4 Financial Commandments You Should Follow
Retirement planning takes patience, diligence, and guidance, but it’s easy to be lured into chasing bigger returns or running away from investments in times of trouble. Staying the course laid out by you or your advisor might feel challenging at times, and that’s okay as long as you stick with it.
To help you keep you on track, we’ve put together a list of financial commandments for you to follow. These will allow you to decide between right and wrong when a major financial decision is looming. With the help of Joel Johnson, this episode of Money Wisdom will list each of them out and explain why they will help improve your retirement planning.
The four commandments are as followed:
- Thou shalt not compare your investments to the stock market without the proper context.
- Thou shalt not give up before giving your strategy time to play out.
- Thou shalt not chase big returns too late in life.
- Thou shalt not ignore costs and fees.
Learn about each on the podcast and you can use the timestamps below to skip around.
This episode will also take three listener questions to begin the show. Each of them provide some great information on using Roth IRA withdrawals to pay for college, life insurance in retirement, and how to work with your spouse on planning.
So let’s get started! Here’s the list of main topics you’ll hear on this episode of the Money Wisdom podcast:
[0:21] – What’s coming up on the show.
[1:19] – Listener question: Since I can take money out of my Roth IRA without paying taxes on it, I’m thinking about doing that to pay for my child’s college. Is that a good idea?
[3:26] – Listener question: My life insurance is about to retire but I assume that’s okay because I’m about to retire. Is that right?
[4:48] – Listener question: It’s time for us to do some planning but my husband just wants to keep doing the same things we’ve always done. What can I tell him to get him moving and make some financial decisions?
[6:03] – Question from Kim: I pay an annual fee to my financial advisor but we never communicate. I assume he’s paying attention to my accounts but how do I know?
[8:37] – Financial commandment 1 – Thou shalt not compare your investments to the stock market without the proper context.
[11:32] – Financial commandment 2 – Thou shalt not give up before giving your strategy time to play out.
[14:19] – Financial commandment 3 – Thou shalt not chase big returns too late in life.
[15:48] – Financial commandment 4 – Thou shalt not ignore costs and fees.
Information presented in our podcasts is considered current as of the created date. Over time, some information presented may become stale. We recommend you consult with your Financial Professional before making any changes based on information contained here.
Johnson Brunetti is a marketing name for the businesses of JB Capital and JN Financial.
Investment Advisory Services offered through JB Capital, LLC. Insurance Products offered through JN Financial, LLC.
The guarantees provided by any type of insurance contract are based on the claims-paying ability of the insurance company.
Related Resources
-
The Road to Retirement – Don’t Go it Alone
Achieving the retirement you’ve always dreamed of often requires careful planning. While the do-it-yourself approach may be difficult to shake, consider the benefits of seeking professional advice… -
What Updates Can We Expect for Social Security in 2025?
A new year means new rules for retirement plans. Let’s start with one of the largest sources of income for millions of retirees: Social Security. What changes can we expect in 2025? Heath Gross… -
Getting It All Together for Retirement
After a long, fulfilling career, the time has come to embrace the next chapter. You may have envisioned the age at which you’d retire since you began working, but it’s important to distinguish bet… -
Key Questions for Planning Your Retirement Income
Replacing your income in retirement is a significant undertaking that raises many important questions and requires careful planning. First and foremost, it’s essential to have a retirement income … -
Health Care Expenses in Retirement
Of all the expenses to expect in retirement, health care often makes up a significant portion of your costs. Monthly premiums, out-of-pocket expenses, and services not covered by Medicare can quic… -
Income Planning 101
You’ve spent the last few decades saving for retirement but are you truly prepared? To help address any concerns or uncertainties you may have, you need an income plan – one that considers every f… -
Frequently Asked Social Security Questions
Almost every American is impacted by Social Security in some way, so it’s no wonder that it’s one of the most frequently asked topics in retirement planning. When and how you start taking benefits… -
Maximizing Your Social Security Income
Social Security can serve as a safety net for many retirees, sometimes acting as a primary source of income. However, the program is highly complex with over 500 ways to claim benefits. Even one o… -
How Much Money Can I Spend in Retirement?
“How much can my spouse and I realistically spend in retirement at age 62 with $1 million saved?” Today’s hypothetical couple is asking the very question that most pre-retirees ponder when gearing… -
What Steps Should I Take If My Retirement Savings Fall Short?
One of the biggest fears today’s pre-retirees and retirees face is running out of money in retirement – but what happens when that once-distant fear becomes your reality? Today’s question addre…
