Today’s Mission:Indecision can be just as dangerous as making the wrong decision. That’s why sometimes you have to decide when to fish or when to cut bait. J’Neanne will walk us through five holdups that might stall your financial decisions. We also answer a listener question about rental properties.
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[6:16] Too Many Decisions to Make
- If you don’t feel comfortable with what you are trying to do, you need to sit down with a professional to discuss retirement planning.
- There are a lot of different philosophies on how to build your retirement strategy.
- Instead of “right” decisions, there are often better and more economical decisions.
- The laws change, the opportunities change, your life changes. You have to have some flexibility.
[10:00] Too Much Research
- Becoming overly educated on so many different decisions can cause you to feel overwhelmed.
- Doing too much research is like counting the blades of grass in your yard.
- Don’t get caught up on the minutiae, think about the bigger picture. Always keep the end goals in mind.
[13:34] General Confusion
- Math is not money, and money is not math.
- You are probably pretty smart and good at what you do, but can you experience the same success in retirement planning when that’s not your specialty and your life’s work?
- Look at tax consultants as an example. The rules changes every year, so even they get confused if they’re not staying abreast of the most recent changes.
[15:13] You Don’t Like Talking About Money
- Perhaps you have a past perception that money is a dirty topic.
- Realize it now, you can’t get around talking about money.
- The decisions about money are just as important as the money itself.
[16:45] Traumatic Life Events Can Stall Decisions
- Divorces, illnesses and death can be devastating events that might leave you unable to make proper decisions about your own or a loved one’s money.
- You might be vulnerable following these times, so don’t do anything drastic for at least a year.
- You need to recover emotionally before you can make these major decisions.
[22:18] Getting to Know You: Movies
- What movie can you watch multiple times and enjoy it every time?
- Good storylines, casting, and cinematography influence J’Neanne’s favorites.
[31:34] Mailbag: Inheriting Rental Property
- Harriet says her aunt died recently, leaving her to inherit a rental property unexpectedly. What should she do?
- Realize your aunt wanted you to have it for your opportunity, you don’t have to keep it.
- Do you want to be a homeowner and deal with the responsibilities of a landlord?
- If not, you either hire someone as a property manager or sell the property.
The Grand Plan:
Money is just money--it’s a tool. If you want to be able to live successfully going forward, you have to talk about money. The decisions around the money are just as important as the money itself. - Your Financial MissionTweet This