Today’s Objective…

Mission statements give our dollars a purpose. Let’s find out whether you’re effectively putting your money to work for you.

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

First Things First.

  • [spp-timestamp time=”1:08″] – In The News: Netflix Briefly Surpasses Disney In Market Value
  • 3:28 – Mailbag: Barry asks how nursing home care should factor into his retirement plan.
  • [spp-timestamp time=”5:56″] – Mind Over Money: Dan explains how recency bias affects our approach to the stock market.

Tactical Points:

Mission Statements: Emergency Funds. 

  • [spp-timestamp time=”9:28″] – You want to have cash available at a moment’s notice. This is money that’s just sitting in the bank. It’s also money you don’t want to touch unless you’re in a true emergency. Advisors have different opinions on how much you should have saved, but generally speaking, three to six months worth of expenses is a good place to start. It really depends on where you are in life. If you’re single, you might only need three months expenses. However, if you’re married with children, you might want a little more cushion. The idea is to have enough to come to the rescue in an emergency but not so much that your money is losing out in the market. If you don’t have an emergency fund, you’ll want to build one ASAP.

Mission Statements: Big Ticket Items.

  • 10:33  – “Big ticket” items include new cars, major repairs, extensive trips, perhaps a second home, etc… The idea is to determine exactly what your big ticket items will be in retirement. Of course, you can’t say for sure when your roof will collapse. That’s what your emergency fund is for. However, if you know you will want to replace your roof, you can begin saving now to prepare for that project. There’s freedom in paying for those items up-front rather than paying on credit and building debt in retirement.

Mission Statements: Income.

  • 11:51 – Generating income in retirement is crucial. During your working years we emphasize growing your portfolio, but once you retire that mentality needs to change. You’re moving from accumulation to distribution, and a lump sum needs to transform into a series of monthly paychecks. You need to have consistency in retirement, and generating income lends itself toward meeting that need.

More Planning Points: 

  • 13:09 – Will You Leave A Legacy?

The Plan:

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Free Retirement Toolkit:

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Extra Planning:

The host: Dan Betzel – ContactRetirement Trailblazer Guide – Retirement Rescue Toolkit – Call: 614-472-4510