Retirement Ready

For those in the sandwich generation, you may be wondering how much to help aging parents who weren’t prepared for long-term care costs or your children trying to pay for college. Is it wise to step up financially to help them or are you better off focusing on your own retirement savings? In this episode, Eric answers this question as well as two more regarding CD rates and what to do if facing a potential market crash. 

Here are the questions we cover on today’s show:

• Mailbag: My parents didn’t do a good job saving for the future and I’m worried about long-term care needs. Should I help them out or avoid this to save for myself? (1:22)

Get in touch with the Peterson Financial team: https://petersonfg.com/

All money has one (or two) of these three qualities: safety, liquidity, and growth. Eric shares which types of accounts carry these qualities for your money and why you should have a mix of each quality. What are the benefits and risks associated with each one?

Here’s what you’ll learn on today’s show:

• What three things your money can do. (0:50)

Get in touch with the Peterson Financial team: https://petersonfg.com/

As a financial advisor, Eric has experience navigating some awkward conversations when it comes to managing money. Maybe someone wants to cut a family member off financially after being estranged. Or a couple decides to get divorced after several years together. Whatever the dynamic, you want to work with a financial advisor and fiduciary who can guide you through the situation.

Here are some of the awkward situations Eric has helped clients overcome:

• Wanting to remove a family member as a beneficiary. (1:35)

Get in touch with the Peterson Financial team: https://petersonfg.com/

When it comes to money, there are a variety of different stances and mindsets people have. Eric has seen a bit of everything in his years as a financial advisor. In this episode, he talks through some of the mindsets he frequently sees and how he advises people to best approach the mindset they are in with money.

Here are the mindsets we cover on today’s show:

• “I hate my job, how soon can I retire?” (1:13)

Get in touch with the Peterson Financial team: https://petersonfg.com/

Life always has risk, and there are several types of financial risk. Do you know how much risk you have in your portfolio? Understanding the different types of risk may help you understand what kind of risk you are exposed to.

Here are the different types of risk we discuss on today’s show:

• Usually, people think of stock market risk. (1:45)

Get in touch with the Peterson Financial team: https://petersonfg.com/

Sometimes you get good news and bad news at the same time. Which one will outweigh the other? In this episode, we talk through a number of financial scenarios that can bring a bit of both good and bad. More times than not, you are better off than you expected but you won’t know until you ask a professional.

Here’s some of the good/bad news we’ll discuss on today’s show:

• You have a lot of debt, but you have some tax-deductible interest. (2:05)

Get in touch with the Peterson Financial team: https://petersonfg.com/

A 401(k) is a highly valuable, widely used investment asset for many people. But what should you know when you set one up or contribute to one? In this episode, we’ll talk through some of the things you’ll want to consider when using this powerful investment tool. Stay tuned to learn how to get the most out of your 401(k).

Here’s what you’ll learn about on today’s show:

• Understand your need for liquid assets. (1:43)

Get in touch with the Peterson Financial team: https://petersonfg.com/

Every generation has had a different experience and is currently at a different life stage. In this episode, Eric talks through some of the financial challenges that Millennials, Gen X, and Baby Boomers face. Understanding and acknowledging these different challenges can help you better plan according to where you are in life.

Here’s what we talk about on today’s show:    

• Millennials face prices that are way more than what their parents paid. (1:10)

Get in touch with the Peterson Financial team: https://petersonfg.com/

We all have pet peeves, so in today’s episode we talk about some pet peeves financial advisors have. Eric shares his experience as a financial advisor and sheds light on some things in the industry that can negatively impact both clients and professionals. From cookie-cutter financial plans to hidden fees, these things can really rub you the wrong way.

Here are the pet peeves we talk about on today’s show:

• Fee structures can result in hidden fees. (1:21)

Get in touch with the Peterson Financial team: https://petersonfg.com/

Financial competency is something that is not taught nearly enough. As an advisor, Eric focuses on teaching not only strategic investing decisions but also the basic foundations of money. It starts by knowing how much you have. Then, ask yourself, how much do you really spend? It’s easy to spend more than you realize, so getting that in check can make a huge difference.

When it comes to investing, are you truly diversified? How much are you actually paying in fees? Eric shares why some of these answers can be misconstrued and how to get back on track.

Here are the questions you need to ask yourself:

• Do you know how much you have? (1:11)

Get in touch with the Peterson Financial team: https://petersonfg.com/