Retirement Ready

Tending To Your Retirement Garden


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What does retirement planning have in common with growing a garden? Both need patience, vision, determination, and the proper tools to succeed. Eric Peterson explores all the comparisons on this week’s podcast.

 Show notes: https://petersonfg.com/tending-to-your-retirement-garden/

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1:06 Plants don’t grow overnight

  • If you want to have a BLT for dinner, you can’t buy a tomato plant and stick it in the ground and expect to eat tomato that evening.
  • A lot of clients who retire want to go into gardening because it’s something that you do almost every day but also something that makes you focus on a longer-term goal. Some people struggle, however, with that level of patience. This is true in a lot of younger people who don’t have enough of a long-term focus and don’t see how they need to build up their financial future.
  •  4:18 Keep the weeds and pests away

    • If you don’t pull the weeds in your garden, they’ll take it over and choke out your plants and prevent them from growing.
  • In the financial world, hidden fees are the weeds.
  • Keep in mind which investments carry fees. If you’re investing in things like stocks and mutual funds, there are fees present and you need to be aware of their existence.
  • You can’t always eliminate weeds or fees, but you can at least keep them under control and in check.
  • Unlike weeds, which aren’t really ever helpful, fees can still be worth paying if you’re getting good value from the service or strategy to make them worth it.
  •  7:00 You need the right tool for the right task

    • Your neighbors would laugh at you if they caught you trying to use a water hose to dig a hole or if they found you watering your plants by scooping tiny amounts of water out of a bucket with a shovel and dumping the water on the plants.
  • For a financial parallel, consider CDs and money market accounts. These aren’t designed for long-term investing or keeping up with inflation. That doesn’t mean they’re terrible tools, they just aren’t right for that job or responsibility. So, don’t shun a tool just because you don’t understand it, or you’ve used it for the wrong function in the past.
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    Retirement ReadyBy Eric Peterson

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