There are actually a lot of principles from the personal training and fitness world that can be applied to retirement planning. Your portfolio is much like your body in that you have to actively take care of it to maintain its health and wellness. Today we’ll explore those similarities before playing a game of Financial Jeopardy.
Think about the amount of work that goes into keeping your body healthy and free of illnesses. You can’t expect to be in great shape without paying attention to what you eat, tracking how much exercise you’re getting, and monitoring how your body feels each day.
So why would you ever expect your retirement portfolio to remain strong and continue growing if you aren’t actively involved with that process? This episode of the No Payne, No Gain podcast will explore the connections between physical and financial wellness. Ryan and Bob will look at goal-setting, designing a plan, and having someone to hold you accountable and help you make adjustments.
We’ll also introduce a game of Financial Jeopardy, which Bob loves because that’s his favorite show on television now. Ryan will present the answers and we’ll see if Bob can ask the correct question.
This week will end with our Spotlight Segment and financial advisor Aaron Dessen will come on the show to share a recent client story. He helped a couple develop an income plan that generated six figures and helped the clients get back on track to the retirement date they always had in mind.
Here’s the rundown for this episode:
[1:14] – Let’s explore the similarities between physical fitness and financial fitness. The first thing is you can’t just read a book or go online to design your plan.
[3:08] – Investing your money can be very emotional. Think back to 2008.
[4:18] – The next similarity is you need someone that’s looking out for you and making adjustments to your plan based on your needs.
[6:20] – Another similarity is you have to put the goals in place before you can put the plan and strategy and place.
[8:30] – Let’s play a game of Financial Jeopardy.
[9:08] – First answer: Known by many for its high fees and broken promises, this financial product has given a bad name to some of its cousins.
[11:15] – Second answer: This requires a financial advisor to put his or her client’s financial best interests before their own.
[12:08] – Here’s the best way to find out if your advisor is truly a fiduciary.
[14:02] – Third answer: This financial phenomenon is thought by some to be imminent but by others to be far off in the distance, but there’s no denying it will be back eventually.
[16:19] – Spotlight Segment featuring Financial Advisor Aaron Dessen
[16:48] – Aaron shares the story of a couple he worked with recently that needed to make some changes to get on track for the retirement date he wanted.
“I started when I was 22-years-old and quite frankly, I was pathetic. I didn’t know anything and I made a lot of mistakes over the last 45 years. That’s why I think everyone needs a great financial advisor, great planner. Why make the same mistakes I already made?”
– Bob Payne
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