Today’s Hack:
What can we learn from geniuses? How can we apply those same principles when making investment decisions? On this episode of Phil’s Tax Hacks, we’ll discover what it means to invest like a genius as well as answer a question from the mailbag.
Click the timestamps below to jump ahead in the episode…
Video Version:
Other Retirement Facts:
What does it mean to invest like a genius? What things do geniuses have in common? There are all sorts of books about the patterns and habits of geniuses, but how does it apply to our financial lives?
Are you flexible? Geniuses are adaptable. You have to have a plan to see if everything works, but then you need to be able to pivot when needed. Did you stress test your plan and is it flexible enough to handle changes?
A genius recognizes what they do not know. You can’t know everything on your own. Many geniuses rely on people around them to do the things they can’t do. Working with an advisor can allow you to focus on what you’re good at while they share their expertise
Another trait of a genius is the ability to learn from the experiences and mistakes of others. Are you doing this in your own life as well as with your finances? Have you learned the hard way and changed or are you still holding on and hoping for the best? What are the pros and cons of your decisions?
Finally, we answer a question in the mailbag from Leo in Plymouth. Is it wise to have a trust as a part of your financial and estate plan? Phil asks, what are your goals? Does a trust save in taxes or provide more control to you?
Listen to the full episode or click on the timestamps below to jump ahead.
1:06 – Geniuses are highly adaptable.
3:23 – There will always be bumps along the way.
5:17 – Geniuses understand what they do not know.
10:29 – Geniuses learn from the experiences of others.
12:40 – Mailbag: Should you have a trust?
A Quotable Moment:
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Additional Resources:
- Phone: 248.888.7530
- Email: pputney@afswealthmgt.com
- Schedule A Visit With Phil
