What nuggets of wisdom can we take away about retirement planning from a famous baseball contract?

It turns out, quite a few!

Listen in as Stephanie and Kevin unpack Bobby Bonilla Day and the circumstances that led to the former MLB player receiving a $1.19 million paycheck every year for 25 years—and the lessons you can extract from this story to better prepare you for those golden years.

Key Topics:

The story behind Bobby Bonilla Day (2:25)

"Why are we talking about some baseball contract?" (5:00)

Lesson #1: Understand your goals (5:57)

Lesson #2: Embrace the magic of deferred gratification (8:39)

Lesson #3: Build more wealth in the long run via compound interest (11:04)

Lesson #4: Know your risk-reward tradeoff (13:02)

Lesson #5: Note down historical returns (16:20)

Lesson #6: Take inflation into account (20:51)

Lesson #7: Know the value of working with experts (22:53)

"The key is to make an informed decision." (25:44)

If you like what you've been hearing, we invite you to subscribe on your favorite platform and leave us a review. Tell us what you love about this episode! Or better yet, tell us what you want to hear more of in the future. [email protected]

You can find the transcript and more information about this episode at www.takebackretirement.com.

Follow Stephanie on Twitter, Facebook, YouTube and LinkedIn.

Follow Kevin on Twitter, Facebook, YouTube and LinkedIn.