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Created: July 6, 2019
Modified: June 6, 2023

3 Things You Can’t Trust in the Financial World

What You’ll Learn:
There are just certain things in life (and in the financial world) you shouldn’t place your trust in. We’ll cover a smattering of those “can’t trust” things on today’s show. Joel also gives us his perspective on the recent merger between Raytheon & United Technologies. Gas station sushi, Nigerian Princes, and the most dangerous job in US history. This show has everything. Plus, we’ll answer a few listener questions before it all wraps up in less than 25 minutes.
In The News

[1:01] Uber Eats

  • Joel and John talk about the hilarity of drones delivering Joel’s future Jersey Mike’s lunch sandwiches.

[2:17] Big, Local Merger Between Raytheon & United Technologies  

  • Joel’s big concern over this merger is the potential loss of jobs due to a lot of overlap between the two companies.
  • Joel wrote a book, “Forced To Retire”, that talks about the seven decisions you need to make when your company is merging or if you’ve been forced into retirement.
  • There is often angst and nervousness for employees when their companies go through major changes like this.

[4:48] John Points Out Sometimes A Forced Retirement Can Be Positive

  • Success never feels good in the middle. But you might actually find yourself in a great position after being forced to retire and have the flexibility to go after a passion or career you never previously had the time to pursue.
Things We Can’t Trust

[6:20] Gas Station Sushi

  • Yes, it’s a real thing.

[6:45] People Who Say They Can Time The Stop Market

  • Joel: “Run the other way or be incredibly skeptical.”
  • People have tried to time the stock market since it started. There aren’t enough people who have been successful at doing it for you to go anywhere near trying to do it yourself.
  • Robert Shiller, Yale economist, is just one example of someone who has failed at timing the market. In 2004, he said to get out of the market. If you did that, you would have missed three years of a huge run up.

[8:15] Web MD

  • You get a laundry list of what might be wrong with you. Often, it’s not even close to being accurate.

[9:08] Advisors Who Say They Don’t Charge Fees

  • Financial advisors aren’t working for free. There’s nothing wrong with advisors getting paid. Be wary of someone trying to hide their fees.

[10:15] Nigerian Princes Offering To Share Their Fortune With You Via Email

  • What do you do when the deposed king of Nigeria emails you directly?

[11:18] A Stock Market That Hasn’t Crashed In 10 Years

  • We are overdue. 2009 was our last downturn. We don’t count the small drops like we saw in December of 2018 or the blip in May of 2019.
  • We don’t know when it’s going to happen, but I believe there will be a day where we see a 25% or more drop. And you have to put a plan in place that can safeguard against that.
  • If you’re about to retire, you’re particularly at risk.
[14:05] Quote Of The Week

“Retirement is like a long vacation in Las Vegas. The goal is to enjoy it to the fullest, but not so fully that you run out of money.” – Jonathan Clements

  • John asks Joel about his favorite authors.
Trivia Question

[15:45] What is the most dangerous occupation in US history?

  • 9% of the people in this occupation have been killed on the job.
  • Listen to the end of the podcast to find out the answer.
Mailbag Questions

[16:23] Moving To The Beach

  • Woody: “We’re retiring in two years and plan to sell our home and move to the beach. But home values in our neighborhood are sky high right now, so I’m wondering if I should sell now and rent for a couple of years. Is it a bad idea to rent at this stage of life?”
  • 10 or 15 years ago this wouldn’t have been realistic advice, but more and more clients are starting to rent. It frees people up from the burdens of home ownership. It’s going to depend on your situation, but this kind of idea is a lot more plausible today.

[18:32] Kids Off The Payroll

  • Bonnie: “I just paid my last tuition payment, so my kids are officially off the payroll. Is it safe to cancel my life insurance at this point?”
  • There might be a reason you want to keep that life insurance. Don’t keep it if you don’t need it, but don’t cancel it until you re-do your financial plan given these major changes in your life.

[19:43] Market Crash Worry

  • Rex: “When is the market going to crash? I worry about it constantly.”
  • No one knows this. If they claim they do, they’re either lying or ignorant.
  • The bigger problem here is your level of worry. You’re probably taking too much risk in the market. You don’t to be dependent on the stock market for success in retirement.

[22:40] Answer To The Trivia Question

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