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
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