Think Smart, Retire Smarter: The Map vs The Territory
Retirement Answer Man
Roger Whitney, CFP®, CIMA®, RMA, CPWA®
4.7 • 1.1K Ratings
🗓️ 16 October 2024
⏱️ 51 minutes
🧾️ Download transcript
Summary
Join us in this insightful episode as we explore the concept of 'The Map vs. The Territory' in retirement planning. Discover how mental models can enhance decision-making and lead to a more fulfilling retirement. Our special guest, Dr. Daniel Crosby, discusses his latest book, "The Soul of Wealth," offering profound insights into achieving soulful wealth beyond mere numbers. Learn how to balance maps and reality, and the importance of feedback loops in financial planning. Plus, get practical advice on adapting to the unpredictable nature of life and finances. Don't miss this engaging conversation on rocking retirement with agility and purpose!
PRACTICAL PLANNING SEGMENT
(00:30) Talking about the map versus the territory and how it applies to retirement
(2:00) Personal anecdote about GPS maps
(4:00) Maps are a good abstraction to help us navigate things but understand maps are not reality
(5:15) Practical example using map versus territory
(07:25) Maps can be very useful in retirement planning, but they can also have limitations
(9:00) If we view map as reality, it’s easy to create static rules and can reduce our ability to adapt
(10:00) In the context of retirement planning, the map is the plan and comes with a lot of limitations.
(12:31) There are multiple ways to deal with variability of inflation
INTERVIEW WITH AUTHOR DR. DANIEL CROSBY
(16:22) Dr. Daniel Crosby is the author of the newly released book The Soul of Wealth
(18:25) Use a phrase called soulful wealth to describe what makes life rich
(20:00) Retirement is not a spreadsheet
(22:48) Martin Seligman is the father of positive psychology and the PERMA Model
(29:37) You have to get very specific in what it means to have meaning in life
(31:00) The Three B’s of having purpose in life- Believing, Belonging, Becoming
(35:26) What is it, especially around retirement, that creates this crisis of confidence with people?
(39:25) Identify when you are lying to yourself and it becomes harder to be complacent
(40:45) Have a purpose for your money
(44:55) One of the most fulfilling ways to spend money is giving it away
SMART SPRINT
(48:32) In the next seven days, evaluate whatever retirement plan you have in place and identify specifically what is the feedback loop to improve that plan.
RESOURCES
Dr. Daniel Crosby
https://www.danielcrosby.com
The Soul of Wealth
https://www.amazon.com/Soul-Wealth-reflections-money-meaning/dp/1804090441
Six Shot Saturday
https://sixshotsaturday.com
Orion Advisor Services
https://www.orion.com
Martin Seligman
https://www.authentichappiness.sas.upenn.edu
Transcript
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| 0:00.0 | The |
| 0:04.0 | model we create are our best attempts to explain what we see. |
| 0:08.7 | They are not the truth. |
| 0:11.3 | Welcome to the show dedicated to helping you not just survive retirement but have the confidence |
| 0:17.3 | to lean in and really rock it. |
| 0:20.9 | Today on the show we're going to continue our series on developing our toolkit of |
| 0:24.8 | mental models so we can improve our decision-making which will lead to |
| 0:31.4 | rocking retirement. |
| 0:33.0 | You see the connection there? |
| 0:35.0 | Today we're going to talk about a little bit more nuanced one called the map |
| 0:38.0 | versus the territory |
| 0:41.0 | and how that applies to retirement planning. In addition to that we're going to have |
| 0:45.4 | Dr. Daniel Crosby, one of my good friends on, to talk about his new book, The Soul of Wealth. |
| 0:55.0 | It is a fantastic book. |
| 0:56.4 | It just came out yesterday. |
| 0:58.2 | I was able to receive an early copy. |
| 1:01.4 | I get excited about books, but some books I get really excited about and it has a |
| 1:05.3 | sold to it to help give us perspective so I'm excited to dive into that with you |
| 1:10.0 | and Dr. Crosby he'll be coming into the Rock Retirement Club to have a roundtable |
| 1:15.6 | because it's an important book related to creating a great life. Now we share |
| 1:22.4 | links to resources that we mentioned as well as a summary of the show |
| 1:28.8 | every Saturday morning in our email six shot Saturday. |
... |
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