Are These Decision-Making Impediments Impacting Your Finances?

Today’s Wisdom:

If your planning process ever gets slowed down by obstacles in your decision-making, you surely aren’t alone. There are some roadblocks that many people deal with and it can make planning difficult. Let’s discuss those challenges and how to work through them. We’ll also address some conventional wisdoms in finance and explain why they aren’t always right.

Want to save time? Click the timestamps below to jump ahead to specific spots in the episode.

What You’ll Learn:

The goal is to approach our financial planning with a clear mind and a thoughtful strategy, but roadblocks get in the way from time to time. These decision-making impediments come in many forms, and it’s all about finding a way around them.

That’s the focus of this episode of Money Wisdom, and we’ll ask Joel Johnson to breakdown these impediments with solutions. Each of the items are common among clients so don’t feel like you’re alone on this journey. Some things are in our control – like the information we’re consuming – and others are not – like major life events. What will always be in our control, though, is how we handle the challenges in front of us.

The other main topic of conversation for this episode deals with conventional wisdom in investing and financial planning. There are common beliefs that aren’t always true and we’ll get Joel to provide some clarity on four different ideals.

So let’s get started! Here’s the list of main topics you’ll hear on this episode of the Money Wisdom podcast (Just click on the timestamp to jump to the specific clip):

[1:11] – Introducing the topic for today’s episode.

[1:45] – Conventional wisdom isn’t always so wise. Example 1 – You can’t go wrong with real estate.   

[3:17] – Another example: There is good debt and bad debt. Mortgage debt is good debt.  

[4:36] – Conventional wisdom says retirement is a chance to relax after a stressful career.

[5:56] – If your investments aren’t doing well, try something else.

[7:42] – UBER recently reported a loss of $5 Billion. Would you invest in a company like that with upside potential but hasn’t figured out profitability.

[9:40] – Do most people have difficulty shifting mindsets from earning to managing when retiring?

[11:26] – Let’s talk about some decision-making impediments.

[11:52] – Having too many decisions to make.

[13:06] – People that do too much research and now have too much information.

[14:19] – General confusion. Some people get overwhelmed thinking about money.

[17:12] – Traumatic life events.


Final Thoughts:

“I would say our instinct, our human condition, is to just change things. Very few people can build a plan and stick with it on their own for a long period of time. This comes to investing. This comes to long-term savings.”

– Joel Johnson, Money Wisdom Podcast

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