Ep 86: Asking the Wrong Questions

How do you get the financial answers you need? Start with the right questions! We discuss what kinds of things you should be asking in order to work toward your financial goals.

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Things You’ll Learn Along Today’s Journey

There’s no such thing as a wrong question…or is there? On today’s show, we talk through some of the financial questions people ask that might not be coming from the right perspective. Let’s go over what the right questions are in order to get the right answers.

For starters, a lot of people ask, “How much money do I need?” When you consider your financial planning, you have to know how much monthly income you need in retirement. Instead of aiming toward a specific number saved away, think about the monthly amount you need to sustain throughout retirement. What are your income sources or monthly expenses? Understanding your needs, goals, beliefs, and values when it comes to money helps you stay focused on the right things.

How can you get the highest rate of return? Sean says if you want the highest rate of return to invest in individual stocks. But does that really solve the end goal problem? Instead of return on your money, think about a return of your money. The highest rate of return is probably only achieved with the highest risk. Is that really necessary though or can you get what you need in a less risky way?

When it comes to fees, you may wonder how to pay the lowest possible fees to an advisor. When things are going well it might feel easy to do it yourself. But when things are not, you might reconsider. Think through what you’re paying for and the value you are receiving with an advisor.

Finally, should you just roll the dice about long-term care insurance? No one knows what the future holds, but statistically, you are likely to face some sort of long-term care need. Consider the costs of long-term care where you live, what your asset pool looks like, and if your assets can handle a cost like that while still providing for your spouse. Understand what it will do to you financially if you do or don’t get long-term care insurance.

Listen to the full episode or skip ahead using the timestamps below to hear more about the planning process.

[0:34] Baseball is back!

[2:33] How much money do I need to save?

[5:28] How can I get the highest rate of return?

[7:47] How can I pay the lowest fees to an advisor?

[10:14] What should you do about long-term care?

 

Looking Back From The Mountaintop

“Understand what your needs are, your goals, your beliefs, and your values when it comes to money and then build out a plan that accomplishes those income goals.”

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MEET YOUR HOST...

For over a decade, Sean Lee has helped families reach and maintain their financial goals. As a trusted advisor, he coaches and assists his clients with their financial goals by focusing on the fundamentals and takes a practical and personal approach when working with them.

As a trusted professional in Utah, Sean has been featured in The Wall Street Journal’s Market Watch, The Deseret News, The Salt Lake Tribune and USA Today. He has also been featured as a local financial advisor on Utah’s NBC station, KSL 5.

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(801) 639-0095

slee@erg-slc.com

Investment Advisory Services offered through Elevated Capital Advisors, LLC, an SEC Registered Investment Advisor. Insurance products and services are offered through Elevated Financial Services, LLC.

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