#037: Designating Your Representatives, and Picking Stocks
Big Picture Retirement®
Devin Carroll
4.7 • 546 Ratings
🗓️ 11 September 2017
⏱️ 24 minutes
🧾️ Download transcript
Summary
Devin and John talk about assigning people to act for you, and picking good stocks for your investments.
First, Brenda has a question about naming a successor trustee for a trust she has set up. In many kinds of legal and estate planning documents, you need to designate someone to act on your behalf. John explains the four options for naming those folks.
Next, Chris asks how to pick better stocks and stop losing money in the stock market. Devin shares that despite his skills and the resources available to him, he hasn't had a lot of success with individual stocks. He's had better luck diversifying, such as in an index fund. Then, John explains his philosophy with a great story about glove box money vs. casino money.
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Transcript
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| 0:00.0 | The Big Picture Retirement Show does not provide specific tax, legal, or financial advice. |
| 0:05.1 | Listeners are encouraged to seek out their own advisors in these areas. |
| 0:12.6 | Hey everyone and welcome to the Big Picture Retirement Show, |
| 0:15.9 | where we deliver insight on what you need to know for a meaningful and successful retirement. If you are planning |
| 0:23.3 | for or living in retirement, this is the show for you. I'm Devin. And with me today is John Ross. Hey, |
| 0:31.5 | John. Howdy. Hey, John, before we get too far into the show, I want to remind our listeners about |
| 0:37.1 | the Amazon Echo that we're given away. |
| 0:39.3 | I know you've mentioned it's one of your favorite pieces of technology, and I use it all the time in my house and here in the office as well. |
| 0:45.9 | So if you don't already have one, you need to get signed up for this. |
| 0:49.9 | Just visit big picture retirement.net forward slash echo, and you'll get all the details right there. |
| 0:56.9 | So, John, it's listener question episodes. |
| 0:59.1 | Once a month, we do this. |
| 1:00.2 | And by the way, listeners, if you want your question featured on here, you can send it to |
| 1:04.8 | questions at big picture retirement.net. |
| 1:08.0 | And we try to use the ones that have a broad appeal, right? |
| 1:10.7 | That's right. If it's something very personal, you know, we'll probably try to get back in touch with you and try to answer your questions individually. But we like to see some of them that we know that, you know, kind of like your teacher used to say, if you've got a question, there's probably several other people in the class that want to know the same answer. |
| 1:28.0 | Well, this is the same sort of deal, right? And so we can kind of figure that some of your |
| 1:32.5 | questions are probably somebody else out there is listening and they're wanting to know that. |
| 1:37.4 | Yeah, absolutely. So we want to keep getting these things sent in. But let's get started. |
| 1:42.4 | Yeah, absolutely. So Brenda has a question. So she's set up a |
| 1:45.9 | trust and now her attorney has told her that she needs to name a successor trustee and she's kind of |
| 1:51.4 | stuck on this. Right. There's actually several different places where you end up having to identify |
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