The folly of seeking the "next big thing"


Manage episode 237829104 series 31291
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Don is on a summer road trip from Florida to Seattle and he and Tom talk about the importance of being proactive when it comes to your investment plan. While most people want to know what the “next big thing” in the investment world will be, something which is impossible to predict, they give you some convincing reasons for investing in a globally diversified portfolio instead of worrying about jumping on the latest bandwagon. Unfortunately, studies have shown that our brains are not really wired to make the best financial decisions, and that’s why Tom and Don are here to help you on your way to greater financial health!

Why you do not need to know what the “next big thing” is and what to do instead.

Owning a globally diversified portfolio is everything you need.

Why individual stocks are like gambling.

Don’t go to brokerage firms and insurance companies for a retirement plan.

Why you should not hire the first advisor you meet or one who is not a fiduciary.

Choosing an advisor with the right specialty and not simply because you know them.

The percentage you can look at taking from your 401(k) per year.

Investing your money rather than purchasing an annuity.

Vestory —

Wells Fargo —

Walmart —

CarMax —

Your Money and Your Brain on Amazon —

Oppenheimer —

Morgan Wealth Management group —

Jeff Bezos —

437 episodes available. A new episode about every 2 days averaging 27 mins duration .