How to Do Financial Planning

Money For the Rest of Us

J. David Stein

Investing, Investing Podcast, Business, Economics, Economy

4.5 • 1.4K Ratings

🗓️ 24 June 2020

⏱️ 28 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Why individuals should use a more agile approach to investing and financial planning.

Topics covered include:

How to incorporate low probability catastrophic events in your financial plans.
How traditional financial planning differs from agile financial planning.
Why we need to test-drive our financial plans.
How too much efficiency can lead to a lack of resilience.
How David's portfolio is allocated using a role-based flexible bucket approach.

Thanks to Policygenius and The Great Courses Plus for sponsoring the episode.

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Transcript

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0:00.0	Welcome to Money for the rest of us. This is a personal finance show on money. How it works, how to invest it, and how to live without worrying about it.
0:10.0	I'm your host David Stein today's episode 303.
0:13.4	It's titled How to Go About Financial Planning.
0:19.2	I recently received an email from a new member of Money for the Rest of Us Plus. He wrote,
0:26.2	I have listened off and on to your podcast for the last six years and finally
0:31.2	upgraded to your Plus features recently. My main reason for doing so is I'm stuck
0:36.2	between two investment narratives that are becoming increasingly divergent in thought.
0:44.9	As I struggled to reconcile the two, I'm hoping your podcast can play the role of mediator. My current financial advisor who I am very
0:50.6	happy with and have been with for 15 years, he espouses conventional
0:56.2	investment mantra and has delivered mid-single-digit returns. So predictably I rode the 2008-2009 recession down 34% and then have
1:07.4	ridden it back up. He always has convincing arguments
1:12.6	from pursuing alternative speculative investments such as gold,
1:16.9	Bitcoin, etc.
1:18.8	I have a well-diversified portfolio made up of conventional equity asset classes.
1:25.2	Here's the second narrative.
1:26.7	He writes, the other extreme are a random collection of podcast that I find myself drawn to which highlight the extreme precariousness of
1:37.2	the American economy and specifically the US dollar with the emerging threats of the Chinese Yuan, COVID-19, ushering in UBI, QE,
1:48.7	infinity, and social upheaval due to extreme income disparities among other concerns.
1:55.1	These podcasters sound reasonable, logical, and all operate off of fundamentals.
2:00.9	My same guiding principles as an engineer by training.
2:04.0	I'm sure you are familiar with some of these.
2:06.3	The Investors Podcast and various guests that the Investors Podcasts
	...

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