Podcast Episode 188: The Money Map

Today’s Wisdom:

Whether you’ve listened to Joel on television or on this podcast, you’ve probably heard him mention The Money Map quite a bit. So what exactly is it? In this episode, we’ll explain the purpose of the book, what topics it covers, and some of the areas you’ll benefit from. Plus, we’ll take a couple of mailbag questions before we go.

Want to save time? Click the timestamps below to jump ahead to specific spots in the episode.

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What You’ll Learn:

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? We’ve decided to dedicate a full show to The Money Map to help you get a better understanding of what you can expect when you receive this from our team.

During the show, Joel will share different parts of the book and let you in on what you can expect to learn. The great thing about this book is it’s a resource you can lean on to identify key areas of planning and some of the most common items you’ll need to address with retirement. Joel will also highlight a few of the chapters that he particularly likes and explain why they’ll help you make investing decisions.

There’s a lot of great information in The Money Map and we created it for you. Get in touch with our team to set up a complimentary consultation and take advantage of this process.

 

Mailbag Questions

We also take a couple of listener questions today. The first is about using your pension income to cover lack of savings. It’s great that this person recognizes that realizes that one of the biggest risks we face later in life is inflation. This is a question that shows maturity, which we really appreciate. Joel likes the idea of investing some of that income from a pension to build up savings for later in life. The best way to get that answer, however, is to get a review of your finances and figure out if the money you have will last the rest of your life.

The second question we have is about dealing with losses in an IRA. The first thing that Joel suggests if you don’t feel comfortable with your investments is to speak with your advisor. Find out if you’re properly allocated, and if you are, you shouldn’t have to worry too much. Just keep doing what you’re doing and stick to that plan. If you are ever truly unsure, don’t forget you have the option to get a second opinion from another financial professional.

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):

[1:32] – 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?

[10:34] – How to get your complimentary consultation

Thanks for listening to this episode. We’ll be back again next week for another show.

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Final Thoughts:

“Assuming somebody’s saved enough for retirement, the biggest mistake most people make is they take too much risk on their portfolio in retirement.”

– Joel Johnson, Money Wisdom Podcast

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