3 Strategies For Simplifying Your Financial Life
Channel: Payne Capital
Date: 2020-05-05

Today’s another day in quarantine. It’s the perfect time to think about simplifying your financial life. Bob and I give 3 practical strategies to do just that. We also talk about building a predictable income for retirement.

For our spotlight segment, Payne Capital Financial Advisor, Frankie Lagrotteria steps in and shares how she was able to help a couple with a large annuity understand it better and figure out what makes sense for them.

We got another great show for you today so tune in to the No Payne, No Gain podcast!

Financial Propaganda of the Week 

You think you’ve seen it all but when you have a professional poker player giving good financial advice then there’s probably more surprising things to come. Here are the things we’ve heard:
[04:16] – The market is like a casino but only in the short run. Don’t try to beat the market.
[05:28] – It’s important to have an investment strategy that you keep in good times and bad times.
[06:43] – When the news is reporting that things are getting better, you’ve already missed the right time to invest.
[08:44] – When you have your own personal asset allocation, you know exactly how much risk you need to achieve your goals.

Simplifying Your Financial Plan

One of our guiding principles is simplicity over complexity. Don’t make things way too difficult. So we’re sharing the 3 practical strategies that you can use right now.
[14:08] – Use a platform that gives you a bird’s eye view of everything and get an idea of your actual net worth.
[15:50] – Consolidate and weed out where you have too much risk in the same place. 
[16:36] – Whatever you’re doing in one account, balance that off with your other account so that they’re all working in concert.
[17:11] – You want one person focused on everything and not a lot of people focused on a couple of things in your portfolio.
[17:52] – Build a financial dream team.

Building A Predictable Income

There are many investment vehicles that can generate income for you. The key is to choose the right ones. Take a look at the optimal way to choose where to invest.
[23:47] – Rental income looks good on paper, but you end up saddled with a lot of responsibilities like managing the property and dealing with non-paying tenants.
[24:49] – Pitches that promise a guaranteed income stream from an annuity usually mean that the guarantee only lasts as long as the company that issued it is in business. 
[25:38] – What are two things you need to make sure of when you get a high quality bond or fixed income investment?
[28:09] – Sitting on your cash is the biggest mistake you can do.
[29:06] – What are the two most important things you need to do right now?

The Mailbag

We love tackling anything about the market and the economy. Got any investment-related questions you want to ask? Send them over to us via email at questions@bebullish.com.
[35:40] - Question #1: “I have two old 401Ks that I’ve been meaning to roll over for a while, but I never got around to dealing with it until this pandemic got me stuck at home and I could focus. So I’m ready to make this happen, but now I’m wondering if this is a bad time to do the roll over after these 401Ks have lost so much money in the last several weeks.”
 [38:32] - Question #2: “As we’re faced with the recession that was caused by something so unprecedented, how do we shift our investment strategy to make sure we’re still on track for our short-term and mid-term goals?”

 Spotlight Segment

Today, we have Financial Advisor, Frankie Lagrotteria. She tells us how she was able to help a couple with a very large annuity get a better understanding about it.
[47:34] – A couple came in with a very large annuity, and they weren’t sure what they wanted to do with it. They actually pay $70,000 a year in fees. Frankie then asked them to answer 3 simple questions about the annuity.
[48:54] – Annuities are insurance products. You may be paying for fees or you may be giving up something.
[49:32] – They decided to get into a 40 minute call with the insurance company and found out how complex the annuity is.
[51:46] – Some investments are bought and some investments are sold. Annuities are the things that are sold. Frankie was able to help the couple by breaking it down to allow them to make a decision.

“The more money you have in one place, the more important you are, the more your advisor is going to pay attention to you.” —Bob Payne

To download 5 Ways to Save on Taxes, text BULLISH to 555888.

If you have saved over $500,000 for retirement and need a plan based on your retirement goals, Bob and Ryan will create a 360 Financial Portal just for you! Text or call 844-752-6692 to check out the 360 Financial Portal with no strings attached.

Do you need a game plan for these volatile times? We’ll make sure you’re making the right decisions for your retirement plan. Schedule a call with one of us at  https://paynecm.com/game-plan-call/

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