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Aug 26, 2021

We were recently out spending time with some friends over a meal when the fortune cookies came out. As we all cracked them open to see what piece of wisdom awaited us, it got us thinking about financial fortunes.

Who’s to say that you can’t take that message of inspiration and apply it to your financial plan, right? So that’s what we decided to do on this episode of the podcast. We’re going to run through a few of the quotes from inside that crunchy cookie and apply them to real-life scenarios that we encounter with clients.

Accept something you cannot change and you will feel better.

The first thing that immediately comes to mind are taxes. It’s a frustrating topic when you start thinking about how much money you are paying and will have to pay in taxes over your lifetime, but there’s nothing you can do about the laws. What you can do, however, is start taking action to limit your tax obligations in retirement. We do this through a variety of tax planning strategies and it can save you significant amounts throughout your life.  

Don’t let statistics do a number on you.

We really on numbers and statistics quite a bit in this business, but they shouldn’t always drive your decisions. Just take health and longevity as an example. If you look to your parents and grandparents to try and determine how long you will live, it could directly impact the decisions you make within your retirement plan. If you think your chances of a long retirement are low, then you could put yourself in a position to run out of money in your 80s and 90s.

A foolish man listens to his heart.

When it comes to financial decisions, you want to act with your head and not with emotions. We had a perfect example of this recently when we received a question from a client that was considering selling his home to downsize in retirement but was worried about all of the emotional connections he might lose. The worry was that he was being foolish to hang onto the house when they could save so much more by selling it. We can work through the numbers for both scenarios to determine if the tradeoff will be worth it for you.

No matter what fortune you’re dealt, it’s important to think it through and have a plan for what you want to accomplish.

Check out the full episode or use the timestamps below to hear a specific segment.

1:32 – Why this topic?  

3:58 – ‘Accept something you cannot change and you will feel better.’

9:02 – ‘Don’t let statistics do a number on you.’

14:07 – If You Can Dream It segment  

17:11 – ‘A foolish man listens to his heart.’


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