You might not think the sport of tennis has any correlation to the world of finance – outside of the large earnings – but there are some lessons we can take away from the game if you think about it a little deeper. This episode will look at the strategies within tennis that can be applied to our retirement plan.
Think about the last time you watched tennis. While you were watching the ball go back and forth across the net, did your financial plan cross you mind at all?
Probably not, so you might be surprised to know that the rules and strategies used within the lines are relatable to how we prepare for retirement. On today’s episode of No Payne, No Gain, Ryan and Bob make comparisons between the two and show you what you can learn from the sport.
Ryan and Bob also the ‘Financial Propaganda of the Week’ segment back to show where they share the misinformation they’ve found in the news recently. Why did a recent hurricane get Bob thinking about finance? And what horrid financial data did Ryan find in the news?
We’ll close out the show with two mailbag questions dealing with retirement income and 401k allocation changes in case of a recession.
We’ve laid out the show in the rundown below to make it easier for you to skip to the topics you care about most or to go back and listen to something again.
[0:31] – Setting up today’s episode.
[1:13] – Beginning the tennis/finance discussion. First up, how singles vs doubles applies to planning.
[3:26] – Some players perform better on specific court surfaces. What does this mean in finance?
[4:54] – It’s crazy how many people come into our office without ever having a financial plan run.
[5:59] – It’s important to hold serve in a tennis match. How does this apply to finance?
[9:51] – Time for Financial Propaganda of the Week segment
[10:26] – Bob found the recent hurricane forecasts reminded him of people that try to the predict financial future.
[12:29] – Ryan found some ‘horrid financial data out there.’
[14:00] – Why the ‘Yield Enhancement Strategy’ is dangerous.
[15:16] – Risk is only something you can recognize after the fact.
[18:27] – Mailbag time
[19:21] – Mailbag question: Part of me wants to retire, but I’ve gotten pretty used to a paycheck. How do people get used to not having money coming into their checking account every month?
[21:10] – Mailbag question: My 401k is a prominent point of pride but I’m worried we’re headed for darker times. Should I move my allocation to something safer?
“Trust what your advisor’s telling you but verify it. Get a projection done. Inflation is real. Taxes are real. Volatility is real.”
– Bob Payne
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