If you have listened to Money Mile lately, you have probably heard our financial training plan episodes. It’s finally time to wrap them up now that we have taken a dive through the main financial planning topics at the sprint, Olympic, and long course levels.

In addition, we’ll discuss what’s coming next for the show, so listen in to hear what you can expect in future episodes of Money Mile.

Make sure to scroll down to the bottom for itemized episode numbers from the financial training plan episodes so that you can complete the homework!

You will want to hear this episode if you are interested in…

A financial training plan is similar to a triathlon training plan

The key components of a triathlon training plan are base training, contingency planning, nutrition and hydration, strength work, and efficiency training.

A financial training plan is similar to correlating areas in estate planning, risk management, income management, investing, and tax planning.

Lessons in estate planning

Estate planning is similar to base training since everyone needs to do this at some level. The basics were covered in episode 22 and in episode 29 we discussed how to make an estate plan more official. In episode 35, we dove deeper in the long course conversation and focused on how estate taxes work while discussing some basic strategies to avoid estate taxes.

Financial contingency planning

Risk management is the contingency planning component of your financial training plan. Creating a proper risk management plan will help keep you financially independent for decades. No one knows what may happen down the road, but we can all be sure that something will happen so it is important to be prepared. Listen to episodes 26, 32, and 37 to learn what you can do to mitigate your risks.

Income planning is all about balance

Income planning is the nutrition/hydration part of your training plan. This starts by discovering the right balance between being fiercely frugal and frightfully frivolous. Learn how you can make the most of your income by listening to episodes 23, 30, and 39.

Build your investment strength

Investments are the strength training component of your financial training plan. Learn about building your reps in episode 25. In episode 33 we discuss the importance of knowing your risk tolerance. And in episode 41 you learned how important it is to maintain your portfolio through regular rebalancing.

With tax planning, we get into the efficiency and technique phase of your training plan. Episodes 24, 31, and 43 will teach you how to minimize your tax burden to pay less in taxes over the course of your lifetime.

Which areas of your financial training plan need improvement? Listen to the appropriate episodes to get to work

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