Optimal Finance Daily Optimal Living Daily

Discover all of the podcasts in our network, search for specific episodes, get the Optimal Living Daily workbook, and learn more at: OLDPodcast.com.
Episode 2726:
Erik Carter of FinancialFinesse.com explains often overlooked aspects of financial planning, beyond the basics of debt, savings, and retirement. He highlights critical but commonly neglected areas such as life insurance, investment diversification, umbrella liability insurance, long-term care insurance, and estate planning, illustrating how being proactive in these areas can safeguard your financial future.
Read along with the original article(s) here: https://www.financialfinesse.com/2013/02/21/whats-probably-missing-from-your-financial-plan/
Quotes to ponder:
"Too often, people just have whatever their employer provides to them, which is usually equal to their salary. The bad news is that if you need to provide income to dependents, this won’t be enough."
"One of the biggest investment mistakes I see is having too much in company stock."
"Just as we don’t like to think about death, we don’t like to think about having to spend time in a nursing home someday. But if we live until age 65, the odds are more likely than not of needing long-term care at some point in our lives."
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Discover all of the podcasts in our network, search for specific episodes, get the Optimal Living Daily workbook, and learn more at: OLDPodcast.com.
Episode 2725:
Explore the profound impact of cognitive biases on our decision-making processes, especially in high-stakes scenarios like financial investments. This episode, inspired by a Mad Fientist article, delves into everyday examples and psychological experiments that reveal our subconscious preferences for risk over certainty, influenced by how choices are framed.
Read along with the original article(s) here: https://www.madfientist.com/cognitive-bias/
Quotes to ponder:
"If the problem is framed as a loss, as it is in the island #1 scenario, we become risk-seeking."
"Your brain is useful when setting up an investment plan but it’s not useful when you execute that plan."
Episode references:
The Simple Path to Wealth by JL Collins: https://www.amazon.com/Simple-Path-Wealth-financial-independence/dp/1533667926
Predictably Irrational by Dan Ariely: https://www.amazon.com/Predictably-Irrational-Revised-Expanded-Decisions/dp/0061353248
You Are Not So Smart by David McRaney: https://www.amazon.com/You-Are-Not-So-Smart/dp/1592407366
Thinking, Fast and Slow by Daniel Kahneman: https://www.amazon.com/Thinking-Fast-Slow-Daniel-Kahneman/dp/0374533555
Sources of Power: How People Make Decisions by Gary Klein: https://www.amazon.com/Sources-Power-People-Make-Decisions/dp/0262611465
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Discover all of the podcasts in our network, search for specific episodes, get the Optimal Living Daily workbook, and learn more at: OLDPodcast.com.
Episode 2724:
J. Money shares his journey and insights on achieving the first $100,000 in net worth, a pivotal financial milestone. He emphasizes the overhaul of mindset and financial habits necessary to reach this goal and how this foundation sets the stage for further financial successes. Highlighting the importance of patience and perseverance, this episode provides actionable advice for anyone looking to improve their financial situation.
Read along with the original article(s) here: https://www.budgetsaresexy.com/the-first-100-thousand-is-the-hardest/
Quotes to ponder:
"You can’t make it to a million or a billion without first hitting $100,000, but even more than that - it requires a complete overhaul of both your money and your mindset."
"It took me 28 years to finally start paying attention."
"Once you’ve got your mind right it’s all a matter of pouring in the fuel and letting time (and sometimes luck) take over from there."
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