Sometimes you just need to get out of your own way in order to keep moving forward. There are four common mindsets that hold investors back and we’ll discuss each of them. Plus, technology has opened up so many avenues for information, but sifting through the filler to find the fuel can be a challenge. We’ll give you some tips to help you stay more informed.
Often we speak with people that have unintentionally slowed down retirement planning just by having the wrong approach to investing. They don’t realize it but certain mindsets can hamper your growth.
In this episode of the No Payne, No Gain podcast, Ryan and Bob will identify the four mindsets that can negatively affect your planning. They’ll also explain what you can do to change your perspective and keep moving forward.
The other issue many people come across in today’s world is misinformation. Between the opinion shows, the vast amount of websites, and social media, we’re often met with conflicting points of view and that makes it extremely difficult to stay accurately informed. Ryan and Bob spend some time discussing that topic and share their own perspectives on how to sift through all the noise.
We’ve laid out the show in the rundown below to make it easier for you to skip to the topics you care about most or to go back and listen to something again.1:12 – How can you be more informed?
1:56 – It’s difficult to figure out what’s true when you’re listening to all the experts.
2:35 – A client stayed in cash for so long because he couldn’t figure out which way to go.
3:03 – Financial propaganda is a real problem.
4:21 – You might see these calculators online that allow you to punch in numbers but they aren’t always great.
5:23 – You need someone that you can trust with your unique situation.
7:00 – Your financial health is right up there after your physical health.
10:08 – Let’s talk about the most common mindsets we see from clients and why they can be dangerous.
10:18 – 1st mindset: Complacency
12:03 – 2nd mindset: Overconfidence
13:30 – 3rd mindset: Fear
15:12 – 4th mindset: Cynicism
19:23 – Mailbag time
20:05 – Question from Jimmy: I’ve been taking about 8% per year out of my portfolio because I don’t anticipate living past 75. Is this a bad idea?
22:44 – Question from Christine: I was under the impression I wouldn’t pay taxes on Social Security, but I was wrong. Why are the taxes different for each person?
“..technology has opened up so many avenues for information, but sifting through the filler to find the fuel can be a challenge.”
– No Payne No Gain Podcast
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