Ready to take your retirement planning to new heights? On today’s show we take some quotes from the famous basketball player, Shaquille O’Neal. He’s had a lot of success when it comes to basketball, but also a lot of wisdom to share with us as well.
Shaq (and Aristotle) said, “Excellence is not a singular act but a habit. You are what you repeatedly do.” To translate this to financial planning, Nathan says this advice fits right in. Instead of looking for the secret answer, just invest regularly. It might even be boring to repeatedly buy into your 401(k) portfolio, but it works. The sooner you start, the better your investments will do.
On the court, Shaq is a force to be reckoned with. He once said, “I’m like tax, you’re going to pay one way or another.” In your financial plan, you need to keep taxes in mind and it needs to be part of your preparation for the future. Nathan says it’s important to have different accounts like a Roth IRA, a traditional IRA, and also have a regular investment account. They are all taxed differently.
We all want to win, but overfocusing on the scoreboard doesn’t make it happen. Shaq said, “The day I stopped worrying about my stats was the day I started winning.” With your investments, it’s good to check your numbers maybe quarterly, but don’t overfocus on them and lose out on the big picture.
Finally, your personal commitment to meet your goals is key. Great coaches are vital in sports or even in financial planning, but ultimately, as Shaq said, “The only person who can motivate you is you.” You have to stay motivated to achieve your financial goals. Reach out to a financial advisor to keep you headed in the right direction, but remember who is responsible for your financial decisions and financial actions.
Listen to the entire episode or skip ahead to hear more about a particular quote.
[2:45] – “Excellence is not a singular act…”
[4:38] – “I’m like tax, you’re going to pay one way or another.”
[6:48] – “The day I stopped worrying about my stats was the day I started winning.”
[8:44] – “The only person who can really motivate you is you.”
A Point Of Wisdom:
So many people try to find the goose that lays the golden egg.