Retirement planning and financial goals can be tricky to navigate. Instead of getting lost and going down the wrong path, here’s what to look out for and how to head in the right direction in the financial world.
Click the timestamps below to jump ahead in the episode…
Other Retirement Facts:
Ever feel like you’re lost when it comes to your financial plan? Why is that? No one wants to get caught wandering around aimlessly. On this episode of Phil’s Tax Hacks, we talk through the different things that you can do to navigate the financial world with more confidence.
Start by using the right tools! While technology can be a great benefit, sometimes there are bad tools in the financial world that can cause confusion. Then, be careful who you are following in order to avoid bad directions. Bad advice can lead you astray, both in life and in finances. Are you putting your trust in the advice of a professional or someone who has a lack of experience and knowledge regarding your unique situation?
Do you know where you’re going with your financial plan? Pay attention! Instead of barely glancing at your financial statements, get a better understanding of what you have and where it’s going. Also, know how much you spend.
If you get lost, do you know how to get back on track? What does your plan look like and what are your retirement goals? The closer you get to retirement, the bigger the mountain of planning to climb, so it’s important that you are going in the right direction.
Are you lost in the world of financial decisions and planning?
Before we delve into today’s topic we’ll also take a look at the news. When it comes to the coronavirus or COVID-19, what is the appropriate response when it comes to your financial plan? Phil talks through what has been happening with it and what to keep in mind. (Try not to panic!)
Listen to the full episode or click on the timestamps below to hear a specific segment.
2:31 – In the News: What’s happening with COVID-19?
8:09 – What are the reasons people get lost in the financial world?
8:23 – Bad tools can make finances difficult to understand.
9:57 – Bad directions and bad advice can steer you in the wrong direction.
11:32 – Not paying attention can get you in trouble.
13:46 – What can you do to get back on track?
15:04 – Do you know where you want to go with retirement?
19:19 – Mailbag: How much long-term coverage is recommended?
A Quotable Moment: