You wouldn’t necessarily expect Mike Tyson, Shaquille O’Neal, or Lindsay Lohan to dispense valuable insights about financial planning matters. In fact, you’d probably expect the opposite. But with a little bit of creativity, we can get some financial planning pearls of wisdom from even the most unlikely of sources. Important Links: Website: http://www.yourplanningpros.com Call: 844-707-7381 ----more---- Transcript: Speaker 1: This week on Plan With the Tax Man, we're going to talk about unlikely financial wisdom you wouldn't expect from the likes of Mike Tyson or Shaquille O'Neal or even Lindsay Lohan. So let's find out what we're talking about this week here on Plan with the Tax Man with Tony Mauro. What's going on everybody? Thanks for tuning into the podcast. We're dropping this about a week after the election, and we taped it ahead of the time, Tony, just in case the world was goofy. Plus you went out of town, so you were smart. Tony Mauro: Yes. Speaker 1: You ran away during the week of the election. You did your voting prior to, so very cool. And then you got out for a little trip and just tuned out the noise. I bet that was genius. I'm jealous. How you doing, my friend? You doing all right? Tony Mauro: I'm doing well, yeah. Well rested and yes, I didn't plan the vacation like that back when I planned it, but it kind of worked out. Speaker 1: It kind of worked out. Yeah. So since you're catching this after the election, but we're taping it beforehand because Tony is leaving, as I just mentioned, that we don't have a conversation for that. So, we'll probably save that for the next podcast to talk about what's going on in the world. So for now, we thought we would do one that was simple and easy and just do some unlikely financial wisdom with some characters we might not have expected financial advice from. And look, they weren't saying these quotes to be financial advice, but with a little bit of creativity, I think Tony and I can turn those into some. So, let's start with a child actress who had some trouble as a teen, I guess, or a young adult or whatever, got herself into quite a bit of trouble and very scandalous kind of character in the Hollywood scene. And that was Lindsay Lohan, right? So, wound up making some movies when she was younger. Then she wound up getting into some trouble and kind of being very polarizing and so on and so forth. Here's a quote, and it's a great quote, and it's especially when someone who's struggling with whatever they're struggling with in life, Tony. She said, "I'm my own worst enemy, and I know that." And that's key to fixing whatever problem you have in your life, be it your Hollywood career or your finances. If you know you're your own worst enemy, it can really help you not make more mistakes by maybe getting involved with someone like yourself who can help you battle yourself, if you will. Tony Mauro: I agree. And with Lindsay Lohan, I'm sure... Well, I think it's a profound statement by her because obviously I don't really follow her much other than what I used to see when she was in trouble, but obviously she must have found some wisdom to make a statement like that, to at least recognize that she had some issues. And hopefully, I think she's got them cleaned up now. I don't know. But in relation to financial planning, there's a lot of truth to this because most people are their own worst enemies because one, they tend to overreact, they tend to be very emotional, especially if they're trying to dive in and out of the markets and time it and things like that. And then they become their own worst enemy because they overthink things and they really tend to over time, a lot of times if they're doing it themselves, they don't realize great returns or any returns for that matter. And it's generally because they're their own worst enemy and they're trying to do it themselves and they're messing it up. Speaker 1: For sure. And I think a lot of times we do that, right? Because look, we know that we're supposed to buy low and sell high, but often we panic and do the opposite. I mean, that's just the basic core fundamental that most of us screw up. Not because we don't know better, but because emotionally we freak out and we're like, "I just can't handle it. I just can't stomach it. The market's had a bad week and I've lost $10,000," or whatever it might be. And you're like, "Ah, get me out of here." And that's usually not the right thing to do. And it could be a myriad of other kinds of situations financially speaking, where you just know that you're not supposed to do XY, or Z, but you do it anyway because your emotions get the better of you. And Tony, that's where you guys come into play. Some of the best value, the biggest value that financial professionals provide is being that sounding board to go, "Hey, look, I get it. All right, but here's why you're going to be okay, just to stay the course," or whatever....
