Podcast Episode 257: Things Everyone Can Relate To
Created: June 17, 2022
Modified: July 29, 2022

Podcast Episode 257: Things Everyone Can Relate To

What You’ll Learn:
Have you ever forgotten someone’s name and fell back on ‘Hey buddy’ or ‘Hey friend’ or even tried to introduce another friend to them to try and extract a name? We’ve all been there, right? Much like those types of situations, there are financial scenarios that we can all relate to as well. On this episode of the podcast, we’ll put a different spin on the planning conversation by taking a look at these situations and explaining how we can make better decisions.

First on our list today is the worry that Social Security won’t have any money left when it’s time for you to claim your benefit In retirement. This concern sits in the back of many people’s minds and it’s something that gets speculated on quite a bit. It’s no surprise that there’s not as much money in the system as there was when it was introduced. At that time, you couldn’t get money until 65 and life expectancy was also in the 60s. The key here is to make sure you start Social Security at the right time for you because there are a lot of options and a lot of opinions.

Another thing that we can all relate to is having that uneasy feeling when markets start getting choppy. It’s easy to feel like you have a high-risk tolerance while things are going well, but does that same feeling remain when the market crashes? Everyone wants to grow their money, but as you get close to retirement, what you need your money to do evolves. We all know the rules to investing in the market (don’t react emotionally, don’t sell, stick it out) but we don’t know how we’ll react to a market crash in retirement when goals and needs have changed. Managing the risk in your portfolio as your life changes is just as important as the value on your statements.

The third and final thing on the list today is procrastination. We can all relate to putting things off because it doesn’t feel necessary at the moment. Eric spends a lot of time talking about mistakes that people make with other advisors and one of the common things that come up is procrastination or avoiding these key conversations. You don’t have to necessarily go out and act on everything right now, but you need to address it and make it a part of your plan so that you can move forward. 

We’re sure there’s plenty more we can all relate to but these three were great to highlight on this episode. Don’t forget to take advantage of our Money Map review process to get your financial plan started and avoid the mistakes others make with their money.

0:45 – Intro to the conversation

1:42 – Worrying about whether Social Security will last

2:44 – Not remembering someone’s name 

3:44 – Thinking you have a high risk tolerance until the market crashes

6:07 – Procrastinating with your financial plan

Thanks for listening to this episode. We’ll be back again next week for another show.

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