If you’re looking for general guidance on how to invest, we’ve got you covered on this episode. First we begin with a few different financial laws that you should follow to always stay on the right track with your plan. Then we’ll move to financial statements people have made that came back to haunt them.
Are you following the basic laws of finance? That’s what you need to ask yourself as you build a financial plan for retirement.
You won’t find these laws in any courtrooms, but they exist in investing and provide you with the guidance you need to make decisions. Ryan and Bob Payne will run through a few of these financial laws and explain what you can do with your own portfolio to follow them on this episode of No Payne, No Gain. They’ll also share some personal client examples that tie into these laws to give you an example of ways they’ve helped people stay on track.
From there we’ll move to financial regrets. The guys will look back on statements made that have come back to haunt investors. Pay attention because you don’t want to make these same mistakes.
We’ll finish out the show by bringing on Emily De Valente for our spotlight segment. She’s a financial advisor on our team and recently worked with a couple to bring both spouses up to speed on the finances and the planning. This is something that all couples should be doing around retirement so that you both know how to access your accounts and understand where your money is going.
Join us by using the audio player above and click on these timestamps to skip around to different topics.0:33 – What we’re talking about on the show today.
1:19 – Beginning our financial laws discussion with the ‘law of rising taxes.’
2:25 – Why Bob calls all of his advisors ‘TPAs’
2:58 – Making a few tweaks can supercharge your portfolio.
4:08 – The Law of Inflation
4:49 – Where is the best place to put your money to overcome inflation?
6:35 – The Law of Market Movement
9:29 – Let’s talk about the financial statements people make that come back to haunt them.
9:50 – First one: I told myself I’d get out of the market if I ever recovered what I lost in 2008, but now I think I’ll just keep doing what I’m doing.
11:12 – It’s so important to understand what you own right now.
12:23 – Another regret: I like the security of keeping my money in cash because I know I won’t lose it.
14:08 – Some simple things you can do to make your money productive.
14:38 – Another regret: No one in my family has lived past 75 so I’m not planning on living a long time.
16:57 – This week’s Spotlight: Financial Advisor Emily De Valente joins the show.
17:59 – Emily shares the story about getting a spouse on board with the financial planning for the first time and how that process went.
20:31 – Now that they are both involved, how is it going?
21:45 – The best hedge there is against inflation are dividends.
“Having a financial plan is not about just the end in mind. It’s the little things you need to do every year and you really need someone to guide you to make sure those little things get done. Because if you miss one opportunity, you miss it forever. “
– Bob Payne
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