We are going to talk about Joel’s new book The Wealthy Think Differently: How to discover and challenge your financial philosophy and about late bloomers or people who get started planning their retirement a little late. We also talk about how to deal with retirement planning after you have retired and the consequences of cutting corners.

 

Main Questions Asked: What does taking shortcuts really cost? What does wealth really mean? How the wealthy think differently?

 

Key Lessons Learned: Defining What Wealth Really Means

• If you live in the United States, you are wealthy relative to the rest of the world.
• Wealthy can frequently get confused with income. Wealth and income are two different things.
• Wealth is having enough money set aside to live for the rest of your life in a lifestyle that you have become accustomed to.
• Wealth is about creating a pile of money that can take care of you without you having to go out and work.

Joel’s Book: How The Wealthy Think Differently

• The relationships that wealthy people have. The wealthy value relationships a lot more than they value money.
• The general philosophy that they have. How their thought pattern and mindset could come out of their childhood. Money philosophy could also come from big setbacks that you have had.
• The difference between a scarcity mindset and an abundance mindset.
• The crowd is usually wrong and how it applies to financial planning. Wealthy people are aware that the crowd is usually wrong, and they have advisors for different areas of their lives.
• The odd lot theory is a technical analysis theory based on the assumption that the small individual investor trading odd lots is usually wrong. The crowd is usually wrong.

 

Ways That People Cut Corners When It Comes to Retirement Planning

• Taking too much risk to make up for not saving enough earlier in life. Don’t chase something in the future if the cost will hurt you in the present.
• Never getting their legal documents in place. It’s so important to have a proper state plan in place.
• Avoiding that long-term care discussion and sticking your head in the sand. You need to be prepared in case there is a catastrophic situation.
• Never taking the time to get organized and figure everything out. There are those who are disorganized, and others whose financial plans are way too complicated. We can help with either of these situations.

 

Links To Resources Mentioned Money Map Retirement Review 1-800-757-0436 The Wealthy Think Differently: How to discover and challenge your financial philosophy The Money Map Thank you for listening!