Why Having A Financial Plan Is Better Than Being Asset Rich

The Principle:

Having a lot of assets might feel nice, but don’t assume that means you don’t need a financial plan. Brian talks through the importance of a balanced plan and budget in retirement.

Honest Takes:

If someone is described as asset-rich, are they set for retirement? Brian talks about a woman who is asset-rich but needs to balance a sustainable income with longevity.

Some of the questions you’ll need to ask are: how much do I need to live on? What’s your income? A scenario that talks about being asset rich or a high net worth doesn’t share the whole story. What’s your budget? Backing into the answer means you look at what you need before you determine whether or not you have enough. Having a lot of assets may make you decide which ones really matter to you, especially after you have to pay the taxes and upkeep.

It’s important to build a plan that is specific to your needs. Do you want to travel or give more to your church? Are you leaving a legacy for your children and grandchildren?

As someone nears 60 years old, what kind of advice does Brian have for clients? To make sure you’re prepared, stress test your retirement plan. Know how it will perform even if something goes awry.

Listen to the entire episode or skip ahead using the timestamps below.

[0:12] What does it mean to be asset-rich?

[2:57] What do you need in retirement?

[5:12] How does your plan meet your specific needs?

[7:10] What kind of advice does Brian have for someone 60 years old?

[10:44] Is your plan up-to-date?

Today’s Truth:

“You’ve got to have a solid overall game plan. Look at the long-term for investing but more importantly, get all of your ducks in a row.”

Brian Bowen


The Host:

Brian Bowen – Contact