Today’s Prep:
Are you avoiding meeting with an advisor? Let’s talk through some of those fears or doubts and help you overcome the hurdles to getting your financial plan in order.
Equipping Points:
When it comes to our health, some are prone to avoiding going to the doctor until it’s causing an even bigger problem. Similarly, some people put off seeing a financial advisor. Why is that? On today’s episode we talk through some of the top reasons people resist seeing a financial advisor and how to overcome those.
Worried about the costs? When you work with a professional, you do have to pay them. But it might end up saving you more in the long run. The value of an advisor is not the investing but the advice and the coaching. Eric explains how the fee structure works with him and his team.
Are you opposed to someone telling you what to do? Some people hate the idea of being told to live on a budget. Instead of viewing it that way, think about an advisor being there to help you get to where you want. Do you want to travel or improve your home? What will it take to get there? What kind of returns do you need to make and what kind of risk are you able to take?
Are you concerned that you won’t know what the advisor is saying or you’ll be embarrassed? A good advisor will talk you through it and explain the planning process. The reason you go to a professional is to have someone who is good at it help you.
Finally, many people are avoiding the possibility of bad news. Just like putting off the dentist or a physical, no one likes being told off they are in bad shape and need work. Sometimes the fear of finding out is worse than the actual situation. Go to an advisor, get a retirement readiness review, and find out so then you can plan and act accordingly with your financial plan.
Listen to the entire episode or click on the timestamps below to skip ahead.
0:47 – Do you avoid going to a financial advisor?
1:29 – It might be expensive.
5:47 – They will tell me to do something I don’t want to do.
7:54 – I’m embarrassed or won’t know what they are saying.
10:22 – What if they give me bad news?
Today’s Takeaway:
“That retirement readiness review is to help you get what you want, not tell you ‘don’t do this.’“
-Eric Peterson
Related Resources:
Do You Agree or Disagree with this Retirement Advice?
Subscribe To The Podcast:
Apple Podcasts - Google Podcasts - Spotify - Stitcher - iHeartRadio - TuneIn
Check out some other recent episodes
Mailbag – Roth IRA, Emergency Funds & Tax-Deferred vs. Tax-Free
Making more money is great, but what happens when it becomes a roadblock for contributing to a Roth IRA? And how can you make your emergency fund work smarter for you? In today’s episode, we pull from the mailbag and answer a mix of listener questions. Eric addresses concerns that reflect the real-life hurdles many face on the road to retirement.
Read More
How 2025 Tax Updates Can Impact Your Financial Plan
Although tax season has come to a close, the time for smart tax planning has just begun! In this episode, we unpack the upcoming tax updates that could affect your planning for the next few years, including changes to 401(k) contribution limits, tax deductions, and the potential benefits of using tax-advantaged accounts like HSAs.
Read More
Early Retirement: Dream Come True or Financial Trap?
Ever fantasize about leaving your 9-to-5 before traditional retirement age? You’re not alone, but is early retirement even possible? In today’s episode, Eric explores what it really takes to retire early including how to tackle healthcare costs, how to make money last longer and the importance of shifting your mindset from spender to saver.
Read More
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 More
Bracket 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 More
Are 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 More
What 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 More
Mailbag – 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 More
Planning for Unique Situations in Retirement
While many face the same general retirement concerns, each individual’s situation is unique, requiring tailored solutions.
Read More
Planning 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 More