Episode #20: Know Thyself and Thy Finances

Today’s Prep:

Socrates said, “The unexamined life is not worth living.” When it comes to financial planning, it’s important to occasionally be introspective. We’ll examine common questions and discover the key to obtaining financial security.

(Click the featured times below to jump forward in the episode)

Equipping Points:

[1:00] – What Keeps You Up At Night?

  • Most people fear running out of money. A lot of times that is an irrational fear, but that fear often comes from financial uncertainty.

[1:53] – Chasing After Financial Security.

  • Financial security and confidence in the future is a primary goal, regardless of age. That confidence comes from having a plan. The sooner you start, the better.

[3:36] – Do I have any biases that affect my financial decisions?

  • Many people will let a political bias influence their financial decisions. That tends to be a bad idea. The market is very complex and goes way beyond politics. The market is best when earnings are growing and people are optimistic.

[4:41] – What did I learn about money from my parents?

  • The basics that we got from our parents are oftentimes pretty good. Make sure you save 10 percent of what you make, live beneath your means, and don’t carry credit card debt. If you follow those three principles, you’ll have a good chance of retiring well.

[6:20] – What does money really mean to me? What role does it play in my life?

  • It’s different for everybody. For most people, money translates into financial security and confidence. We’ve all heard the saying, “Money can’t buy happiness.” That’s true, but having no money is not the key to happiness either.

Today’s Takeaway:


More From David:

The host: David Dickens

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