Retirement Ready

3 Qualities of Money

All money has one (or two) of these three qualities: safety, liquidity, and growth. Eric shares which types of accounts carry these qualities for your money and why you should have a mix of each quality. What are the benefits and risks associated with each one?
 
Here’s what you’ll learn on today’s show:
What three things your money can do. (0:50)
What options you have with your money. (1:46)
If you have growth and liquidity, what does that look like? (3:15)
With growth and safety, what’s the downside? (5:07)
Do people overemphasize one quality over another? (7:48)
 
Get in touch with the Peterson Financial team: https://petersonfg.com/

Awkward Financial Conversations

As a financial advisor, Eric has experience navigating some awkward conversations when it comes to managing money. Maybe someone wants to cut a family member off financially after being estranged. Or a couple decides to get divorced after several years together. Whatever the dynamic, you want to work with a financial advisor and fiduciary who can guide you through the situation.
 
Here are some of the awkward situations Eric has helped clients overcome:
Wanting to remove a family member as a beneficiary. (1:35)
Divorce happens and the assets get split up. (3:55)
A client makes a financial decision that backfires. (6:18)
Money might make the kids fight over it after you’re gone. (8:16)
Leaving one financial advisor for another. (10:13)
 
Get in touch with the Peterson Financial team: https://petersonfg.com/

Knowing Your Money Mindset

When it comes to money, there are a variety of different stances and mindsets people have. Eric has seen a bit of everything in his years as a financial advisor. In this episode, he talks through some of the mindsets he frequently sees and how he advises people to best approach the mindset they are in with money.
 
Here are the mindsets we cover on today’s show:
“I hate my job, how soon can I retire?” (1:13)
“I have no clue how much I need for retirement.” (3:41)
“I’d love to retire soon, but I don’t have a million dollars.” (6:19)
“I think we can retire if we cut back on our spending.” (9:36)  
 
Get in touch with the Peterson Financial team: https://petersonfg.com/
 

The Different Types of Financial Risk

Life always has risk, and there are several types of financial risk. Do you know how much risk you have in your portfolio? Understanding the different types of risk may help you understand what kind of risk you are exposed to.
 
Here are the different types of risk we discuss on today’s show:
Usually, people think of stock market risk. (1:45)
Interest rate risk was low until recently. (5:24)
Inflation risk has been more apparent lately. (7:20)
Tax rate risk will catch up with us. (8:46)
Longevity risk can add up over time. (9:57)
 
Get in touch with the Peterson Financial team: https://petersonfg.com/

Good News, Bad News

Sometimes you get good news and bad news at the same time. Which one will outweigh the other? In this episode, we talk through a number of financial scenarios that can bring a bit of both good and bad. More times than not, you are better off than you expected but you won’t know until you ask a professional.
 
Here’s some of the good/bad news we’ll discuss on today’s show:
You have a lot of debt, but you have some tax-deductible interest. (2:05)
Mutual funds haven’t performed well…but the fees are low. (4:18)
Not enough money to pay for long-term care, but Medicaid can step in. (6:32)
Lost a lot of your portfolio, but it will come back, eventually. (8:44)
 
Get in touch with the Peterson Financial team: https://petersonfg.com/
 

401(k) Considerations

A 401(k) is a highly valuable, widely used investment asset for many people. But what should you know when you set one up or contribute to one? In this episode, we’ll talk through some of the things you’ll want to consider when using this powerful investment tool. Stay tuned to learn how to get the most out of your 401(k).
 
Here’s what you’ll learn about on today’s show:
Understand your need for liquid assets. (1:43)
Get the employer contributions. (3:32)
Consider the tax implications. (4:58)
Don’t leave money behind at an old job. (7:52)
 
Get in touch with the Peterson Financial team: https://petersonfg.com/
 
 

Generational Challenges

Every generation has had a different experience and is currently at a different life stage. In this episode, Eric talks through some of the financial challenges that Millennials, Gen X, and Baby Boomers face. Understanding and acknowledging these different challenges can help you better plan according to where you are in life.
 
Here’s what we talk about on today’s show:    
Millennials face prices that are way more than what their parents paid. (1:10)
Gen X is in the "sandwich" generation now. (5:11)
Boomers are retiring. (7:57)
 
Get in touch with the Peterson Financial team: https://petersonfg.com/
 

Advisor Pet Peeves

We all have pet peeves, so in today’s episode we talk about some pet peeves financial advisors have. Eric shares his experience as a financial advisor and sheds light on some things in the industry that can negatively impact both clients and professionals. From cookie-cutter financial plans to hidden fees, these things can really rub you the wrong way.
Here are the pet peeves we talk about on today’s show:
Fee structures can result in hidden fees. (1:21)
Advisors who put their own goals ahead of their clients. (3:41)
One-size-fits-all plans aren’t the answer. (5:56)
A complicated plan is not a better plan. (10:35)
 
Get in touch with the Peterson Financial team: https://petersonfg.com/
 
 

Grading Your Financial Competency

Financial competency is something that is not taught nearly enough. As an advisor, Eric focuses on teaching not only strategic investing decisions but also the basic foundations of money. It starts by knowing how much you have. Then, ask yourself, how much do you really spend? It’s easy to spend more than you realize, so getting that in check can make a huge difference.
When it comes to investing, are you truly diversified? How much are you actually paying in fees? Eric shares why some of these answers can be misconstrued and how to get back on track.
 
Here are the questions you need to ask yourself:
Do you know how much you have? (1:11)
Do you know how much you spend? (3:45)
Do you know how much risk you have? (5:39)
Do you know what you’re paying in fees? (7:47)
Do you know what your retirement income streams look like? (9:46)
 
Get in touch with the Peterson Financial team: https://petersonfg.com/
 

Financial Lessons from Yogi Berra

What kind of financial wisdom can we take from a baseball player’s quotes? Quite a bit! Today’s quotes from Yogi Berra have a bit of humor and a lot of truth when it comes to your financial plan. From navigating annuities to planning for inflation, Eric shares how these quotes can bring a lot of meaning and understanding to our finances. 
 
Here are the quotes we talk through on the show:
“I never said most of the things I said.” (1:49)
“A nickel ain’t worth a dime anymore.” (3:55)
“If you don’t know where you’re going, you might go somewhere else.” (7:17)
“The future--it ain’t what it used to be.” (8:15)
“It’s like déjà vu all over again.” (10:29)
 
Get in touch with the Peterson Financial team: https://petersonfg.com/