What nuggets of wisdom can we take away about retirement planning from a famous baseball contract?   It turns out, quite a few!   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.   Key Topics: The story behind Bobby Bonilla Day (2:25) “Why are we talking about some baseball contract?” (5:00) Lesson #1: Understand your goals (5:57) Lesson #2: Embrace the magic of deferred gratification (8:39) Lesson #3: Build more wealth in the long run via compound interest (11:04) Lesson #4: Know your risk-reward tradeoff (13:02) Lesson #5: Note down historical returns (16:20) Lesson #6: Take inflation into account (20:51) Lesson #7: Know the value of working with experts (22:53) “The key is to make an informed decision.” (25:44)   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   You can find the transcript and more information about this episode at www.takebackretirement.com.   Follow Stephanie on Twitter, Facebook, YouTube and LinkedIn.  Follow Kevin on Twitter, Facebook, YouTube and LinkedIn.