192: Is Your Financial Plan Reasonable?

White Coat Investor Podcast

Dr. Jim Dahle of the White Coat Investor

Medicine, Health & Fitness, Business, Investing

4.9 • 2.3K Ratings

🗓️ 7 January 2021

⏱️ 31 minutes

🔗️ Recording | iTunes | RSS

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Summary

I often tell people having a written investing plan is crucial to their financial success. That requires that the investing plan first be reasonable. There are lots of portfolios out there that simply are not reasonable. There is not just one way to invest successfully. If you pick something reasonable and fund it adequately, you are highly likely to reach your goals. In this episode we will go through 10 ways to know if your written financial plan is reasonable, answer several listener questions about their financial plans, and give you directions on how to get a written financial plan in place, if you have not done this important step yet. See the full show notes here http://whitecoatinvestor.com/is-your-financial-plan-reasonable-podcast-192

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Transcript

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0:00.0	This is the White Coat Investor Podcast, where we help those who wear the White Coat 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 is your host, Dr. Jim Dolly.
0:18.0	This is White Coat Investor Podcast No. 192, is your financial plan reasonable.
0:22.0	Welcome back to the podcast. I hope you're as excited as I am. We're recording this on December 15th.
0:27.0	It's not going to run until January 7th, but this is December 15th.
0:31.0	I'm supposed to get a vaccine this week. I'm super excited about it. Either this Friday or the following Monday, I'm supposed to be vaccinated against COVID.
0:38.0	So I'm pretty excited about that, and I'm sure a lot of you are too. Hopefully this is the beginning of the end.
0:44.0	Thanks for those of you who have been serving alongside me on the front lines of this pandemic.
0:49.0	And shoot, keep yourself safe these last few days and weeks. And maybe we can look forward to a time very soon when we won't be bringing this home to our families from the hospital.
0:59.0	All right, a word from our sponsor. At Dr. Disability Insurance, they understand that you've had to make sacrifices to get where you are.
1:06.0	They're committed to helping you protect your most valuable asset, your ability to earn an income.
1:10.0	Dr. Disability Insurance Inc. is an innovative one-stop service that makes disability insurance shopping quick, affordable, and easy to understand.
1:17.0	Physicians and dentists save time and money by comparing plans and prices from multiple insurance companies.
1:22.0	The site provides free quotes from leading companies in the disability insurance industry along with friendly and knowledgeable customer support.
1:29.0	Check it out at whitecodeinvestor.com slash Dr. Disability as Dr. spelled out and disability spelled out.
1:36.0	All right, we're going to talk a little bit today about financial plans and how you can know if your financial plan is reasonable.
1:44.0	So let's get into this a little bit. The first question you should ask yourself, and we're going to go through 10 of these, is can you stick with it?
1:54.0	The most important part of a financial plan, assuming it's reasonable, of course, is not what the plan actually is.
2:02.0	It's whether you can stick with it. And in this respect, you need to match the plan to you.
2:08.0	If you don't tolerate lots of volatility, you don't want to investment plan that requires you to do so.
2:15.0	If you can't predict the future, you don't want an investment plan that requires you to be able to do so.
	...

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