No one knows what you don’t know. So, let’s talk about all those secrets you might be unaware of when it comes to the financial world. What should you really be paying attention to? We’ll tell you today.
Click on the timestamps below to jump to specific topics.
Want the inside scoop? On today’s podcast we talk about the dirty little secrets in the financial industry. Instead of getting mislead or experiencing more anxiety than needed, let’s talk through what you need to know when it comes to the financial world.
First, we look at some of the latest trends, many caused by the impact of coronavirus. People are moving out of the city and many of them are buying land in the country. Is this a long-term trend? If businesses are closing across the country, is that an indicator of our economy’s downturn? Or is the positive economy the indicator of the future?
Too many financial advisors try to predict the future. But nobody can tell what’s going to happen. The secret is, there are so many moving parts with the market, which makes it unpredictable. Instead of trying to predict the market, control your volatility.
Are you or your advisor focusing on the little things? Instead of getting stuck arguing about one little thing or another, keep the big picture in mind. Stay focused on your goals. Are you looking for an advisor who is skilled or has just gotten lucky? Or have you gotten distracted by the biggest or boldest opinion? The loudest voice isn’t always the right one to listen to.
Talk to your advisor to have the conversations you need to have. But make sure to take a breath and see how things will really affect you before you panic.
Listen to the entire episode or click below to hear about a specific segment.
1:38 – Is moving out of the city a long-term trend?
3:27 – Dunkin’ Donuts is closing 800 stores throughout the country.
5:38 – The future of the election and the vaccine will play a part in the economy.
7:30 – What are the dirty secrets in the financial industry?
11:16 – Most things financial advisors argue about aren’t that important.
12:19 – It’s difficult to differentiate between skill and luck.
13:53 – The bolder the opinion, the more people pay attention to it.
17:48 – What’s the best way to teach kids about taxes, according to Bill Murray?
A Point Of Wisdom:
“Too many financial advisors try to predict the future. We’re all super bad at that–nobody can tell what’s going to happen.“
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