Retirement Ready

Overconfidence in Your Financial Life

When can overconfidence cause catastrophe? If you are setting your financial goals based on a rule of thumb or a certain arbitrary dollar amount, you might want to reconsider. Having overconfidence, especially in the wrong things, can lead to financial disaster.
 
Here’s some of what we discuss in this episode:
Overconfidence in the stock market.
Overconfidence in a certain dollar amount for retirement.
Overconfidence a financial rule of thumb.
Overconfidence in your own understanding.
Overconfidence in your decision-making process.
 
Get in touch with the Peterson Financial team: https://petersonfg.com/

Learning From Financial Mistakes

Sometimes we learn from our mistakes, and unfortunately, sometimes we make the same mistake over and over. Having a financial advisor can help you navigate through your financial decisions so you don’t get stuck in the same rut of financial mistakes on repeat. In today's episode, Eric will share some of the mistakes that he sees people make frequently. 
 
Here’s what you’ll learn on today’s show:
What mistakes does Eric see repeatedly?
How do people improve their financial habits after they gain experience?
When has a financial change turned out to be a good thing?
What financial mistakes has Eric helped people avoid?
Do some people resist retirement because they don’t trust the numbers?
 
Get in touch with the Peterson Financial team: https://petersonfg.com/

The Hierarchy Of Retirement Needs

You may be familiar with Maslow’s hierarchy of needs, which breaks down a human’s needs into five different tiers. In today’s episode, we apply those tiers to what you need when retirement planning. Have you planned and saved in a way that will cover all of these needs? Stick around to find out!
 
Here’s what you’ll about learn today:
The physical needs are your retirement basics.
Safety concerns apply to protecting your money.
The need for belonging looks different in retirement than when working.
Finding ways to feel accomplished in retirement. 
Finding self-actualization through contentment with where you are now.
 
Get in touch with the Peterson Financial team: https://petersonfg.com/
 

Finances with Forrest Gump

The classic movie, Forrest Gump, is full of great quotes. We see how some of those quotes can be applied to your finances. From figuring out what to do when life isn’t going just like you thought to learning from past mistakes, there are a lot of takeaways from Forrest.
 
Here are the quotes we dive into and turn into financial advice:
“Life’s like a box of chocolates, you never know what you’re going to get.”
“Mama always said, you’ve got to put the past behind you before you can move on.” 
“What’s normal, anyway?”
“Dying is a part of life, I sure wish it wasn’t.”
 
Get in touch with the Peterson Financial team: https://petersonfg.com/

Financial Matters People Put Off

Humans can be really good at procrastination. When we have the basics covered, it’s easy to put off the decisions and actions that we don’t want to deal with just yet. Today, we talk about some of the financial matters people are prone to put off and what you would be better off tackling right away. You might be surprised to find it wasn’t so hard to handle after all!
 
Here’s what we discuss in today’s show:
 
Is deferring taxes the right choice?
Some put off eliminating debt.
Setting up legal and estate documents isn’t fun, but needs to happen.
Delaying the start of Social Security may be a good idea, may not be.
Putting off meeting an advisor does yourself a disservice.
 
Get in touch with the Peterson Financial team: https://petersonfg.com/
 

What to Know About Retiring Today

When you work with a financial advisor, you aren’t just talking about money. Saving for your retirement also includes thinking about what kind of retirement lifestyle you want to have and what you need to keep in mind for the long-run. Do you want to work, by choice? What kinds of expenses will you have and how are they different in retirement? Is your money going to last for 30 years of retirement? Eric has seen his clients through all of these decisions and shares what to keep in mind about retirement.
 
Here’s what to consider before you retire:
• Some choose to work well into retirement. • How will your spending habits change? • You may still be helping with older or younger generations. • Your retirement funding probably needs to last for decades. 
 
Get in touch with the Peterson Financial team: https://petersonfg.com/

Common Pre-Retiree Tax Mistakes

Let’s talk about the different tax mistakes retirees are prone to make. Between changing rules and a lot of financial documents to manage, you’ll want to avoid these tax mistakes. Eric talks us through where people get tripped up and why. What you pay in taxes can make a significant impact on your nest egg, so be sure to work with a financial profes-sional who can help you navigate them in retirement. 
 
Here are the tax mistakes we discuss today:
• Forgetting the required minimum distribution. • Not understanding Social Security taxation. • Overlooking tax deductions. • Not utilizing tax-advantaged accounts properly. 
 
Get in touch with the Peterson Financial team: https://petersonfg.com/

What Is Your Financial Personality?

What kind of personality do you have when it comes to money? Before you put together a financial plan, it’s important to understand the way you think and approach money. We talk through a few different personalities Eric commonly sees and how he advises them. Whether you are spending whenever you get a good excuse to or more of an intentional spender, it’s good to be cognizant of how you handle it and what possible downfalls you may face.
Here are the spending personalities we talk about today:
The emotional spender.
The YOLO spender.
The savvy spender.
The miser.
 
Get in touch with the Peterson Financial team: https://petersonfg.com/

Investing Strategies by Profession

From teachers to engineers, there are a variety of people who work with Eric and his team to build a solid financial plan. Those in similar professions tend to have similar mindsets when it comes to finances. Listen in as we discuss what similarities Eric sees across different industries and how he approaches each of them.
 
Here’s what you’ll learn on today’s show:
Teachers are used to stability and tend to be risk-averse.
Doctors are smart but can be disorganized in other areas of their life.
Engineers are analytical and want to know how things work.
Entrepreneurs pour their heart, soul, and finances into the business.
 
Get in touch with the Peterson Financial team: https://petersonfg.com/

Life Insurance 101

While no one really likes to talk about it, life insurance can be an important part of your financial plan. We talk about why people cringe when they hear the term, who most needs it, and why you might want to reconsider your preconceived notions about it. Life insurance sometimes gets a bad rap, but it can be a powerful tool. If you care for someone else and you hate taxes, look at life insurance.
Here’s what we talk about on today’s show:
Why is “life insurance” such a dirty word?
How do you know if you need life insurance?
Why do wealthy people keep life insurance?
How does this work as a tax-free income?
Get in touch with the Peterson Financial team: https://petersonfg.com/