Standard Deviations with Dr. Daniel Crosby Dr. Thomas Mathar - Financial Wellness vs. Financial Independence: How to Achieve Both for a Secure Future
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Apr 4, 2024 Dr. Thomas Mathar, financial researcher, discusses the impact of longevity on financial planning, differences between financial wellbeing and independence, and heuristics for following money vs. dreams.
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The 100 Year Life Shift
- The "100 year life" recognizes that traditional three-stage life (education, work, retirement) is becoming a multi-stage life with many transitions. - Financial planning must address these transitions and going beyond retirement planning.
Self-Knowledge as an Asset
- Self-knowledge is a crucial asset class for managing long-lived lives successfully. - Knowing your purpose, what gives you joy, and what hinders you is essential for long-term financial and personal success.
Using Empathy and Rules in Money Talks
- Acknowledge money concerns with empathy and share your emotional money story with your partner. - Use simple rules, like the 50-30-20 budget, to frame conversations and manage financial priorities.