The world of finance sometimes comes with a big elephant in the room – is your adviser trustworthy? Unfortunately, we sometimes see stories about financial advisers (or people in positions of power or influence in financial institutions) who have misappropriated funds for their benefit (i.e. they’ve stolen money from their clients).
Today, we look at the interplay between hard work and good work. We have a saying here at Money Over 50: with your hard work and our good work, we can achieve great things.
Many of our new clients come to us with around $700,000 in assets and about ten years left of their working lives. Their goal is to make sure they have enough money in order to live a good lifestyle during retirement. The first question we ask them is: how much money do you spend now? This is important, because we find that nobody wants to downgrade their lifestyle once they retire. So, to know what you need in retirement, first work out what you need right now.
Today we discuss an urban legend that is actually true – the story of Van Halen and their brown M&Ms ritual.
Recently, Michael caught up with a friend who works as an accountant. A long discussion about the two professions got Michael thinking: do listeners of the Money Over 50 podcast (and people in general) know the difference between an accountant and a financial adviser?
Imagine you are driving your 1999 Toyota Corolla and you pull up at the traffic lights next to a brand new Dodge Ram. You look up at the driver who is grinning at you from their shiny new vehicle, and you feel… jealous? Poor? Left behind? Well, you shouldn’t – and here’s why
Have you ever watched Gordon Ramsey’s Kitchen Nightmares? It’s actually one of Michael’s favourite shows, and he sees many similarities between failed retirement plans and failed restaurants. On the other hand, successful restaurants have a lot in common with successful retirement plans.
When Dallas was younger, he was a keen martial arts student. After each fight, his coach would give him a Post-It note with three things on it that he needed to fix. These three points helped Dallas focus on what he needed to start working on. According to Dallas, he probably had a lot more than three things to work on, but the coach was adamant on only giving Dallas three at a time.
There is a classic saying that comes from one of our favourite characters, Yoda, in the Star Wars series. The wise old Jedi Master says to Luke Skywalker: do or do not; there is no try. In other words: fully commit, or be prepared to fail. We actually love this saying, because in many ways it can be adapted to our financial mindset, too; and the idea of fully committing to an action.
Whenever we tell people we’re financial advisers, the first question we get asked is ‘what is a good investment?’ or ‘what should I invest my money in?
Dallas Davison, Michael Hogue and Ali Hogue.