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.

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(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.

19:21 Getting To Know Dan: Trading Places

  • Dan explains someone he’d trade places with for a day.

Additional Resources:

The Plan:

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The Host:

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