Retirement Answer Man

One of the biggest pitfalls of being an investor is that we tend to make emotional investing decisions. What does that mean? Take a scenario for a moment: the market takes a serious dip and stock prices plummet. The tendency the majority of investors have is to rush to their advisor and try to make changes in order to mitigate the impact of the downterm. But if that investor was guided wisely in the first place their investment strategy should have taken into consideration that downturns would happen. That means there’s no need for an emotional reaction that could cause more harm than good. On this episode of The Retirement Answer Man I’m chatting with Dr. Daniel Crosby about his book, “The Laws of Wealth” and we’ll unpack the best ways to avoid making emotional investment decisions.

Behavioral Finance: What the heck is that?

The field of behavioral finance is a fairly new area of study that endeavors to make sense out of the actual behaviors we humans engage in within the financial realm of our lives. And naturally, it includes the issue of emotionally driven decisions we make about our finances. As behavioral finance experts like today’s guest, Dr. Daniel Crosby investigate the things that go into our financial decisions they’re discovering many helpful principles that we can apply to keep ourselves from making decisions that feel like they are in our best interest, but really aren’t. I hope you listen to this episode. There’s lots of insight into the reasons behind our financial decisions in it, and you can make better decisions as a result of applying what you learn.

You control what matters most when it comes to your money.

One of Dr. Daniel Crosby’s laws of wealth that can go a long way toward helping you avoid emotional investing decisions is that you are able to control the things that matter the most when it comes to your money. It’s not about the economy and things outside your control, it’s about your end goals - those things you’re aiming at over the long haul. Your decision to create an investment strategy and stick to it day by day even in the face of economic issues that arise, can help you to stay in control over the long haul and actually reach those goals. Dr. Crosby shares a wealth of good information on this episode to help you improve your financial mindset, so be sure you listen.

Emotional investing is why you need to remove yourself from the process.

It may sound counterintuitive for me to say that you need to remove yourself from the investing process - but I really mean it. I don’t mean that you should just hand all the decisions over to someone else. What I mean is that once you have determined a process that makes the most sense for your investment goals, you should get out of it and let it run independent of you. That’s where your advisor or financial professional comes in. They are the ones who stick to YOUR plan, at your direction, without you having to think about it. They are also there to caution you when the urge to step in and change things arises. Those are the kinds of emotional decisions you don’t want to make so that you can reach your long term financial goals.

You need a financial advisor, but not for the reasons you think.

Most people tend to think that financial advisors are better at predicting the future of the markets or possess specialized knowledge that will help you make better stock picks and investment decisions. While there may be a very small amount of that involved, most of the time it’s not the case. A good financial advisor should be in the loop simply because you need them to be your point of accountability and voice of reason in the event that you want to make an emotional decision based on current conditions. They are there to talk you down from the ledge and keep you on track with the financial plan you’ve established. Think of them like a personal trainer. They are there to keep you going when you want to quit or make a change. You can learn more tips like this on this great episode, so take the time to listen.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

  • [0:47] How life is about moving onward and upward.

HOT TOPIC SEGMENT

  • [4:10] CNN’s “Fear and Greed” index is pretty high right now.

WHAT DOES THAT MEAN? SEGMENT

  • [6:00] What is “Behavioral finance?”
  • [7:00] Why the optimism investing is usually based on is not a trustworthy metric.

PRACTICAL PLANNING SEGMENT

  • [8:53] My introduction of Dr. Daniel Crosby and today’s topic.
  • [10:03] Why do we make poor decisions when it comes to money?
  • [12:11] The way things used to be in the investing world and how we need to retrain ourselves.
  • [15:46] Stepping past the emotional components of investment decisions.
  • [20:16] Dr. Crosby’s 10 guidelines for managing wealth.
  • [29:03] Why Dr. Crosby is often asked to say stupid things that he won’t say.
  • [31:23] What investors should do to invest wisely for the future.

THE HAPPY LAB SEGMENT

  • [33:32] How we react to things that happen… and how it impacts happiness.
  • [37:11] How being present during a difficulty impacts the way we react.

TODAY’S SMART SPRINT SEGMENT

  • [37:53] Write down your investment process - a step by step process you always follow.

RESOURCES MENTIONED IN THIS EPISODE

Contact Roger: http://www.rogerwhitney.com/retirementanswers/

Roger’s retirement learning center: www.RogerWhitney.com/learn

The Retirement Answer Man Facebook page: www.Facebook.com/RetirementAnswerMan

CNN Money Fear & Greed Index

Behavioral finance definition

Dan Crosby’s book “The Laws of Wealth”

 

Direct download: RAM129.mp3
Category:general -- posted at: 6:00am CST

One is the loneliest number, right? It’s hard to think about retirement without honestly assessing the possibility that loneliness could be a very real aspect of it. But does it have to be that way? Not if I can help it! I’m Roger Whitney, the Retirement Answer Man and on today’s episode of the podcast we’re veering away from our normal financial topics to continue investigating the ways that technology can help us during our retirement years. Today’s topic is how we can combat loneliness by the use of technology - and we’re not talking about robot companions here, we’re talking about how tech can help you build true connections with real people. This one is going to be fun!

What is chronic loneliness? Could you experience it as you grow older?

Fortune Magazine recently published an article that demonstrated that the chronic loneliness (ongoing loneliness) is becoming epidemic in certain demographics of the population. It only make sense that as we age - and those closest to us may be passing away - we could be left right in the middle of those statistics. I don’t want that to happen to you, so I’ve asked my friend Doug Goldstein to brainstorm with me a bit about how technology can be a helpful tool in keeping us out of the pit of loneliness as we enter and live in our retirement years. If you find yourself resistant to the topic of technology, this conversation will be a bit different, so I dare you to give it a listen.

Have you considered how Facebook can help you stave off loneliness?

With all of the things you see on a typical Facebook feed - from stupid cat videos to inspirational quotes - it’s easy to forget that it is part of what’s called “social” media. The original intention was to help people connect with each other, to amplify existing relationships. And user stats show that the over 65 crowd on Facebook is growing. That’s really good news. It means that you can use that simple platform to stay connected with friends, family, and even find groups of people that share the same interests as you - both now and as you enter and thrive during retirement. Find out how my friend Doug and I view that possibility, on this episode of the Retirement Answer Man.

Are you ready for a baby step into the realm of technology - for the sake of beating loneliness?

A couple of weeks ago I was eager to see the deck that my son-in-law has been building so he did something really amazing - he invited me to a video call so I could actually get a digital tour of the work he’d been doing. It was great - and easy - for me to be a part of his life in a way I couldn’t have just a few years ago. Video calling is pretty mainstream these days and the learning curve is actually quite low. If you want to learn a bit about technology you might want to consider Skype or Facetime as video options that are easy to learn and can help you stay connected to the people who care about.

Social media won’t help if you aren’t social in the first place.

My friend Doug Goldstein makes a great point on this episode of The Retirement Answer Man - if you are not skilled at good communication and personal interactions, improving those skills is really the first step you need to take in order to combat the possibility of loneliness during your retirement years. Relationships are built on communication, so it only makes sense that improving your ability to connect with others through communication will make your ability to connect via social media or other technologies that much easier. You can find out more about this topic of technology, retirement, and loneliness by listening to this great conversation.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

  • [0:46] I’ve often felt lonely during my life - and how it relates to this episode.

WHAT DOES THAT MEAN? SEGMENT

  • [3:54] Today’s term: Chronic loneliness.
  • [5:15] Why chronic loneliness is one of the biggest risks of retirement.

HOT TOPIC SEGMENT

  • [5:56] A Fortune Magazine article about the chronic loneliness epidemic.

PRACTICAL PLANNING SEGMENT

  • [8:22] Introduction of Doug Goldstein and the subject of technology and retirement.
  • [9:55] The reality of retirees who become the “last man standing.”
  • [12:19] The importance of renewing and refreshing networks of friends.
  • [15:20] How Facebook helps the over 65 crowd stay connected.
  • [21:45] The usefulness of meetup.com.
  • [26:40] The first baby step into the world of technology: video calls.
  • [29:00] Looking at virtual reality technology.
  • [33:23] The importance of basic communication skills.

THE HAPPY LAB SEGMENT

  • [33:59] Go out and make some friends!

TODAY’S SMART SPRINT SEGMENT

  • [34:28] Call one of your best friends you’ve not spoken to in a while.

 

RESOURCES MENTIONED IN THIS EPISODE

Fortune Magazine article on chronic loneliness

Goldstein on Gelt Podcast

www.MeetUp.com - search for groups in your area by location

Strava App

Fitbit

Skype or Facetime

Contact Roger: http://www.rogerwhitney.com/retirementanswers/

Roger’s retirement learning center: www.RogerWhitney.com/learn

The Retirement Answer Man Facebook page: www.Facebook.com/RetirementAnswerMan

Direct download: RAM128.mp3
Category:general -- posted at: 6:00am CST

Do you remember your very first car? Do you remember the feeling of freedom and responsibility it gave you? The kind of mobility that comes from having and driving your own vehicle is something that many of us have been enjoying for 30 to 50 years. Have you taken the time to consider the impact that it could have on your life if you were to suddenly (or eventually) be limited in those ways because of declining eyesight, medications, hearing issues, etc.? Those are not things we enjoy thinking about but that we have to consider when it comes to planning for retirement. On this episode I’m chatting all about mobility in retirement and how technology can impact that need in the future.

Ride Sharing may sound strange, but it really works!

I was recently in Chicago for a conference and whenever I had to go anywhere I used a service called Uber. It’s a way to use a smartphone app to make a connection with a driver in the area who is willing to take me where I need to go. It was a great experience overall and there are many safeguards, including reviews, that enable the service to be trustworthy and dependable for you and can save you the hassle of having to drive or removing the actual need to drive. The reality is that if you’re willing to learn a very simple app, you can have a great opportunity for mobility as you enter retirement even if you’re not able to drive. Hear more about how it can work for you, on this episode of The Retirement Answer Man.

Retirement cost savings because you don’t need your own automobile. Betcha didn’t think about that.

If you are willing to embrace and use services like Uber and Lyft to remain mobile as you move into retirement you may be able to save money in other areas that you haven’t considered. If you don’t need an automobile, you’ll save on title and registration fees, safety or emissions inspections, auto insurance, gasoline, and the actual cost of purchasing the vehicle. Those savings could not only add to your checkbook but could also increase your quality of life because you have less income tied up in things you don’t really need. I’m going to chat a bit about that on this episode so I hope you’ll listen with an open mind that is looking at the possibilities.

Self Driving cars are not the wave of the future - they are here now.

I’m not quite sure that I’m ready to jump into a self driving car just yet, but they are out there on the streets already. In fact, Google has been working on this for many years and has had a fleet of self driving cars that have logged hundreds of thousands of miles on California roadways. In the near future it’s quite possible that self driving cars are the norm rather than the exception and it would be good for us to think now about how we are going to respond when that day comes. Are we going to take advantage of the benefits such technology could bring, or are we going to be a stick in the mud. Afterall, air travel was once unheard of and considered unsafe… but look at us now!

Will you embrace the benefits technology can bring to your retirement or will you be the one to hate it because it’s new and unfamiliar?

The stereotypical impression people have of us “old folks” is that we’re resistant to technological changes - like computers, smartphones, etc. I wonder if that’s really true? The wisdom we, as the older generation, have could enable us to see that the benefits of many of the technologies that are on the horizon far outweigh the learning curve or risk factors that we think are involved in adapting ourselves to this “new age.” I wonder if you will be willing to learn, to grow, and to benefit from it as you enter your retirement years? I plan on doing my best to stay flexible, learn, and get the most out of the options that come my way. Who knows, it might even make me happier and enable me to enjoy retirement all the more.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

  • [0:33] Roger’s introduction to this episode of the podcast.

WHAT DOES THAT MEAN? SEGMENT

  • [4:13] Today’s term: Driverless Car

HOT TOPIC SEGMENT

  • [6:04] The first death from a driverless car.
  • [7:17] The autopilot system involved in this accident

PRACTICAL PLANNING SEGMENT

  • [8:32] Most of the things I’ve mentioned so far are already here.
  • [9:21] The need for mobility in the retirement years and how it impacts quality of life.
  • [11:10] The devastating impact of losing mobility.
  • [12:32] How technology can improve mobility in our cars.
  • [18:15] Car sharing options that exist now and will be prevalent in the future.
  • [25:20] How driverless cars could be a solution to mobility issues.
  • [28:30] Grocery getting services you may be interested in.
  • [32:35] Are you going to embrace these new technologies to make your life easier?
  • [33:45] Emails from listeners.

RESOURCES MENTIONED IN THIS EPISODE

The MIT Age Lab

Uber

Lyft

Instacart

Peapod

Contact Roger: http://www.rogerwhitney.com/retirementanswers/

Roger’s retirement learning center: www.RogerWhitney.com/learn

The Retirement Answer Man Facebook page: www.Facebook.com/RetirementAnswerMan




Direct download: RAM127.mp3
Category:general -- posted at: 6:00am CST

It seems funny to think about but those old Jetsons cartoons from the 1960s and 1970s are actually becoming more and more reality in the present day. More and more opportunity and concern is arising from the advances in technology that we see happening around us. I believe that many of these advances can be used to maximize our lives during retirement, giving us a happier and more comfortable life in those years when most people think of life winding down. For the next few episodes of The Retirement Answer Man I’ll be chatting about some of those technological advances and giving you thoughts about how you can take advantage of them to make your retirement the best it can be.

What the HECK is the Internet of Things?

Have you heard the term, “Internet of Things?” It’s a phrase that’s used these days to talk about many of the technological devices that are created to work together through computer networks to do all kinds of convenient and helpful things - from turning on your lights automatically, to adjust the temperature in your home, to keeping an inventory of the items in your refrigerator. It may sound strange to think of your home being automated in that way but as you move into retirement, it may not be such a bad thing. On this episode I’m going to walk you through some of the ways those kinds of advances can benefit you, giving you a happier and safer retirement season.

Samsung has invested $1.2 million in the Internet of Things.

Why would such a large company invest such a huge amount of money into this “Internet of Things” thing? It’s because the IOT is truly the wave of the future. Things we use every day are becoming more and more interconnected (it’s like a television remote times 100) and the leadership of Samsung sees the potential for new products and services that will not only help the consumer but will also increase their bottom line. This episode of The Retirement Answer Man begins a short series focusing on the technological advances that will be a significant part of our retirement years, with a focus on the things that could give us greater security, mobility, and independence during those years.

Is technology our friend or an enemy to be avoided?

We’ve all seen those doomsday movies (Terminator, The Matrix) where technology has become “alive” and the machines have taken over the world. Those movies represent the fears that many of us feel about the path technological advances could take us - but it’s only one perception of what could occur. I tend to think there will be many more benefits to the rise of technology than we are even able to imagine… and that there’s no reason to be afraid. On this episode I begin a series of episodes highlighting some of the ways I see the advances in technology that are happening all around us becoming a benefit to us in the retirement years ahead. You might be surprised at some of the things that already exist and the ease with which they could help you maintain mobility, independence, and personal safety as you age. Interested? Be sure to listen.

Today’s S.M.A.R.T. Sprint: Try out at least one automated service.

As human beings we often become afraid as the comfort of what we know is disrupted by change. But if we never change then we never grow - and I for one don’t want to stop growing. On this episode of The Retirement Answer Man I describe many automated services or products that improve the quality of life of their users and could be of great benefit to retirees. My challenge today is for you to choose one of the services or products I mention and give it a try. I believe that as you experience the benefits of some of these services or products for yourself, you’re going to find the benefits far outweigh the fears you might have. So be sure to listen, pick out a product or service you are willing to try, and give it a shot!

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

  • [0:24] My welcome and introduction to this episode of the podcast.
  • [3:00] A preview of the next few episodes.

WHAT DOES THAT MEAN? SEGMENT

  • [4:00] Today’s term: “Internet of Things.”

HOT TOPIC SEGMENT

  • [5:37] Samsung is investing $1.2 million in the Internet of Things.
  • [6:00] Why would such a large company make that kind of investment?

PRACTICAL PLANNING SEGMENT

  • [7:44] Why do you enjoy technology? (or do you?)
  • [9:13] The MIT Age Lab - a look at technology for older people.
  • [9:55] 3 questions that predict the quality of your life in the future?
  • [12:22] How is technology going to help us maintain independence in our own homes?
  • [23:30] Services that could help us remain independent as we age.
  • [33:00] Tying things together: Amazon Echo.

THE HAPPY LAB SEGMENT

  • [37:33] What’s the PURPOSE of living longer?
  • [38:45] Purpose can be large or small.

TODAY’S SMART SPRINT SEGMENT

  • [39:55] Test out a couple of the services I mentioned on this episode.

RESOURCES MENTIONED IN THIS EPISODE

The MIT Age Lab

The NEST Thermostat

A Smart Mattress

Smart Doorbells (with  cameras)

Smart Lightbulbs

Smart Carpet

Smart Refrigerators

Roomba

Automatic Lawn Mowers

Task Rabbit

Blue Apron

UberEats

HelloAlfred

www.JoinHonor.com

Amazon Echo

Contact Roger: http://www.rogerwhitney.com/retirementanswers/

Roger’s retirement learning center: www.RogerWhitney.com/learn


The Retirement Answer Man Facebook page: www.Facebook.com/RetirementAnswerMan

Direct download: RAM126.mp3
Category:general -- posted at: 6:00am CST

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