Should You Look at "Risk" Differently? (with Len Penzo) SB1591
The Stacking Benjamins Show
Joe Saul-Sehy and Josh ‘OG’ Bannerman, CFP
4.4 • 2K Ratings
🗓️ 23 October 2024
⏱️ 71 minutes
🧾️ Download transcript
Summary
Today we share a fresh perspective on personal and financial risk, featuring the always insightful Len Penzo (LenPenzo.com). Joe, OG and Len will dive into the complexities of managing your 401k and understanding the risk tolerance required to meet your goals. We'll share pivotal strategies for effective retirement planning and hopefully help you grasp why taking enough risk is crucial, especially for younger investors who have time to recover from potential losses. Listen in as we explore investment behaviors versus portfolio performance and how emotional decisions during market fluctuations can impact your financial journey.
We don’t just tackle numbers here. We'll also examine whether widening your approach to include career risks and the often-overlooked social risks that can open doors to new opportunities is a good strategy. We'll talk about on growing your employment opportunities, ensuring long-term wealth, and balancing financial and emotional satisfaction. Plus, there just may be a slight amount of banter about Halloween treats, the joys of IRS conundrums, and the misconceptions of viral TikTok financial advice.
To top it all off, we may or may not share stories about Joe’s adventures learning craps in Las Vegas, revealing the thrills and lessons of gambling. If you're searching for lessons, it may include the importance of knowing when to walk away, and the camaraderie forged at the casino tables. Whether you’re tuning in for practical financial strategies or just to enjoy some relatable stories and laughs, this episode is packed with takeaways on looking at risk differently in every facet of your life.
- Introduction to Debt Management
- Welcome to the Stacking Benjamin Show
- Discussing Risk with Len Penzo
- The Fortune Cookie Incident
- Understanding Risk Tolerance
- Career and Social Risks
- Halloween Treats and Risks
- Stocking Up for Halloween
- Diving into Risk Management
- TikTok Minute: Career Success
- Doug's Trivia: Understanding 1031 Exchange
- Listener Question: Employer-Sponsored IRA Plans
- Vegas Stories and Gambling Tips
FULL SHOW NOTES: https://stackingbenjamins.com/len-penzo-halloween-1591
Deeper dives with curated links, topics, and discussions are in our newsletter, The 201, available at https://www.stackingbenjamins.com/201
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Transcript
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| 0:00.0 | Did you know millions of Americans live with death they cannot control? |
| 0:03.5 | That's why I developed this unique new program for managing your debt. |
| 0:07.4 | It's called Don't Buy Stuff You Cannot Afford. |
| 0:14.9 | Live from Joe's Mom's Basement, it's The Stacking Benjamin Show. |
| 0:20.5 | Oh! mom's basement, it's the stacking Benjamin show. |
| 0:34.7 | I'm Joe's mom's neighbor, Doug, and it's October, the month full of things that go bump in the night. |
| 0:36.0 | Feels risky, doesn't it? |
| 0:37.3 | Today, we talk risk and more with the guy behind America's most offbeat personal finance |
| 0:43.3 | blog, Len Penzo. |
| 0:45.4 | And how about the risk of not dominating your workplace? |
| 0:49.5 | In our TikTok minute, we share the secret of one man who went for making $50,000 a year to over 300,000 and is now on the upper management fast track. |
| 1:01.3 | How did he do it? |
| 1:02.3 | We'll dive into the details. |
| 1:04.2 | And speaking of risk, how risky is your retirement plan at work? |
| 1:08.5 | We'll field a call from Suzanne about her plan, and then I'll share some incredibly |
| 1:14.0 | October trivia. |
| 1:16.2 | And now three guys who are like the three stooges, only not as good looking, it's Joe, |
| 1:22.6 | OG, and Len Pepi, Penzo. |
| 1:30.4 | Len, which of them are you, are you Larry Curley or Mo? |
| 1:33.7 | I'm Mo. |
| 1:34.4 | Absolutely. |
| 1:35.3 | I'm Mo. |
... |
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