What is The Money Map?
When it comes to retirement planning, creating a path that you understand will guide you through your life and prepare you for that next chapter. Developing that path alone can be overwhelming, and that’s where a resource like “The Money Map” can be a huge asset.
You’ve probably heard Joel Johnson reference his book on television and on the Money Wisdom podcast, but how much do you actually know about it? In this episode, we’ll spend some time sharing parts of the book and letting you in on what you can expect to learn. Joel highlights a few of the chapters that you’ll find and explains why they’ll help you make investing decisions.
The show also takes a couple listener questions about using pension income to generate additional money and concern about IRA losses as retirement approaches. Both questions create valuable conversation about how to determine how much income you’ll need in retirement.
Speaking of planning, there are some common beliefs we often hear from clients that aren’t completely true. In fact, they are myths that might lead you astray if you aren’t aware. We’ll identify and dispel four retirement myths from investment strategies to taking care of your spouse.
1:32 – What exactly will we find in “The Money Map”?
2:20 – Examples of the chapters you’ll find in the book.
2:54 – Culture of greed, entitlement, and arrogance on Wall Street.
3:39 – How to use real estate in your investment portfolio.
4:57 – Biggest mistake most people make in retirement.
6:37 – Listener Question: Do I need to invest some of my pension income to cover my lack of savings in retirement?
8:44 – Listener Question: Should my broker have more urgency about correcting my recent IRA losses since I’m 60-years-old?
10:53 – Retirement Myth #1: Don’t touch principal. Live off the interest.
12:08 – Retirement Myth #2: The more a financial plan weighs, the more valuable it is.
13:25 – Retirement Myth #3: My life is simple, so all I need is a will and my affairs will be in order.
15:05 – Retirement Myth #4: After I’m gone, my spouse will be fine. I’m not worried about it.
Information presented in our podcasts is considered current as of the created date. Over time, some information presented may become stale. We recommend you consult with your Financial Professional before making any changes based on information contained here.
Johnson Brunetti is a marketing name for the businesses of JB Capital and JN Financial.
Investment Advisory Services offered through JB Capital, LLC. Insurance Products offered through JN Financial, LLC.
The guarantees provided by any type of insurance contract are based on the claims-paying ability of the insurance company.
Related Resources
-
Podcast Episode 405: The Retirement Tax Trap
Prefer to watch? Click here to watch and listen on YouTube. The term “tax trap” comes from the misconception that you’ll need less income in retirement, so you’ll pay lower taxes. This leads ma… -
Retiring In Uncertain Times
During times of economic uncertainty, it’s natural to feel overwhelmed. It seems like every day there’s a new update from the markets. But rather than reacting to the noise, focus on why you have … -
How Do Tariffs Affect the Stock Market?
If you’ve been tuned into the news lately, you’ve probably heard a lot about tariffs. The current administration’s latest economic push has introduced a wave of uncertainty in the market. But what… -
How Do I Get Out of Debt Fast?
Most people with debt want to get out of it quickly and efficiently. To do that, you first need a clear understanding of your financial situation. Second, you need a clear, actionable plan. In … -
Why Do I Need to Account for Inflation in Retirement?
Today’s question is: What is inflation and why is it important to account for in my retirement plan? Inflation is the rising cost of goods over time. Meaning, it will cost you more money next year… -
How Does a Tax Return Work?
As tax season concludes, it’s a good time to refresh your tax knowledge. In this week’s Money Wisdom Question Series, Ian Fergusson, RICP® discusses how filing your taxes works and why it’s essen… -
What Is a Fiduciary?
When it comes to managing your money, trust is everything. That’s why today’s question is one of the most common and important ones we receive: What is a fiduciary? In this week’s Money Wisdom … -
Podcast Episode 403: How to Approach Finances in a Second Marriage Later in Life
Getting engaged later in life is an exciting time, but it requires different financial planning conversations. With blended families, different retirement timelines, and evolving goals, couples in… -
Podcast Episode 404: Financial Goals You Shouldn’t Overlook
When it comes to preparing for retirement, most people focus on the obvious goals of saving enough and building an emergency fund. But in this episode of Money Wisdom, Jake Doser, CFP®, CPWA® and … -
Understanding Retirement Planning
Planning for retirement isn’t just about saving – it’s about making smart financial decisions at every stage of life. A better understanding of the financial industry can help you avoid costly mis…
