The Magic of Goal Setting

Nov 27, 2024

Thanksgiving gratitude sets the tone, as personal connections and community support are celebrated. An intriguing discussion emerges around the perception of value in financial markets, highlighted by an outrageous $5.2 million banana art piece. Goal setting takes center stage, showcasing its transformative impact on financial planning, motivating personal strategies tailored to individual values and circumstances. The episode also delves into the intricate balance of risk and return in investments, emphasizing the vital role of financial planners in navigating these challenges.

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ANECDOTE

Relocation Challenges

Paul Merriman discusses his recent multiple moves and the resulting mail challenges.
This has led to lost donations and potential tax deduction issues for contributors.

INSIGHT

Cryptocurrency Analogy

Paul Merriman shares a breakthrough in explaining cryptocurrency to young people by comparing it to a $5.2 million banana duct-taped to a wall.
He highlights the subjective nature of value, similar to art and cryptocurrency.

ADVICE

Holistic Goal Setting

Consider various factors when setting retirement goals, including desired lifestyle, legacy plans, and family dynamics.
Explore working with a financial planner who also acts as a life coach to navigate complex decisions.

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As this podcast is being released on Thanksgiving Day Paul begins by thanking those people who choose to follow the Foundation’s work, those who forward our articles, podcasts and videos to others, and those who donate time and money to the Foundation.

He also addresses the challenges of living at three different homes (Bainbridge Island, Portland and Rancho Mirage) in 2024. We know some donations have been lost in the mail.

Our concern is people will declare a charitable deduction that did not actually happen. By the way, the permanent address of the Foundation is now -

2445 NW Westover Road #311,

Portland, Oregon 97210.

Paul comments on his challenges in recommending cryptocurrency.

Finally he discusses the life changing impact of goal setting.

The following are articles and videos on goal setting from some of the Truth Tellers Paul recommends.

Jim Dahle writes to young doctors but the information is usually good for all people who are putting together a financial plan. The Power of Focus in Your Financial Life

Jonathan Clements is struggling with cancer and for anyone facing death sooner than expected, and the goal setting that might be considered, I think you will find his journey worth reading. The C Word.

William Bernstein has recently updated his best selling , “The Four Pillars of Investing.” In this short introduction you will hopefully decided it’s worth reading the rest of the book.

Here is a podcast that you won’t want to miss. Larry Swedroe is interviewed by another Truth Teller, Ben Felix and Cameron Passmore. The book they discuss has been updated since the interview. "Your Complete Guide to a Successful and Secure Retirement" is one of the best books I know for those trying to address the many important retirement goals.

While Christine Benz is the Director of Personal Finance at Morningstar I thought it might be interesting to get her take on the non-financial plans we should consider. Her new book has become a best seller. How to Retire: 20 lessons for a happy, successful, and wealthy retirement.