Ep 32: Lessons Learned From The Richest Musicians
Let’s look at some of the richest people in the music industry and see what lessons we can learn from them that we can apply to our own retirement planning.
Let’s look at some of the richest people in the music industry and see what lessons we can learn from them that we can apply to our own retirement planning.
We've all heard the classic phrase about making assumptions. With unforeseen events like inflation, tax changes, and even paying for your children's education, you don't want to assume that your financial plan can handle those problems without proper planning.
A recent survey found that nearly half of the female respondents said they defer major financial and investment decisions to their spouses. Most of the explanations amounted to just wanting to stick their heads in the sand. They want to just know they’re taken care of, but not get mired in the minutia. But we’ve heard countless stories of why this is a bad idea because one day you might become the lead decision maker. On this episode, let’s go over some tips for how women can get back in the game when it comes to involvement in the process of making financial decisions.
It’s time to plan the next family vacation. Do parents tackle the planning all themselves and decide on the budget, location and activities? Or should you bring the kids into the conversation? There are probably positives and negatives to either direction, so let’s discuss when and where it might be a good idea to help give kids some control over the family’s finances.
Socrates said that “the unexamined life is not worth living.” And when it comes to financial planning, it’s important to examine yourself by pondering some important questions.
Have you ever stopped to think about your journey of learning all that you have about money and finances? Did you parents shape your financial views most heavily? Is there a TV or radio expert that has influenced you most? Or have you learned everything from a book or Google?
No industry is without its flaws, and the financial industry is no exception. Let’s explore some times where we’ve encountered annoying or frustrating elements of the financial world.
You’ve probably never heard anyone make these statements that we’ll provide on today’s episode. And there are some great reasons why.
We all have that food we just can’t stomach. Maybe canned tuna. Stinky cheese. Liver. Kool-Aid pickles. You get the idea. If there is any product in the financial world that’s like one of these much-maligned meals it has to be the variable annuity. It “gets hated on” by seemingly everyone who calls themselves a retirement planner. Why is that? And just like there’s always a couple of people who like pineapple pizza, is there ever a situation where a variable annuity could be an attractive delicacy for an investor?
If you look up quotes about diversification from famous investors, you might come across one from renowned investor Warren Buffet that will certainly raise your eyebrows. It goes, “Diversification is protection against ignorance. It makes little sense if you know what you are doing.” Yet, we’ve always heard about diversification being one of the keys to success for retirement planning. How can these seemingly different ideas both be right?