23: A League Of Their Own: Retirement Planning Lessons From A Baseball Contract

<p>What nuggets of wisdom can we take away about retirement planning from a famous baseball contract?</p> <p> </p> <p>It turns out, quite a few!</p> <p> </p> <p>Listen in as Stephanie and Kevin unpack Bobby Bonilla Day and the circumstances that led to the former MLB player receiving a $1.19 million paycheck every year for 25 years—and the lessons you can extract from this story to better prepare you for those golden years.</p> <p> </p> <p><strong>Key Topics:</strong></p> <p>The story behind Bobby Bonilla Day (2:25)</p> <p>“Why are we talking about some baseball contract?” (5:00)</p> <p>Lesson #1: Understand your goals (5:57)</p> <p>Lesson #2: Embrace the magic of deferred gratification (8:39)</p> <p>Lesson #3: Build more wealth in the long run via compound interest (11:04)</p> <p>Lesson #4: Know your risk-reward tradeoff (13:02)</p> <p>Lesson #5: Note down historical returns (16:20)</p> <p>Lesson #6: Take inflation into account (20:51)</p> <p>Lesson #7: Know the value of working with experts (22:53)</p> <p>“The key is to make an informed decision.” (25:44)</p> <p> </p> <p>If you like what you’ve been hearing, we invite you to subscribe on your favorite platform and leave us a review. Tell us what you love about this episode! Or better yet, tell us what you want to hear more of in the future. stephanie@sofiafinancial.com</p> <p> </p> <p>You can find the transcript and more information about this episode at <a href= "http://www.takebackretirement.com/">www.takebackretirement.com</a>.</p> <p> </p> <p>Follow Stephanie on <a href= "http://twitter.com/SofiaFinancial">Twitter</a>, <a href= "http://facebook.com/SofiaFinancial">Facebook</a>, <a href= "https://www.youtube.com/channel/UCKUms6lf61kp-5_d3PqcUrw">YouTube</a> and <a href= "http://linkedin.com/in/StephanieMcCullough">LinkedIn</a>. </p> <p>Follow Kevin on <a href= "http://twitter.com/2ndHalfPlan">Twitter</a>, <a href= "https://www.facebook.com/AFMGPlanning/">Facebook</a>, <a href= "https://www.youtube.com/channel/UCr8NYpNUlJIATX504hqKOyQ?view_as=subscriber"> You