In this episode of The Retirement Huddle podcast, Mark Howard reminisces on some favorite mom sayings and explains how they apply to financial planning.
Because I said so
Some people come into our office to get advice and don’t have a good reason for why their financial advisor recommended certain things or has them invested in certain things.
“Unfortunately, there’s a lot of financial advisors out there that can’t explain the reasoning behind their recommendations in such a way that anybody can understand it,” said Mark. “We want them to understand. That’s part of what we do, is educate them.”
If you want to act like a child, I’ll treat you like one
Big brokerage houses are more likely to invest your money with a lot more risk than they should, unless you tell them to do otherwise.
Many times, people don’t understand how much risk they’re taking. If you’re at retirement age, you don’t want to be investing the same way you did at age 30.
If all of your friends jumped off a bridge, would you do it, too?
A lot of people make financial decisions based on what friends, coworkers and family members do.
It’s important to remember that other people’s lives look nothing like yours. You need a customized, specialized plan. Everybody’s whys and timeframes for doing things are different.
One day, you’ll thank me
When you’re working with good advisor, the benefits might not be obvious to you immediately.
A good advisor can keep your money safe, stop you from making a bad decision or help you navigate a tricky situation, such as a divorce or forced early retirement.
“You’re going to be very thankful to have them on your side,” said Mark.
Listen to the full podcast to hear more of Mark’s thoughts on these sayings. Thanks for listening! We’ll be back for another show every other Thursday.
[0:53] – Because I said so
[2:21] – If you want to act like a child, I’ll treat you like one
[4:39] – If all of your friends jumped off a bridge, would you do it too?
[6:11] – One day, you’ll thank me