There are common beliefs in the financial world that we all tend to take as absolute facts. The scary part is we base many of our investment decisions off these beliefs. We’ll spend time busting those myths and help you separate fact from fiction. Plus, we’re cracking open some financial fortune cookies and sharing the wisdom we find inside.

 

Full Show Notes: https://johnsonbrunetti.com/?p=4396 

 

On This Episode: 

0:31 – Quote of the Week: “Know what you own and know why you own it.”

3:44 – Let’s do some financial myth-busting. Myth #1: Shifting from stocks to bonds removes the volatility from your portfolio.

5:37 – Myth: Once you’re retired, life insurance is no longer necessary.

7:14 – Myth: You’ll need less income when you’re retired than while you’re working.

8:56 – Myth: Financial planning today is much easier to do without professional help because of all the technology that’s available.

12:55 – Financial Fortune Cookies. This segment idea reminded Joel of a time he used fortune cookies to deliver messages to veterans at a local event.

14:19 – Fortune: Crisis is an opportunity riding on a dangerous wind.  

15:20 – Fortune: A feather in the hand is better than a bird in the air.

16:47 – Fortune: Accept something you cannot change and you’ll feel better.

18:27 – Mailbag question: My husband and I have been separated for almost three years but haven’t gotten around to getting a divorce. It’s nice that we’ve still been able to file a joint tax return. Is there any reason we shouldn’t just keep the status quo to save money on taxes?

19:43 – Mailbag question: I’ve been paying off debt aggressively and almost have it all knocked out, including the house. Once it’s done, I’ll have nearly $5,000 to save per month. I want to be aggressive to catch up with my retirement planning so what should I invest in?

21:32 – Mailbag question from James: I retired last month and started my state pension and Social Security. I want to do some part time work but I heard it could mess up my Social Security. Is this true?