What comic strip wisdom can we apply to our financial lives? Just ask a boy and his tiger…and Nathan O’Bryant, of course!
Click on the timestamps below to jump to specific topics.
We take a trip down memory lane and look at the funnies with Calvin and Hobbes today on the podcast. What quotes can be applicable in our financial lives and financial decisions?
Life is full of surprises…but are you counting on one? It’s not exactly common to inherit a huge sum of money right when you need it. A lot of the surprises financially are things like a sudden emergency, why you need to have an emergency fund. What if you didn’t think about needing long-term care? You don’t want surprises to get the best of you.
When life gives you lemons, what should you do? According to Calvin and Hobbes, “chuck it right back!” What does that look like from a financial point of view? The past year has given us several opportunities to throw some lemons. What has the pandemic thrown our way? What opportunities were available with a market downturn? What happens when you make mistakes?
Are you avoiding what you know what you have to do? Think about your estate plan. Do you have a will? Do you have a financial plan? These are extremely important and both inevitable needs in your financial life. What else are you putting off that really is better off getting done?
Finally, Nathan answers a question from the mailbag to finish off our show. Tess asks if having 33 different funds in her IRA is ample diversification. Nathan says it really depends on what kind of funds these are. Often, there’s overlap between these different funds, which likely means you aren’t as diversified as you think you are. Having a financial advisor do an analysis on the funds can make a big difference and help you create a plan for moving forward.
Listen to the entire podcast or click on the timestamps below to skip to a particular lesson.
[1:00] – Today’s podcast is taking inspiration from a favorite comic book.
[1:56] – “Life is full of surprises, but never when you need one.”
[4:03] – “When life gives you lemons, chuck it right back.”
[5:41] – “There’s no problem so awful that you can’t add some guilt to it to make it even worse.
[7:36] – “A day could really slip by you when you deliberately avoid what you’re supposed to do.”
[12:32] – Mailbag: Do I have adequate diversification in my IRA?
A Point Of Wisdom:
“Everyone makes mistakes. A lot of people make huge financial mistakes. It doesn’t mean your retirement plan is blown up and not going to work. It just means, you might have to adjust some things.“
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