When you meet someone for the first time, what’s the most common question you ask them? “So, what do you do?” We define ourselves by our work, and that’s so common that it’s embedded in our culture. If someone asks you, “Who are you?” there’s a high likelihood that you’ll respond with the type of […]
The Identity Trap: Why High Achievers Struggle to Define Themselves Without Their Work Read More »
The sunk cost fallacy isn’t something we usually think about when we think about entrepreneurs. Instead, we usually think about it from a consumer’s perspective. For example, you buy a house that’s maybe a little older than you’d prefer, but you really love that house. The inspection comes back with all kinds of issues, but
Sunk Cost Fallacy: Why Smart Entrepreneurs Throw Good Money After Bad Read More »
Business owners are some of the hardest workers in the world, but hard work alone isn’t enough to ensure success in the business world, and the same is true for your finances. Every business owner faces myriad pitfalls that can make or break their retirement, even if their business is highly successful. Here’s where we
Five Mistakes That Could Ruin a Business Owner’s Retirement Read More »
“The only thing we have to fear is fear itself.” – Franklin Delano Roosevelt Those are the brave words spoken by FDR to the nation, hammered by the economic calamity of the Great Depression, during his 1932 Presidential inauguration address. We all know that fear, and our problems, need to be dealt with in order
Behavioral Economics | Ignoring It Won’t Make It Go Away Read More »
“Economists were created to make weather forecasters look good.” – Rupert Murdock While data centers are filled with information about the economy, the complexity of the interrelationships of the data make economic forecasting very difficult. As a result, the forecasts of many economic models, regardless of their intricacy, become extrapolations of past economic data. This
Behavioral Economics | Does Data Tell You Anything About the Future? Read More »
You may not talk about it much with others, but the older you get, the more you think about it… Your business is your retirement plan. You’ve poured your heart, soul and money into your business and invested very little elsewhere. You understand relying on the sale of your business to fund your retirement is
For smart people with a do-it-yourself mindset, managing your own investment portfolio may seem like a no-brainer There’s no shortage of media outlets, book authors, stock trading platforms, and other entities whose advertising encourages people to “take control of their financial future.” The firms pursuing these individuals under the premises of independence and control play
Behavioral Economics | Are You Really An Above-Average Investor? The Overconfidence Bias Read More »
Years ago, I loved staging weekend garage sales. I’d fill my garage and driveway with our household’s excess and unneeded stuff; furniture, electronics, clothing, kitchenware, toys, yard equipment, and whatever else I wanted to get rid of. I usually made a couple of thousand dollars. However, these events take a lot of effort, tie up
BEHAVIORAL ECONOMICS – When You’re Selling, Buyers Don’t Care – Endowment Effect Read More »
Your life is complicated. The demands of your career and your family are accelerating. As the number of financial decisions required to keep you moving forward increases, you realize you’re reaching the limits of your financial knowledge. Making financial decisions definitely opens new doors for you. However, for each new door opened, several other doors
Five Things to Expect from a Financial Planner Read More »
All the numbers in your financial plan add up and they say, “You can do this.” You’re ready to give notice to the world that your long working career has ended. However, as people who have been down this road before will tell you, retirement is not just about money. Yes, it’s critical that you
Seven Non-Financial Questions For People Approaching Retirement Read More »