Mar 24, 2022
What similarities do baseball and retirement planning share? On today’s episode, Nancy and her husband Brian will compare some basic baseball principles to retirement planning, which are surprisingly similar endeavors.
When you go to a baseball game you are probably hoping to see a home run or two. As we know though, the way to win a game has a lot more to do with the little steps and strategies baseball players take than the big glory shots. The single and double hits matter too. A strong retirement plan is built the same way. It’s not always the biggest score that matters the most. The more people try to hit a home run, the more they tend to strikeout.
In baseball, it’s not always about appearances. A lot of the time new players come in looking great for a few years but they tend to not last as long as some more reliable players. Similarly, there might be flashy investments out there but will they have those reliable returns?
Coaches and managers often look for 5 tool players. These are the most skilled and reliable players on the market. They can run, score, hit, cover the field, and throw. In retirement, you also need to focus on 5 important parts: your emergency fund, an income plan, long-term growth, a plan for healthcare or long-term care, and longevity.
Every great baseball team has a great coach and managers. When planning for your future having your own retirement coach can help guide you. An advisor can help you understand what kind of coverage you need, your retirement tax bill, how much you should save for healthcare, and much more. A coach guides the players to win the game, an advisor can guide you to win at retirement.
1:16 – Spring training is here!
2:56 – Is a homerun the most important part?
6:53 – Not about the appearances
11:37 – The 5 tool players
17:11 – Emergency fund
18:13 – Regular income
18:47 – Long-term growth
19:39 – Healthcare and long-term care
21:05 – Keeping pace with longevity
21:37 – The importance of managers
MORE INFORMATION: https://www.flemingfinancialservices.com/podcast