Today’s Objective…

Decision-making can be tough, and it’s often tempting not to make any decision at all. As you research a decision, you’re often hit with a barrage of information, and if you’re not careful, you can find yourself stuck. However, there comes a time when we all need to fish or cut bait as the saying goes. Discover the importance of decisiveness and the dangers of analysis paralysis.

Listen to the episode...

0:00

...

To Fish Or Cut Bait?

Apple Podcasts Google Podcasts Leave a Review Stitcher Download Spotify iHeartRadio TuneIn Subscribe via RSS

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

Tactical Points:

[2:19] Don’t Be Overwhelmed

Retirement is overwhelming. You’ve saved all this money, and suddenly, you have to figure out how to make it last the rest of your life.
Sometimes, you just have to make a decision lest you get stuck.
Start by focusing on certain areas of retirement planning. Dan explains the five areas of focus he uses to create a retirement plan.

[3:50] Analysis Paralysis

Too much information is paralyzing.
There used to be a time when information was limited. Gone are those days.
Information is good, but you need wisdom to know how to best apply it.

[5:30] General Confusion Surrounds Finances

Personal finance is complex enough as it is. It doesn’t help when advisors throw around useless knowledge just to make them sound impressive.
Don’t be intimidated by personal finance. Turn to your advisor as a resource. Work with an advisor who has the start of a teacher.

[8:40] The Taboo Of Money Talk

Some folks just don’t like talking about money. For various reasons, it’s just an uncomfortable topic.
Traumatic issues make money issues more uncomfortable. The loss of a spouse, a relative, or a job can make money matters more stressful. Take time to grieve, adjust, and educate yourself before making decisions.

[13:17] Mailbag: Stretch IRAs

Arnold was challenged to consider opening a stretch IRA. However, the politics surrounding that investment vehicle make it’s future uncertain, and he wants to know what to do.
Stretch IRAs allow beneficiaries to stretch IRAs over multiple generations.
Stretch IRAs are a wonderful tax tools. You can spread the tax over the lifespan of your life or even your children’s’ lives.
Congress has been debating the tax process surrounding stretch IRAs for years. Their future is somewhat uncertain.

[16:22] Mind Over Money: The Wall Street Roller Coaster

Dan explains how investing in Wall Street is like riding a roller coaster.
Volatility is normal. Don’t treat it like a recession.
Don’t measure your success from the market’s peaks. Measure your success from where you started.