Today's Hack

Are you worried you’re missing some red flags in your financial plan? Let’s talk through what you need to know and where you should better prepare.

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Show Notes For This Episode

Other Retirement Facts:

What do you need to watch out for when it comes to your finances? Are you overlooking some of these red flags? On today’s episode of the podcast, we talk about the things you need to keep in mind and the things that aren’t red flags after all.

Can you name the investments in your portfolio? The two extremes of too many and too few are red flags in your portfolio. Pay attention to what’s going on and do your due diligence, even when you’re working with an advisor. If you know all of the investments in your portfolio though, you probably have too few investments or you are watching it too closely. Know that the market will go up and down, you don’t need to check it every hour.

Are you meeting with your advisor often enough? You should be meeting at least yearly, but sometimes Phil meets with clients more often, especially if something big is happening in life. If you have a question, you don’t have to wait until that annual meeting to ask. Phil also does tax returns with most clients, which means another meeting in the year.

Is it a red flag if your accounts are moving up and down? Not necessarily. It comes back to risks and what you’re comfortable with. Does it keep you up at night? Understand how the volatility is built into your plan and how it could affect you.

Do you know how much you need to maintain your lifestyle in retirement? If you don’t know, that’s a big red flag. You have to understand what you need in order to know if what you have will work. Where will your income come from? Don’t think of your budget as a restraint, but as a tool for understanding. Know the guardrails of the maximum amount you can spend.

Can you explain or describe your financial plan? And do you actually have one? A retirement plan should be like planning a trip. It may change, but you want to have an idea of what you’ll face along the way. Working with an advisor will help guide you through the planning process.

Listen to the entire episode or skip ahead using the timestamps below. 

[0:27] Marc has a new studio set-up!

[1:05] How is Phil?

[1:32] What red flags should you look for?

[2:05] Can you name all the investments in your portfolio?

[3:51] – How often should you talk with your advisor?

[7:48] Are your accounts going up and down?

[9:40] How much do you need to maintain your lifestyle?

[12:14] Could you describe your financial plan?

A Quotable Moment:

“The plan should have built in the understanding that there is going to be volatility.”

-Phil Putney

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