Simplifying Complex Money Ideas, Offsetting "Home Bias" Investing, and Better Retirement Strategies (SB1494)
The Stacking Benjamins Show
Joe Saul-Sehy and Josh ‘OG’ Bannerman, CFP
4.4 • 2K Ratings
🗓️ 25 March 2024
⏱️ 73 minutes
🧾️ Download transcript
Summary
Our mentor today is one of the foremost thinkers and practitioners in the financial planning space. Peter Mallouk joins us to dispel the myth that the stock market is like the stock market, that the bond market is still dangerous (a year later), that AI is coming for our jobs, that you'll find safety in a savings account, and that gold is a great investment. It's a dynamic discussion with the man who wrote a financial book with Tony Robbins a few years ago, who owns the Kansas City Royals baseball team, and who is one of the top financial planners in the country.
In our headline segment, we do something we often don't engage in: philosophy. But today, philosophical discussion meets behavioral finance (much more our strong suit), in a Wall Street Journal piece about passive investing and capitalism. Is passive investing killing the stock market, and then by extension, capitalism? While we probably won't solve the world's problems or "fix" the stock market, we will discuss the basics of passive investing (positives and negatives), the problem of (and also the advantages in) not knowing what's going on with the companies in which you've invested, and the importance of diversification, balanced portfolios, and avoiding recency bias.
Of course, Doug shares a trivia question fresh out of Scotland. He'll use an important marker of today's date in history (Robert the Bruce's birthday) to shine the light on one of the most iconic pieces of real estate in the world, Robert's castle.
We also help a Stacker who said, "I'd better call Saul...Sehy and OG!" He wonders about becoming a financial planner when you don't have a college degree. Is it more difficult to gain experience?
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Transcript
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| 0:00.0 | A fine Monday, the last weekend of March. O.G., what do you got going on besides doing your taxes? My taxes are done, brough? What? Done. What? Who are you? Done. Do I know you? Done. Refund in the bank. Already spent like a good American. Got a nice fat refund. I just helping the economy. Needed a washer. So I got a couple of them. I bought a big screen TV. |
| 0:23.7 | I made the first three payments on a living room set. That's right. And I got a Corvette. Zero percent interest until September. I took my refund and I bought something with payments. No, not a great idea. You know what is a great idea? Saluting our troops to begin the week. |
| 0:38.5 | So raise the mugs, gentlemen. |
| 0:41.5 | Here's to the men and women keeping us safe on behalf of the men and women at Navy Federal Credit Union |
| 0:45.8 | and the men and women making podcast in their mom's basement. |
| 0:50.3 | Let's all go. |
| 0:51.2 | Stacks and Benjamin's together, shall we? |
| 0:52.9 | Thanks, everybody. |
| 0:53.6 | Cheers. |
| 0:55.1 | Hello. |
| 0:56.9 | My name is Inigo Montoya. |
| 0:59.9 | You kill my father. |
| 1:02.7 | Prepare to die. |
| 1:08.9 | Live from Joe's Mom's Basement, it's the Stacking Benjamin Show. |
| 1:23.5 | I'm Joe's mom's neighbor, Doug, and when you want great financial planning, do you start with the myths or the facts? |
| 1:30.3 | Here to share some lesser-known facts about planning, investing, and your world, we welcome the guy who wrote a financial planning book with Tony Robbins, owner of the Kansas City Royals, and the man behind creative planning, Peter Malook. |
| 1:45.1 | In our headlines, is your retirement plan destroying capitalism? |
| 1:49.2 | We'll talk passive investing, your future, and maybe a smidge about the usage of hyperbole in |
| 1:55.5 | headlines. |
| 1:56.7 | Someone outdoing me with hyperbole? |
| 1:59.3 | Not in a million years. |
| 2:02.7 | Oh, wait, I can amp that up a little bit. |
... |
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