Guilty Spending, Know Your Fees, Retirement Side Hustle, and Risk Taker Tendencies
In this episode of?Upticks, Jake and I begin by addressing a listener’s question about feeling guilty when spending money in retirement.
We discuss the undefeated Kansas City Chiefs, how some financial advisors don’t disclose their fees transparently, not feeling bad about going back to work in retirement, the psychology of risk takers, and traveling in retirement.
Thank you for joining us this week! If you have a topic that you would like us to discuss or debate live on Upticks, please email it directly to Luke at?[email protected] ?and he’ll be sure to ask us to bring it up on the show!
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Read a summary of the conversation below:
Listener Suggestion
Why is it when we make withdrawals from our IRA, that we’re anxious and feel a certain amount of guilt?
Jake and Cory address a listener’s question about feeling anxious and guilty when withdrawing from an IRA. Cory explains that this feeling is common among savers who have spent their lives accumulating wealth and find it challenging to switch to spending mode. They suggest that understanding one’s financial plan and meeting with financial planners more frequently can help alleviate these feelings. Jake adds that savers often remain anxious about spending regardless of their wealth and encourages exploring the underlying reasons for this anxiety. They both emphasize that this is a normal feeling among savers and that it’s important to understand and address the psychological aspects of spending in retirement.
Undefeated Kansas City Chiefs
The hosts discuss the Kansas City Chiefs’ impressive 6-0 start to the season. Jake expresses cautious optimism, emphasizing the importance of peaking during the playoffs rather than the regular season. He mentions that while the Chiefs are performing well, it’s crucial for them to maintain their best form for the playoffs. Cory highlights Patrick Mahomes’ leadership and the team’s ability to win close games, acknowledging the challenges of achieving a three-peat in the Super Bowl. They both agree that while the regular season is important, the ultimate goal is to perform at their best during the playoffs to secure another championship.
Know Your Fees and All of Your Fees
Jake and Cory stress the importance of understanding all fees associated with financial products and advisory services. Jake criticizes the financial industry’s lack of transparency regarding fees and suggests listeners to ask their advisors for a detailed breakdown of product and advisory fees. He points out that many clients are unaware of the fees they are paying, which can significantly impact their financial health. Cory agrees and emphasizes the need for consumers to be informed and educated about the costs they incur. They discuss the importance of transparency and the responsibility of financial advisors to clearly communicate all fees to their clients.
Retirement Might Include a Side Hustle. 5 Tips on How to Find a Good One.
The hosts discuss the benefits of having a side hustle in retirement, not just for financial reasons but also for emotional and social engagement.
Investors Spend a Lot of Time Thinking About Risk. But They Do It All Wrong.
The hosts explore the concept of risk tolerance beyond just investment risk, including career and social risks. They argue that wealthy individuals often achieve their status by taking career and social risks rather than just investment risks. The key takeaway is to balance different types of risks to achieve both financial and emotional satisfaction. They discuss how people often misunderstand the best path to accumulating wealth, focusing too much on investment risk and not enough on career and social risks.
Traveling in Retirement Is Great. Being at Home Is Harder.
Jake and Cory discuss the challenges of balancing travel and home life in retirement. They share a story of a retired couple who found it difficult to stay at home after extensive travel. The wife enjoys a structured routine at home, while the husband is eager to plan more trips. The hosts emphasize the importance of finding a balance and understanding personal preferences to enjoy retirement fully. They suggest that retirees should consider their own preferences and find a balance between travel and home life that works for them. They also discuss the importance of communication and planning in retirement.
Thank you for tuning in, we hope you have a great week!
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