Jan 4, 2021
In this episode of Inside the Plan with the 401(k) Brothers, Bill Bush and Andy Bush, advisors at Horizon Financial Group, talk about planning for your plans, understanding that plans can go wrong, what things that can go wrong during retirement, and establishing a household budget.
00:50 – Bill Bush and Andy Bush talk about the importance of planning.
02:09 – The year 2020 has been unpredictable financially.
04:00 – They discuss short-sided vs. long-term thinking.
04:53 – Be prepared the best you can for the unexpected.
06:40 – What things can go wrong in retirement?
08:28 – Past performance is no guarantee on future gains.
09:38 – Make sure you are controlling what you can control.
11:00 – What progress can you make in the next three years?
11:23 – Be intentional about having a household budget.
Short-term views worry about the news of the moment and its impact on the finances.
Long-term views take into consideration the likelihood that things can and have gone wrong.
Plan on your plans not going according to plan.
“Plans are worthless. But planning is indispensable.” – Andy Bush
“You can never predict what might happen.” – Andy Bush
“When there is a lot of uncertainty, there is typically a lot of volatility in the market.” – Andy Bush
The Psychology of Money by Morgan Housel