Preview Mode Links will not work in preview mode

Listen to Johnson Brunetti's Money Wisdom with Joel Johnson CFP®, host of Better Money Television program and Forbes Contributor. Gain true financial wisdom and advice aimed at educating you about all of your financial options when it comes to retirement so you can make the best decisions for you and your family. Get information and education that can bring you peace of mind with your savings and retirement. Whether it’s your 401k account, IRA, or an underperforming asset, Joel Johnson can answer your questions and make you more aware of issues that may affect you.

Subscribe on Apple Podcasts

Subscribe on Android

Jun 5, 2020

Today we’re getting back to the basics of financial planning by sharing the five commandments. These rules of thumb will serve as your financial compass and ensure that you’re on the right path for retirement.

 

Read more and get additional financial resources here: https://johnsonbrunetti.com/5-financial-commandments-everyone-should-follow/ 

 

Today's show schedule: 

0:43 – Financial commandments today

1:23 – No 1 - Thou shalt not compare your investments to the stock market without proper context.

3:49 – No. 2 - Thou shalt not give up before giving your strategy enough time to play out.  

5:05 – Warren Buffett always finds a way to simplify things.

5:50 – No. 3 - Thou shalt not chase big returns later in life.

6:18 – No. 4 - Thou shalt not ignore cost and fees.

7:08 – No. 5 - Thou shalt not overlook the importance of rebalancing and diversifying.

8:31 – Mailbag Question #1: I feel good about the amount of savings we have relative to the amount of income we need in retirement. I’m worried about nursing home costs and don’t have a good feel for how to plan for that. What’s your approach?

10:33 – If someone doesn’t have a plan, what’s the process to make that happen?