from unnecessary financial drains.
Read MoreWhat Game Night Can Teach Us About Financial Planning
In this episode, Eric breaks down the surprising financial lessons hidden in classic board games, offering valuable insights to help you navigate your retirement strategy.
Read MoreMailbag – Upsizing, Financial Advisors & Business Owner Planning
Join us as we answer questions about the challenges of downsizing, the emotional aspects of planning for family gatherings, and the realities of transitioning into a financial advisory career.
Read MorePlanning for Kids, Grandkids, & Your Future
As many nearing retirement age are discovering, adult children and grandchildren can significantly influence financial strategies, making it crucial to understand how to navigate these relationships effectively.
Read MoreFinancial Planning Conversations for Couples
This episode is focused specifically on that planning we do with couples with insights on how we help them navigate tricky conversations about money and retirement.
Read MoreIs Your Retirement Based on Wishful Thinking?
Many people fall into the trap of wishful thinking when it comes to what they expect will happen in retirement, but a successful retirement isn’t built on hope and assumptions.
Read MoreSpending With Confidence in Retirement
Eric shares strategies to help retirees enjoy their savings while ensuring financial security.
Read More