It’s easy to end up with a collection of investments that’s not going to get you to your goals. What that means is you don’t know what you own and you don’t know where it’s going. It’s a mess, and it’s important that you take a good look at your portfolio.Today’s another day in quarantine. It’s the perfect time to think about simplifying your financial life. Bob and I give 3 practical strategies to do just that. We also talk about building a predictable income for retirement. For our spotlight segment, Payne Capital Financial Advisor, Frankie Lagrotteria steps in and shares how she was able to help a couple with a large annuity understand it better and figure out what makes sense for them.We got another great show for you today. So don’t wait any longer and tune in to the No Payne, No Gain podcast! Financial Propaganda of the Week You think you’ve seen it all but when you have a professional poker player giving good financial advice then there’s probably more surprising things to come. Here are the things we’ve heard:[04:16] – The market is like a casino but only in the short run. Don’t try to beat the market.[05:28] – It’s important to have an investment strategy that you keep in good times and bad times.[06:43] – Sitting on cash waiting doesn’t work. The media loves playing safe. When the news is reporting that things are getting better, you’ve already missed the right time to invest.[08:44] – When you have your own personal asset allocation, you know exactly how much risk you need to achieve your goals.[09:33] – Are you an investor or a speculator? If you’re an investor, your portfolio will generate returns every day.  Simplifying Your Financial PlanOne of our guiding principles is simplicity over complexity. Don’t make things way too difficult. So we’re sharing the 3 practical strategies that you can use right now.[14:08] – Aggregate your assets. Use a platform that gives you a bird’s eye view of everything and get an idea of your actual net worth.[14:49] – Look at the things that overlap and look at the concentration. [15:50] – Consolidate and weed out where you have too much risk in the same place. [16:36] – Whatever you’re doing in one account, balance that off with your other account so that they’re all working in concert.[17:11] – You want one person focused on everything and not a lot of people focused on a couple of things in your portfolio.[17:52] – Build a financial dream team where your financial planner, tax advisor, and estate planner talk with each other to come up with the best solution for you.  Building A Predictable IncomeThere are many investment vehicles that can generate income for you. The key is to choose the right ones which will allow you to live off during your retirement. Let’s take a look at the optimal way to choose where to invest.[23:47] – Rental income looks good on paper, but you end up saddled with a lot of responsibilities like managing the property and dealing with non-paying tenants.[24:49] – Pitches that promise a guaranteed income stream from an annuity usually mean that the guarantee only lasts as long as the company that issued it is in business. [25:38] – There’s two things you need to make sure when you get a high quality bond or fixed income investment. They are permanence and definition. You want to get interest and a return of your money. There should be a date when you get your capital back.[26:36] – Even with the market down, stocks are still paying dividends. But it’s important to have a whole portfolio of dividends and not just buying from one or two companies.[27:38] – When building an income stream for retirement, you need to understand where the money’s coming from and make sure the income increases over time.[28:09] – Sitting on your cash is the biggest mistake you can do. With inflation, taxes, and rising expenses, the 1-2% interest your cash is earning won’t be enough.[29:06] – The two things you should do right now. Figure out how much your investments pay today and d