A number of common proverbs you’ve probably heard all your life can easily be applied to your finances. Are you keeping these simple lessons in mind when considering your retirement planning? Join us this episode as we place meaning to those proverbs.
Click the timestamps below to jump ahead in the episode…
Other Retirement Facts:
Classic proverbs you’ve probably grown up hearing can also apply to your money. Sometimes it’s just a matter of stopping to consider them alongside your overall financial plan.
When you near or just start retirement, it’s easy to get caught up in the desire for more. “A bird in the hand is worth two in the bush” is how the saying goes. Likewise, it’s important to appreciate what it is you have already.
Another one commonly shared is, “Don’t put all your eggs in one basket.” Similarly, you don’t want to put all of your investments into one stock or company. Sometimes people will choose to overly invest in the same company they work at, only to lose it all. You need to have a blend of assets by focusing on diversification. And not just diversification of your assets, but diversification of your tax strategies too.
Hear Phil share his thoughts based on years of financial experience on the full episode or click the timestamp below to skip to a specific proverb.
1:30 – Upcoming event: When to shred your documents.
3:29 – “A bird in the hand is worth two in the bush.” Don’t overchase growth, especially in early retirement.
4:56 – “A rising tide lifts all boats.” If you’re in the market, you flow with the market.
5:52 – “If it sounds too good to be true, it probably is.” The market has maintained a similar process for years.
6:49 – “Don’t put all your eggs in one basket.” Diversification is key.
9:12 – “One man’s trash, another man’s treasure.” Understand the source of your advice.
11:15 – Mailbag: A totaled car means needing some liquid cash, where should it come from?
A Quotable Moment: