Episode 103: Things Nobody Says About Their Financial Plan

Today’s Prep:

Wondering what to do with your financial plan but don’t want to later regret it? Here’s a few things people never seem to come back and complain about.

(Click the featured times below to jump forward in the episode)

Equipping Points:

Financial advisors hear a lot of things, but these phrases seem to never make the list. What can we learn from these financial ideas?

So far, no one has told him they wish they had saved less in a Roth IRA. David is a huge Roth IRA fan for a variety of reasons and talks about the two ways to put more into a Roth IRA. Are you contributing to your Roth IRA? Saving is a good thing, so if you happen to stuff it into your Roth, all the better when you retire because that money comes out tax-free. Should you be putting money into your company’s 401(k) or the Roth?

The number one concern of baby boomers is if they will outspend their money in retirement. No one is saying that they wish they had spent more and saved less. What’s a good rule to implement in retirement to make sure your retirement savings last? Do you have a retirement income plan specific to you?

Life insurance is something typically don’t want to talk about, but most people do appreciate the benefit. When should you have life insurance? How much should you have? What kind of life insurance would be most beneficial? This online calculator might help you out.

Nobody loves paying extra taxes. Everyone would prefer to take the deductions they can legally take. While taxes are necessary, no one wants to pay more than they owe. What wise tax strategies do you have in place?

Whether you loved roller coasters as a kid or not, you most likely don’t love the roller coaster of the market. You might like it when the market is up, but probably hate it when it goes down. It’s important to know your risk tolerance and how you react when markets go down. Most certainly, we’ll have another drop in the market in the future. Is your portfolio in the place you need it to be?

Listen to the entire episode or click on these unheard statements using the timestamps below.

[2:05] – What are some things nobody says?

[2:35] – “I regret putting money into my Roth IRA every year.”

[5:25] – “I should have spent more and saved less.”

[7:36] – “The life insurance payout was insulting.”

[12:08] – “Paying more taxes than I have to makes me feel patriotic.”

[14:35] – “I love the big market corrections.”

Today’s Takeaway:

“Saving is a good thing, so if you happen to stuff it into your Roth, all the better when you retire because that money comes out tax-free.”

– David Dickens

Additional Resources:

PODCAST: Roth Conversions, Portfolio Diversification And Pension Lump Decisions?

PODCAST: Can We Afford to Do This AND Still Have Enough For Retirement?

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More From David:

The host: David Dickens

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