Welcome to the Money Wisdom Podcast where Joel Johnson, CFP® of Johnson Brunetti, reviews retirement and investment topics weekly. Let’s get started…
You’ve probably heard Joel Johnson reference The Money Map quite a bit on television or on this podcast, but what exactly is it? In this episode, we’ll go into some detail about the purpose of the book, what topics it covers, and some of the areas you’ll benefit. Plus, two listener questions get answered and four retirement myths get busted.
Want to save time? Click the timestamps below to jump ahead to specific spots in the episode.
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? 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.
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?
[10:53] – 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.
“Assuming somebody’s saved enough for retirement, the biggest miskate most people make is they take too much risk on their portfolio in retirement.”– Joel Johnson, Money Wisdom Podcast
3 Related Items & Resources:
- 3 Things You Can’t Trust in the Financial World
- Things You Should Never Assume In Your Retirement Planning & Realistic Expectations
- The Beauty of Simplicity
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