Listen Now

Sometimes you get good news and bad news at the same time. Which one will outweigh the other? In this episode, we talk through a number of financial scenarios that can bring a bit of both good and bad. More times than not, you are better off than you expected but you won’t know until you ask a professional.   Here’s some of the good/bad news we’ll discuss on today’s show: You have a lot of debt, but you have some tax-deductible interest. (2:05) Mutual funds haven’t performed well…but the fees are low. (4:18) Not enough money to pay for long-term care, but Medicaid can step in. (6:32) Lost a lot of your portfolio, but it will come back, eventually. (8:44)   Get in touch with the Peterson Financial team: https://petersonfg.com/  

A 401(k) is a highly valuable, widely used investment asset for many people. But what should you know when you set one up or contribute to one? In this episode, we’ll talk through some of the things you’ll want to consider when using this powerful investment tool. Stay tuned to learn how to get the most out of your 401(k).   Here’s what you’ll learn about on today’s show: Understand your need for liquid assets. (1:43) Get the employer contributions. (3:32) Consider the tax implications. (4:58) Don’t leave money behind at an old job. (7:52)   Get in touch with the Peterson Financial team: https://petersonfg.com/    

Every generation has had a different experience and is currently at a different life stage. In this episode, Eric talks through some of the financial challenges that Millennials, Gen X, and Baby Boomers face. Understanding and acknowledging these different challenges can help you better plan according to where you are in life.   Here’s what we talk about on today’s show:     Millennials face prices that are way more than what their parents paid. (1:10) Gen X is in the "sandwich" generation now. (5:11) Boomers are retiring. (7:57)   Get in touch with the Peterson Financial team: https://petersonfg.com/  

We all have pet peeves, so in today’s episode we talk about some pet peeves financial advisors have. Eric shares his experience as a financial advisor and sheds light on some things in the industry that can negatively impact both clients and professionals. From cookie-cutter financial plans to hidden fees, these things can really rub you the wrong way. Here are the pet peeves we talk about on today’s show: Fee structures can result in hidden fees. (1:21) Advisors who put their own goals ahead of their clients. (3:41) One-size-fits-all plans aren’t the answer. (5:56) A complicated plan is not a better plan. (10:35)   Get in touch with the Peterson Financial team: https://petersonfg.com/    

Financial competency is something that is not taught nearly enough. As an advisor, Eric focuses on teaching not only strategic investing decisions but also the basic foundations of money. It starts by knowing how much you have. Then, ask yourself, how much do you really spend? It’s easy to spend more than you realize, so getting that in check can make a huge difference. When it comes to investing, are you truly diversified? How much are you actually paying in fees? Eric shares why some of these answers can be misconstrued and how to get back on track.   Here are the questions you need to ask yourself: Do you know how much you have? (1:11) Do you know how much you spend? (3:45) Do you know how much risk you have? (5:39) Do you know what you’re paying in fees? (7:47) Do you know what your retirement income streams look like? (9:46)   Get in touch with the Peterson Financial team: https://petersonfg.com/  

What kind of financial wisdom can we take from a baseball player’s quotes? Quite a bit! Today’s quotes from Yogi Berra have a bit of humor and a lot of truth when it comes to your financial plan. From navigating annuities to planning for inflation, Eric shares how these quotes can bring a lot of meaning and understanding to our finances.    Here are the quotes we talk through on the show: “I never said most of the things I said.” (1:49) “A nickel ain’t worth a dime anymore.” (3:55) “If you don’t know where you’re going, you might go somewhere else.” (7:17) “The future--it ain’t what it used to be.” (8:15) “It’s like déjà vu all over again.” (10:29)   Get in touch with the Peterson Financial team: https://petersonfg.com/      

You may have seen the news about some bank issues with banks like Silicon Valley Bank. Is that cause for concern? If you have money in the bank, Eric explains how much is covered and what you can do to protect yourself. With any investments you make, realize which of the three components you’ll have: safety, liquidity, or growth. In this episode, Eric also answers two more questions from the mailbag related to retiring early and required minimum distributions. Find out what best practices and rules apply and how they can impact your financial plan.    Here are the questions Eric answers on today’s show: Mailbag: With recent bank failures, should I be worried about investing in a bank? (0:46) Mailbag: Can I retire at 57? What do I need to know? (5:16) Mailbag: Why do I have to take RMDs? (8:50) Get in touch with the Peterson Financial team: https://petersonfg.com/  

Building a successful retirement requires careful planning and wise decision-making. Unfortunately, it's all too easy to undo all of that hard work by falling prey to common pitfalls. Rather than risking the enjoyment and security of your golden years, we’ll discuss some ways to avoid these mistakes and secure your financial future in this episode.     Here are ways you can easily ruin your retirement (and what to do instead): Treating retirement as a destination. (1:12) Believing that retirement will solve all your problems. (3:33) Quit being active. (6:08) Assuming your spending habits will be the same or lower. (8:04) Investing like you’re 35 when you’re 65. (10:19)   Get in touch with the Peterson Financial team: https://petersonfg.com/  

Every once in a while, financial concepts or strategies get misunderstood or misconstrued. It’s important to understand what you have and why you have it. On today’s show, we break down some financial ideals to find the “mistruths” or lies that can mistakenly be adopted.    Here are the mistruths we talk about on today’s show: “We can beat the market.” (1:40) “There are no fees.” (3:39) “Your tax rate will be much lower in retirement.” (8:11)     Get in touch with the Peterson Financial team: https://petersonfg.com/  

Roth IRAs have been around for about 25 years, but a lot of people still don’t know how they differ from a traditional IRA. Understanding the difference between the two will help you determine which option is best for your retirement goals. In this episode, Eric shares what you’ll want to know about a Roth IRA and when to use it.   Here’s what you’ll learn on today’s show: The difference between a Roth IRA vs. traditional IRA. (1:56)         Why so many people focus on the traditional IRA first. (4:10) The benefits of growing tax-free. (6:13) Who benefits from a Roth IRA? (7:57)   Get in touch with the Peterson Financial team: https://petersonfg.com/

Some financial products or terms are easy to mix up. They sound the same or might do some of the same things, but there’s still an important difference between them. Eric guides us through several of these commonly mixed up financial things. Knowing the difference could help you make the right decisions when it comes to your financial plan.   Here’s what you’ll learn on today’s show: What are Roth contributions vs. Roth conversions? (1:05) Should I get term life or permanent life insurance? (3:25) Variable annuity vs. fixed annuity? (6:11) What’s the difference between 60 day rollover vs. trustee to trustee? (9:53)   Get in touch with the Peterson Financial team: https://petersonfg.com/

When saving for retirement, a lot of people look to their 401(k). But what happens after you’ve maxed out your contribution based on the yearly limit? Eric explains what options you have to invest toward your retirement beyond a 401(k). This will include money in the different buckets as well as other products to consider. Here are the questions Eric answers on today’s show:       Mailbag: After maxing out a 401(k), where should we go for retirement savings? (0:48) Mailbag: Is it unwise to start a business in retirement? (5:06) Mailbag: Is it okay to push off Social Security withdrawals? (7:57) Get in touch with the Peterson Financial team: https://petersonfg.com/

When it comes to where you’ve ended up financially, you may have a running narrative on how that happened. There are a number of common stories people tell themselves to make sense of their situation. On today’s show we discuss some of these stories and how we can both understand them and improve upon them. Whether you are feeling defeated by the threat of recession or ill-equipped to handle what you have, having a good financial advisor can help you rewrite some of these stories to find your “happily ever after.”  Here are the common stories people can get tripped up by: “I never had someone teach me.” (1:10) “I’m just not good with money.” (4:27) “What’s the point?” (7:19) Get in touch with the Peterson Financial team: https://petersonfg.com/

When you watch TV shows or movie, it doesn’t take long until you realize who is the main character or who is more of a secondary character. When it comes to your financial life, which strategies, products, or tools are main characters in your financial plan and which ones are secondary?   Here’s what we talk about on today’s show: What role does your 401(k) play in your financial plan? (2:07) Life insurance is something you really should look at. (4:47) Bank accounts are safe but don’t overemphasize it. (6:22) Roth IRAs have become more important in recent years. (8:18) Social Security is the largest piece of most people’s retirements. (10:28)   For additional financial information, visit us online: http://petersonfg.com

Do you have all of your money in one place? Sometimes your money should be kept in separate funds and separate places so that it can be used for the appropriate purposes. You want to be able to access the money you have when you need it, both now and in the future. On today’s show we talk about a few categories that can sometimes get combined and whether they should be together or separate. Here’s what you’ll learn more about: Don’t have your emergency fund with your stock market money. (1:03) Investments and life insurance can get blurred. (3:31) High turnover investment strategies vs. non-retirement assets strategies. (5:32) Emotions should be separate from investment decisions. (7:10)   Get in touch with the Peterson Financial team: https://petersonfg.com/

When you retire, your income changes but so do your options. One listener is wondering how to convince his wife that they don’t need to put so much money in the bank and can enjoy it a bit, too. Eric explains where things like your emergency fund can come and how couples usually think about savings. He also answers two other questions from the mailbag regarding retirement. Here are the questions Eric answers today: Mailbag: How can I convince my wife we don’t need as much in cash? (0:47) Mailbag: Why do I have to pay money back to Social Security? (6:01) Mailbag: Do I have to work until I’m 59 and a half or can I retire? (8:02)   Get in touch with the Peterson Financial team: https://petersonfg.com/  

Do you have an old account laying around collecting dust, so to speak? Instead of forgetting about these, it’s important to find them, assess them, and get them up-to-date. It may even be an easier process than you think.   Here are the old accounts people tend to neglect or forget about: An old 401(k) might be out there. (1:09) Life insurance policies should be reviewed. (2:44) Savings accounts could be earning interest right now. (5:11) Pensions might carry an opportunity. (8:33)   Get in touch with the Peterson Financial team: https://petersonfg.com/

Congress passed the SECURE Act 2.0 at the end of 2022, and you might have missed it because it was part of a larger bill. Now that the bill is law and many of the provisions have already taken effect, we want to talk through what changes that might mean for your financial plan. From RMD age to 529 plans, there’s something for everyone to be on the lookout for.   Here are some of the changes passed in the SECURE Act 2.0: The RMD age got changed again. (1:20) The penalty was reduced, but it is still there. (4:41) Qualified charitable distributions may help. (5:20) The 529 can convert to a Roth IRA, with rules. (7:24) What does Eric think is less definitive in the SECURE Act? (9:05)   Get in touch with the Peterson Financial team: https://petersonfg.com/

Retirement planning is so much more than simply having enough money socked away. Social activity, hobbies, skills, physical activity, and routines are all big components of your life now and likewise, should be in your retirement. When considering your time in retirement, don’t overlook these parts of your life and how it impacts your financial plan. Having an idea of what type of lifestyle you want to live will help you build an income plan that can match you goals. Here are some ways to make sure your retirement is enjoyable: Stay connected with people. (1:15) Physical activity keeps you going. (3:16) Find your groove and new routine. (5:48) A work project might be fulfilling. (7:45)   Get in touch with Eric: http://petersonfg.com

Sometimes even the best of intentions can lead you astray. When you get financial advice, it’s good to be a little cautious and consider where you are getting your information from. Everyone’s situation is a little bit different, so you need to focus on what the right thing is for you and your unique situation.   Look out when you hear financial information from these sources: Family may try to help. (1:15) Friends don’t know the whole story. (4:29) A CPA should work on your taxes, not make your financial plan. (5:35) Financial “experts” in the media are really entertainers. (9:40)   Get in touch with the Peterson Financial team: https://petersonfg.com/