Money Mistakes and How to Fix Them - 14
Your Money, Your Wealth
Your Money, Your Wealth
4.6 • 797 Ratings
🗓️ 26 March 2016
⏱️ 37 minutes
🧾️ Download transcript
Summary
Original publish date March 26, 2016 (hour 2). Note that content may be outdated as rules and regulations have changed. Episode 14 of the YMYW podcast is about money and our behavior: the biggest mistakes you could be making and how to fix them. Big Al also covers some tax strategies to consider as you approach retirement.
00:00 - Intro
01:08 - "One mistake is this: when you are investing your money, you might be confusing results with activity"
04:47 - "You have to look at conventional wisdom and throw it out the window when it comes to your overall investment strategy"
09:20 - "These are seven ways my expenses will change in retirement"
12:19 - "The cost of healthcare tends to increase significantly in retirement; average annual expenditures for healthcare jump from $3900 among workers age 50-64 to $5000 for retirees age 65-79" (Source: U.S. News)
21:18 - "The idea is to get away from commission-only [advice] which is what most of the industry still is"
36:49 - "I've been a CPA for over 30 years, and it amazes me how many people don't realize what strategies are out there, and they end up making poor decisions, big mistakes and they don't realize how important tax planning is until they do make the mistake that can cost them hundreds of thousands of dollars in taxes"
Transcript
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| 0:00.0 | Pure Financial Advisors, a registered investment advisor. |
| 0:03.2 | This show does not intend to provide personalized investment advice through this broadcast |
| 0:07.3 | and does not represent that the securities or services discussed are suitable for any investor. |
| 0:12.5 | Investors are advised not to rely on any information contained in the broadcast in the process of making a full informed investment decision. |
| 0:19.0 | This is your money, your wealth, on Talk |
| 0:22.0 | Radio 760, KFMV. Now, here's Joe Anderson and Big Al-Clopine. |
| 0:28.2 | Hey, welcome back to the program. Show's called Your Money Your Wealth. My name's Joe Anderson. I'm a certified |
| 0:32.5 | financial planner with Big Al-Clobine. Right here on AM-760, KFMB. Thanks for tuning in. |
| 0:39.0 | Hour number two, huh? |
| 0:40.0 | Hour number two. |
| 0:41.1 | So I want to talk just a few different things here when it comes to money in our behavior. |
| 0:49.1 | And there's a couple of different big mistakes that people are making with their money. |
| 0:53.2 | And I think one of the biggest things that we can do as individuals is learn from other people's mistakes. And especially |
| 0:57.8 | when you're looking at retiring and if you have money and you make a mistake, if you might |
| 1:02.7 | be difficult to get caught back up. Right? Would you remember that? I agree with that. |
| 1:07.1 | So one mistake is this, is that when you are investing your money, you might be confusing |
| 1:15.1 | results with activity. |
| 1:18.1 | So what that means is that, all right, the more active you are in your account, the more |
| 1:22.3 | that you look at it, the more you trade it, your anticipation is that, hey, I will receive higher results. |
| 1:28.8 | Right, because you put in all that time and energy and effort, so it's got to come out better. |
| 1:32.5 | Because we spend a lot of time as individuals when it comes to our money. Is that, all right, |
| 1:36.8 | well, here, I want to find that best investment, okay? So what is that best investment for me? |
... |
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