Today’s Puzzle:
The statements we’ll run though on the show today are basic common sense that nearly everyone would agree with, but our behave often doesn’t line up. Today look at these straight-forward approaches and explain what keeps us from following them.
[spp-player url=https://mcdn.podbean.com/mf/web/5pzakn/165_-_NIKKI_EARLEY_-_UNCOMMON_SENSEbg2kk.mp3]
(Click the featured times below to jump forward in the episode)
The Solution:
No one will tell you retirement is simple and straight-forward, but there are some basic common sense strategies that would make you much more successful if you followed them.
The problem is we’re all human and our behavior often prevents us from doing what we know is right. That’s why we want to highlight a handful of common sense statements that just about everyone would nod their head in agreement to. You’ll be very familiar with each of these but do you know what you’re doing wrong.
As you go through the show, you’ll probably find a couple common themes. First is emotion. Trying to make decisions in the absence of emotion is something we all struggle with. When it comes to financial planning, reacting emotionally will almost always lead to negative results. It happens a lot in the stock market when people can’t stomach losses and end up missing out on large gains over the long run.
The other theme you’ll see in these statements is the lack of proper planning leads to many people just not being aware of everything in their portfolio or the range of options at their disposal. This is particularly true with tax planning, where many people spend much more time on preparation than planning and it costs them a lot of money in retirement.
The good news is we want to provide some guidance on how to best stay on track with the common sense approaches so that you don’t end up learning too much through uncommon sense.
Listen to the entire episode or click on the timestamps below to hop around to different topics.
0:55 – Life without masks
4:22 – Buy Low and Sell High
6:59 – Don’t pay more in taxes than you have to
9:39 – Keep costs low
11:59 – Don’t put all your eggs in one basket
14:03 – Market timing is virtually impossible
The Full Picture:
“It’s hard to sell things when they’re making you money and probably buy things that aren’t. But we’ve learned through the years that we can’t and shouldn’t chase returns.”
– Nikki Earley
Free Stuff:
Click the image to get a free retirement rescue toolkit.
Additional Resources:
The host: Nikki Earley – Schedule A Time To Meet – Or Call: (513) 563 – 7526
