Whether you are sorting through conflicting information or suddenly inheriting more money than you expected, what do you do? How do you know what advice to follow?
(Want to jump ahead in the episode? Click the featured times below to skip to a specific section.)
When you come across conflicting information, what do you do? How do you know what advice is right? What about when you come into a large sum of money unexpectedly?
A lot of times, online resources aren’t there just to educate you but rather to generate ad sales. There are different strategies that might be suggested, but that doesn’t always make it right for you.
COVID might be the common topic to post content about, but it also continues to force new situations and decisions. From a forced early retirement to layoffs, you might be facing difficult decisions. Have you worked with your advisor to make a plan?
What happens when you inherit a large sum of money? Some might be quick to spend it when it suddenly falls in their lap. If you aren’t the one who worked hard for it, sometimes you don’t appreciate all the effort it took to build up to it. The same goes for lottery winners. Many times, they quickly lose all of their money. If you inherit or suddenly earn more money, take a step back and consider what you’re spending. Then you can determine how you need to make adjustments before your newfound money disappears.
Listen to the entire episode or click on the timestamps below to skip to a particular segment.
[0:17] – No matter what the topic, you’ll run into conflicting information. What do you do?
[1:38] – COVID is causing a lot of early retirement.
[3:18] – What happens when someone inherits large sums of money?
[4:57] – How does it feel to take money out of your emergency fund?
[5:39] – Lottery winners often don’t know how to save their new money.