We look to many different places for help with retirement planning, but have you ever considered what flying can teach us about investing? You might be surprised to hear that there are a number of parallels between the two and we’ll lay them out for your on this episode.
Click the timestamps below to jump ahead in the episode…
Other Retirement Facts:
Think back to the last flight you took. Did it make you think about investing at all? Probably not, but there’s a lot we can learn about retirement planning from pilots and planes.
On this episode of Phil’s Tax Hacks, we’ll explain the analogy even further by going through the process from start to finish and talking about the relationship to our financial planning. Beginning with the flight plan and leading us all the way to landing, flying teaches us quite a bit.
You wouldn’t get on plane that only had an 85% chance of reaching its destination, would you? Then why would you invest in a plan that didn’t give you the best chance to reach your final retirement destination? We’ll talk about all of that today on the show.
Plus, we’ll react to a recent headline that more than a third of the households in this country have paid off their mortgage.
Stick around until the end to learn more about Phil.
Listen to the full episode for more on these topics or click on the timestamps below to skip around.
1:22 – In the News: A new study shows 37% of households are ‘free and clear’ meaning they are mortgage-free.
3:10 – Introducing the show’s main topic on flying and retirement.
3:53 – First thing is the flight plan.
7:03 – We all handle turbulence differently, much like volatility.
9:13 – It’s important to understand how you feel about risk.
10:18 – Advisors are a lot like air traffic control to help you along the journey.
12:44 – Mailbag: I’ve been planning to sell some investment property to move that money into something else but I just discovered how much I’ll owe in taxes because of the increased property value. Should I just hold onto it?
14:17 – Getting to Know Phil: What’s a job you’d be terrible at?
A Quotable Moment: