175: Fixing Analysis Paralysis
White Coat Investor Podcast
Dr. Jim Dahle of the White Coat Investor
4.9 • 2.3K Ratings
🗓️ 10 September 2020
⏱️ 39 minutes
🧾️ Download transcript
Summary
When faced with making a decision you may find yourself with the inability to act due to overthinking the available alternatives and possible outcomes. This is commonly known as analysis paralysis. When you get analysis paralysis with finances, what often happens is you are so worried about making a mistake that you don't do anything at all. The more money you have, the worse this can be. When you don't make a choice to invest, you are making a choice. You're making a choice to invest in cash. If that is not the decision that you want to make, then you need to fix your paralysis. Leaving money sitting in an account earning close to nothing is not going to give you the same long term returns as investing in stocks, bonds, and real estate. Fixing analysis paralysis with your finances starts with having a written investment plan. We talk in more detail about that in this episode so you have a plan on what to do with your money.
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Transcript
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| 0:00.0 | This is the Whitecode Investor Podcast, where we help those who wear the Whitecode get a fair shake on Wall Street. |
| 0:06.0 | We've been helping doctors and other high-income professionals stop doing dumb things with their money since 2011. |
| 0:12.0 | Here's your host, Dr. Jim Dolly. |
| 0:18.0 | This is Whitecode Investor Podcast number 175, Fixing Analysis Parallelists. |
| 0:23.0 | Let's see, we're recording this on the 25th of August. It's going to run on the 10th of September. Welcome back to the show. |
| 0:29.0 | I hope you are finding it helpful. We get lots of great feedback on it. And thanks to all of you leaving us five star reviews for us. |
| 0:36.0 | Is there career change part of your strategy for the future? Provider Solutions and Development has a team of experts ready to guide physicians and advance practice clinicians through today's job landscape. |
| 0:46.0 | With more than 20 years of experience, they are committed to finding you the right team, the perfect setting and the work you are meant to do. |
| 0:52.0 | PS and D and House recruiters are not focused on quotas and they do not work on commission. They support and serve providers with heart so that you can do the same for your patients. |
| 1:01.0 | Whether this is your moment to shine, pivot direction or discover something new, Provider Solutions and Development has access to hundreds of opportunities across the country. |
| 1:08.0 | To get started, reach out to a career coach today at www.psdrecruit.org slash Whitecode Investor. |
| 1:16.0 | Thanks to those of you who have been filling out the podcast survey, please, as many of you as possible, |
| 1:21.0 | please fill out the survey. It will help us tailor this content to what you really want. |
| 1:26.0 | There's something bugging you about the podcast, put it on there. If there's something you really love about the podcast, put it on there. |
| 1:33.0 | We really need this feedback to help you get a fair shake on Wall Street. We don't want to waste your time. We don't want to waste our time. |
| 1:39.0 | We want it to be as helpful to you as we can. So please fill that out. Whitecodeinvestor.com slash podcast survey. |
| 1:46.0 | If you want to get your questions on the podcast, the best way to do it is to go to the SpeakPipe at whitecodeinvestor.com slash SpeakPipe. |
| 1:54.0 | You can record up to a minute and a half long question. Don't feel like you have to use the whole minute and a half, but you can record your question there and we'll answer it on air. |
| 2:02.0 | But our first question today that we're going to answer, it came in by email. The writer says, |
| 2:07.0 | I recently completed your financial advisor course and I'm trying to set up a spreadsheet to implement my desired asset allocation between my wife and I, we each have a 401k, Roth IRAs and investments in taxable accounts. |
| 2:19.0 | I additionally contribute to a defined benefit cash balance plan through work, which is managed by the practices wealth management group. |
| 2:25.0 | How do you suggest I track and implement the asset allocation from my written financial plan, being that the defined benefit plan is out of my control. |
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