Episode #32: The Importance of Proper Planning


The Principle:

The key to having a successful retirement is proper planning. Learn the importance of being prepared, and join us for a conversation on risk.

(Click the featured times below to jump forward in the episode)

Honest Takes:

[00:15] – The Key To A Successful Retirement Is Proper Planning.

• Chris Hogan is the author of the book Retire Inspired. He explains how you have to both physically and mentally prepare to retire.

[1:10] – So Many People Don’t Have A Plan.

• So many people visit us who miss this key element of a successful retirement. They’re stressed because they don’t have a plan, and they’ve been watching their money bounce up and down in the market. Brian shares how even his children are taught the importance of planning.

[2:52] – Prior Planning Prevents Poor Performance.

• We’ve all heard the old saying “If you fail to plan, you plan to fail.” That doesn’t have to be your retirement destiny. We’re here to help you plan ahead and understand your finances.

[4:42] – The Importance Of Understanding Risk.

• Another key element of retirement planning is understanding the amount of risk in your portfolio. We’re not just referring to risk that comes from stock market exposure either. Your spending habits might be putting you at risk in retirement. Brian explains the importance of developing an income plan.

[6:10] – Go Beyond Stock Market Volatility.

• Inflation will also put your wealth at risk. If your money isn’t keeping up with inflation, you could be losing wealth over time.

[6:45] – Consider Long-Term Care Costs.

• Rising healthcare costs could pose a danger to your portfolio. You need to make sure you’ll have what you need to cover the costs of nursing home care as well as other long-term care needs.

[7:12] – Work With An Advisor Who Is Easy To Understand.

• Financial advisors love to explain $3 concepts using $7 words. Instead of further confusing you, they should be able to explain concepts in a way that’s easy for you to understand.

Today’s Truth:

Other Virtues:

The host: Brian Bowen – Contact

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