Although you may not have ever struck oil, you’ve already won the retirement lottery by working hard to save and benefiting from market growth and home appreciation. Now the question is how you’ll make your small fortune last the rest of your life. We can learn three important lessons from The Beverly Hillbillies as to how to handle money.
There’s a Difference Between Tax Minimization and Tax Evasion
Inside the Commerce Bank of Beverly Hills, Miss Jane and Mr. Drysdale drone on about tax rates (the top marginal rate on personal income was 77% then, and 50% for corporate income!) and the Clampetts eyes glaze over. They don’t quite follow, and it’s not because they’re from the hills – it’s because our tax code is complicated. After naively suggesting that they shouldn’t seek to pay less in taxes because “the government needs a lot of money,” Miss Jane assures them that it’s perfectly legal to avoid taxes as long as we don’t evade them.
Stay True to Your Roots in the Midst of Big Changes
The premise of the show is, of course, absurd: Hillbillies strike oil and use their newfound fortune to move to Beverly Hills. But what’s even more incredible is that they fundamentally don’t change even when their material circumstances do. They don’t try to ‘keep up with Joneses’ and remain devoted to their family. Even though they go through a major life change, they still know who they are and what they want. This is important in retirement, a time of significant change. People might take a page out of the Clampetts book and try out a new hobby like gardening or spend more time with their family.
When in Doubt, Consult a Financial Advisor
Although the Clampetts are great at chopping down trees, hunting, and making moonshine, they’re less adept at handling their finances. Ultimately, they need Mr. Drysdale to help maintain and grow their fortune. Although you know way more about your finances than the Clampetts did about theirs, it helps to have a professional in your corner. We’re here to help with your retirement investment strategy, Social Security maximization strategy, tax minimization plan, and more. Click HERE to schedule a time to sit down with us at Zinnia Wealth Management, and discuss your retirement goals.
