No one can predict the future or else we’d all be living on a beach somewhere, and sometimes we say some things that age horribly. In this episode, we’ll take a look at some famous last words in the financial industry (hopefully you haven’t said these). Let’s also talk about some decision-making mindsets that can slow you down. And we’ll also tell you why you shouldn’t compare finances with your friends and neighbors.
Want to save time? Click the timestamps below to jump ahead to specific spots in the episode.
What You’ll Learn:
History has documented some pretty bad predictions and some famous last words from people that likely regretted ever opening their mouth. Unfortunately, we’ve all put our foot in our mouth at one point or another but hopefully never regarding our finances.
Too bad that can’t be said for everybody. In this episode of the Money Wisdom podcast, Joel Johnson is presented with a few beliefs that might have made sense at the time but aren’t so great now. He’ll break down each of those and explain where it went wrong.
We’ll also tie that into a conversation on mindsets that can really impede our decision-making process in investing. There are some common mistakes we see from investors and those missteps can end up hampering your long-term outlook. Find out if you fall into any of these categories.
This episode will also dive into the mailbag to answer a listener question that Joel feels needs to be addressed for everyone. It’s easy to try and compare your finances and assets with your friends and neighbors, but we’ll talk about why this isn’t such a good idea.
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):
[0:50] – What’s on the menu for today’s episode.
[2:12] – Mailbag question from Peter: I feel like we should have saved more. I don’t have has much as my neighbors and that worries me. Will I be working until the day I die?
[4:16] – Let’s talk about decision-making impediments.
[4:32] – Having too many decisions to make can overwhelm you.
[5:47] – Sometimes people do too much research and get in their own way.
[7:22] – General confusion about finances.
[8:15] – Experiencing a traumatic life event can be a major stumbling block.
[9:42] – For some people, they just don’t like talking about money.
[11:22] –Let’s talk about famous last words in the financial industry that people live to regret.
[11:42] – “I like the security of keeping my money in cash because I know at least I won’t lose it.”
[13:51] – “I won’t ever go into the nursing home. I’d rather be put out of my misery than live there.
[14:41] – “I told myself a few years ago that I’d get out of the market if I ever recovered what I lost in 2008. And now I’ve recovered and a little better but I think I’ll just keep doing what I’m doing.”
“In this business and in life, I have realized that the people that look like they’re doing the best many times are doing the worst.”– Joel Johnson, Money Wisdom Podcast
3 Related Items & Resources:
- Financial Planning Should Change As You Prepare for Retirement
- Claiming Social Security Benefits: What You May Not Know
- 3 Things You Can’t Trust in the Financial World
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