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Afford Anything | Make Smart Money Choices

Challenging Your Confirmation Bias, with Economist Larry Kotlikoff

Afford Anything | Make Smart Money Choices

Paula Pant | Cumulus Podcast Network

Entrepreneurship, Investing, Business

4.73.6K Ratings

🗓️ 29 July 2021

⏱️ 65 minutes

🧾️ Download transcript

Summary

#329: Have you ever thought about how an economist views financial planning? Would you guess that it's vastly different from how some financial planners approach this work? Today's guest, Laurence Kotlikoff, is a Professor of Economics at Boston University. The Economist named him one of the world's 25 most influential economists in 2014. Professor Kotlikoff has written 19 books, and hundreds of professional articles and Op-Eds. He's here to explain why economists take a different view than financial planners on investing, retirement planning, and risk mitigation. For more information, visit the show notes at https://affordanything.com/episode329 Learn more about your ad choices. Visit podcastchoices.com/adchoices

Transcript

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0:00.0

You can afford anything but not everything.

0:11.2

Every choice that you make is a trade-off against something else, and that doesn't just

0:14.9

apply to your money, that applies to any limited resource that you need to manage.

0:19.2

Like your time, your focus, your energy, your attention, saying yes to something, implicitly

0:25.0

means accepting the trade-offs that come with saying no to all other alternative opportunities,

0:31.8

and that opens up two questions.

0:33.8

First, what do you prioritize and second, how do you align your decision-making to reflect

0:41.0

that which you prioritize?

0:43.4

Answering those two questions is a lifetime practice, and that's what this podcast is

0:48.2

here to explore and facilitate.

0:50.4

My name is Paula Pant, I am the host of the Affordable Care Foundation's Afford Anything Podcast,

0:54.5

for as much as we talk about money, it occurred to me that we have never had an expert in economics

1:01.5

on this show.

1:03.0

And so today's guest is not only a professor of economics at Boston University, but also

1:10.4

he has been named one of the world's 25 most influential economists by the economist magazine.

1:19.5

Professor Lawrence Kotlikoff is a fellow of the American Academy of Arts and Sciences,

1:24.1

a fellow of the econometric society, president of economic security planning, incorporated,

1:31.0

and the director of the Fiscal Analysis Center.

1:34.4

He has written 19 books and hundreds of professional articles.

1:38.3

He's a New York Times bestselling author, and his columns have appeared in the Wall Street

1:41.8

Journal, The New York Times, The Financial Times, The Boston Globe, Bloomberg, Forbes, Fortune,

1:47.2

and many other major publications.

...

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