Let’s have a little fun on today’s show by comparing financial planning and financial decisions to some of our favorite game shows. How can your retirement strategy look like a game show?
If The Price is Right was your favorite game show, you might feel inclined to make your retirement investments based on the best price. But instead of trying to pick stocks when it comes to your retirement nest egg, make disciplined, diversified decisions with your portfolio. Do what’s right for you.
Ever wonder if you’re smarter than a fifth grader? The facts and information that you knew back then might not be the same things you focus on now. But when it comes to your financial plan, you want it to be easily explained and simple enough that a fifth-grader could grasp the concept. You can’t follow a complex plan if you can’t understand it. You don’t have to know all the ins and outs of your portfolio, but understand why you’re doing what you’re doing.
Who Wants to Be a Millionaire? Doesn’t everyone want to be one? There’s an emphasis on that number and getting there. But remember that a million isn’t what it used to be. Understand what your real retirement goals and needs are and what you need for your retirement income.
Finally, another fun game show is Family Feud. It’s all fun and games on TV, but what you don’t want is for a family feud to break out after you pass away. Set up a good will and estate plan that takes care of the details and puts in writing what you want after you’re gone.
Listen to the entire episode or skip ahead to hear more about a particular quote.
[1:53] – The Price is Right…with your investments?
[4:40] – Are You Smarter Than a Fifth Grader?
[6:47] – Who Wants to Be a Millionaire?
[10:18] – Family Feud is a fun show, but not in real life.
A Point Of Wisdom:
If you can make disciplined, diversified decisions with your portfolio it works better long-term.