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The Financial Therapy Podcast - It's Not Just About The Money
#9 - Why Avoiding Financial Soothsayers Is Usually Financially and Emotionally Rewarding
Jun 29, 2021
The podcast explores the importance of avoiding financial soothsayers and the rewards of not following their advice. It discusses the real estate advice given during the financial pandemic and reflects on personal experiences. The impact of human emotions on market behavior is explored, highlighting anxiety as a driving factor. The connection between anxiety and underlying money beliefs is discussed, emphasizing the importance of challenging and researching these beliefs.
22:39
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Quick takeaways
- Managing anxiety and resisting the urge to constantly take action leads to better investment returns.
- Understanding the emotions and beliefs driving financial decisions can lead to wiser choices and greater clarity.
Deep dives
Making Good Financial Decisions is not Just About the Money
Research shows that 90% of financial decisions are made emotionally, not logically. The host, Rick Kaler, blends financial advice with the emotional aspect of decision-making. He shares his own experience of finding investing exciting in his early 20s, but now finds it exhausting. He advises clients against picking individual stocks and encourages following an index. Good investing is boring because it requires managing anxiety and resisting the urge to constantly take action. The financial press often promotes active involvement, but research suggests that less frequent monitoring of investments leads to better returns.
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