Are These Decision-Making Impediments Impacting Your Finances?
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.