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Payne Points of Wealth Podcast

Your EGO is Destroying Your Financial Independence!? Ep#107

By December 14, 2022No Comments

It’s episode 107 of Payne Points of Wealth and economic data continues to come in relatively strong. Meanwhile, inflation is starting to plummet, whether it’s oil prices, lumber costs, supply chains easing. We’re starting to see some relief within the economy. Is this a good thing? Is this a bad thing or is this just a fake out? As Wall Street continues to tell us the economy is about to fall off a cliff? On the Tipping Point, we’re going to talk about your EGO and why it’s ruining your financial independence plan.

You will want to hear this episode if you are interested in…

  • Mortgage rates are coming down [1:28]
  • The Dow Jones did 20% over two months [2:05]
  • They keep saying it’s a foregone conclusion that we’re going to have a recession [2:24]
  • The banks are making a huge profit on your cash right now [3:50]
  • Investor sentiment is really negative right now [5:45]
  • Latin America is hot, the 14% for the year. [6:50]
  • The Tipping Points [11:50]
  • No one can beat the market. [12:40]
  • Hidden Facts of Finance [30:40]

This week on the tipping point: Your ego is ruining your financial independence plan.

And I would say that one of the biggest mistakes investors make when you’re trying to plan for your financial independence is you let your ego get in the way. And nothing makes for a worse financial plan than letting your ego dictate a lot of your financial decisions.

There’s never been a company or an individual that’s been able to consistently outperform the market. But what do people do? They’ve got to try and prove that because “My ego says I can do it. I’m going to go out there and underperform, even lose money trying.”

This week’s hidden facts of finance

  • A recent survey shows 84% of companies are planning to hire in 2023.
  • Random length lumber for January delivery settled at $423.80 per 1000 board feet on November 29. That’s down 63% for the year.
  • In 1976, the Eagles released Hotel California selling 32 million copies worldwide, making it the sixth best-selling album of all time.

 

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