Lessons From Fly Fishing

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Today’s Question:

A recent fishing trip prompts Nathan to consider how fly fishing is somewhat similar to retirement planning. Later on, learn why so many retirees lack confidence as they enter retirement. We’ll discuss the importance of spending with confidence.

Lessons From Fly Fishing:

[1:45] When Going Fishing, Know What You Need

  • Certain fishing trips require certain gear.
  • Your trip won’t always go as planned.
  • In retirement, know what you’ll need, and adjust your plan accordingly.

[4:23] Work With A Guide

  • When you go fly fishing, use a guide who knows the river.
  • In retirement, use an advisor who knows what you need to do in order to succeed in retirement.
  • Turn to advisor to help you understand the confusing elements of your portfolio.
  • Know what you’re paying your advisor. Understand what their services are costing you.

The Confidence Corner:

[10:24]Having Trouble Spending With Confidence?

  • Many retirees have trouble spending with confidence. Retirement is stressful, and it’s not easy to make the transition from accumulating wealth to distributing it.
  • Wealth distribution planning is different than wealth accumulation.
  • Nathan explains why watching the market will drive you crazy.
  • A sound income plan will build your confidence.

[14:20]Client Case Studies

  • Nathan outlines the story of clients who overspent early on and had to cut back later in retirement.
  • He shares another story of a client he’s encouraged to spend more. Essentially, this client has more money than they could ever spend, but they’re afraid to spend it.
  • Like a river guide, Nathan tries to help his clients successfully navigate their circumstances.

A Point Of Wisdom:

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Your Guide:

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