I know, this is a finance related work thing, but it’s so interesting. I think this applies to more than my job. Wade Pfau and Alex Murgia have this Retirement Income Style Awareness (RISA) survey. There are tons of resources focused on our psychology when we’re trying to save money. Their resource focuses exclusively on … Continue reading (Pre) Retirement Personality Types To Know
Tag: personal finance
Berry Gordy – Invest In Your People
Before there was Motown Records, there was Pop and Bertha Berry. This is a story about investing in your people. The entrepreneurial couple had grocery stores, contracting businesses, and an insurance agency on their list of accomplishments. None of them became Fortune 500 companies, but the companies were theirs. The ethos came from Booker T. … Continue reading Berry Gordy – Invest In Your People
People Say Guru Because Charlatan Is Hard To Spell
A friendly reminder, via Stanley Drucker, for proclaimed guru’s who make something complex look a little too simple, clean, or easy: People use the word guru because the word charlatan is so hard to spell. I’m not saying there aren’t amazing people out there. I am saying, if they are selling something that makes normally … Continue reading People Say Guru Because Charlatan Is Hard To Spell
Setting Goals? Use Less Chores And More Aspirations
Dr. Ayelet Fishbach says how we define our goals matters. A well-defined goal will guide our motivations and disciplines. A poorly defined goal will lose us along the way (or maybe even before we start). Let’s say we want to save more money. Saving isn’t the goal. That’s more of a chore when we get … Continue reading Setting Goals? Use Less Chores And More Aspirations
How Much Is Enough?
When talking to people about money the “how much is enough” question often comes up. I usually end up telling some version of this story: Two famous authors are talking at a party thrown by a billionaire. One leans over to the other and says, “our host has made more money in a single day … Continue reading How Much Is Enough?
A Great Player Is Someone Everybody Wants To Play With: Insights from The Pro’s Pro Joe McClean
Before Joe McClean became “the money-whisperer to the NBA elite,” he was a professional basketball hopeful. After almost making the NBA on several occasions, he got cut for the final time. Frustrated but determined to start a new chapter, he made a fresh start in finance - first with asset managers, then as an advisor. … Continue reading A Great Player Is Someone Everybody Wants To Play With: Insights from The Pro’s Pro Joe McClean
Contending With Ourselves
A (spoiler-free) Game of Thrones quote, “We may have defeated them, but we still have us to contend with.” Vanguard estimated financial advisors can add about 3% in value annually to their clients’ account balances. The largest drivers of that additional growth weren’t from picking better investments but were routed in discipline and behavior. It’s no mistake that … Continue reading Contending With Ourselves
The Power of Placebo (Beyond Medicine)
When people talk about the placebo effect they’re usually talking about medicine. It brings to mind clinical trials and sugar pills, where doctors see if a group of suffering people get better by receiving a treatment that has no reason to work (ex. a sugar pill), in an effort to prove efficacy for a treatment … Continue reading The Power of Placebo (Beyond Medicine)
The Madness of Markets, My Dog, and Nic Cage Murder Mysteries
We always want to know what caused what. “The market went down because... oil! The dollar! China! Politics!” “My dog probably got sick because she… ate grass! Ate trash! Ate homework!” What do both protagonists have in common? They both will refuse to answer if you ask them to explain themselves. At least my dog … Continue reading The Madness of Markets, My Dog, and Nic Cage Murder Mysteries
The Anti-Lottery Mentality
A single $2 ticket in South Carolina turned into $1,537,000,000. That’s three commas worth of life changing magic. And yet, lotteries are a funny thing - and not just in the stories about “what do you actually do if you win?” Playing the lottery despite impossibly low odds is still really popular. Americans are very … Continue reading The Anti-Lottery Mentality