The Legends of WealthTech with Paul Samuelson

Jan 9, 2024

Ask episode

Chapters

Transcript

Episode notes

Paul Samuelson's rich experiences with many of the great investors of his time have provided him with valuable wisdom for the wealth management industry. From the birth of modern finance to the nuances of tax management, his journey highlights the need for innovative solutions and tax-smart technologies that empower financial advisors and firms to minimize tax burdens and optimize retirement income strategically.

In this episode, Jack talks with Paul Samuelson, Chief Investment Officer at LifeYield. Paul comes from an extended family of prominent economists and advisors to presidents. He has carried on the Samuelson tradition, writing the complex algorithms at the core of LifeYield technology that empowers financial advisors and firms to minimize clients' taxes and maximize their retirement income.

Paul talks with Jack about the notable investors he spent time with, including his father, the first American to win the Nobel Prize in Economics. He shares the lessons he learned from those experiences and how he put them into practice. Paul also discusses the need for software solutions to manage taxes and optimize investment portfolios effectively.

Key Takeaways

[01:33] - Paul's experience with great investors.
[08:26] - The evolution of the economics department at MIT.
[10:37] - The first American to receive a Nobel Prize in Economics.
[15:20] - Paul's colleagues at the Ford Foundation.
[19:33] - Lessons Paul learned from great investors.
[25:14] - The birth of LifeYield.
[26:45] - The importance of tax software.
[29:03] - What motivated Paul and his father to develop tax software.
[31:13] - Lessons learned from engaging with highly intelligent economics experts.

Quotes

[31:33] - "If investing is not your expertise and doesn't necessarily help you, it may hurt you to be an expert in other areas of economics." ~ Paul Samuelson

[31:53] - "You need software for everything because everything depends on the exact numbers. And you need good tax calculating software to know what brackets you're going to use." ~ Paul Samuelson

[35:46] - "The academic finance profession has let people down because they haven't looked at taxes very seriously. There should have been better formulations of tax calculations and different ways to manage taxes before and after retirement." ~ Paul Samuelson

Links

Connect with our hosts

Subscribe and stay in touch