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 406: What Happens in the Money Map Retirement Review
What happens after your first meeting with a financial advisor? We’re looking inside meeting number two in our retirement planning process, which we like to call the “Money Map Retirement Review.”… -
Podcast Episode 405: Inside the Discovery Meeting
Many people feel hesitant or intimidated about meeting with a financial advisor. They may worry about facing a high-pressure sales pitch or feel unprepared for the questions that could arise. At J… -
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 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… -
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… -
Most Asked Social Security Questions
It’s no question that Social Security plays a crucial role in retirement planning, helping to provide a stable income stream for millions of recipients. In this week’s Better Money Boston with … -
Can I Get ‘Out’ of a Fixed-Rate Vehicle?
When you lock into a fixed-rate vehicle like a CD, fixed annuity, or fixed-indexed annuity, you’re committed to a specific interest rate for a set period. But what happens when after a few years, … -
Podcast Episode 402: How Often Should You Meet with Your Financial Advisor?
A good relationship between a client and their financial advisor relies on clear communication and regular check-ins to ensure everything is on track. In this episode of the Money Wisdom podcast, …
