Jul 20, 2018
We are going to talk about Joel’s new book The Wealthy Think Differently: How
to discover and challenge your financial philosophy and about
late bloomers or people who get started planning their retirement a
little late. We also talk about how to deal with retirement
planning after you have retired and the consequences of cutting
Main Questions Asked:
What does taking shortcuts really cost?
What does wealth really mean?
How the wealthy think differently?
Key Lessons Learned:
Defining What Wealth Really Means
- If you live in the United States, you are wealthy relative to
the rest of the world.
- Wealthy can frequently get confused with income. Wealth and
income are two different things.
- Wealth is having enough money set aside to live for the rest of
your life in a lifestyle that you have become accustomed to.
- Wealth is about creating a pile of money that can take care of
you without you having to go out and work.
Joel’s Book: How The Wealthy Think Differently
- The relationships that wealthy people have. The wealthy value
relationships a lot more than they value money.
- The general philosophy that they have. How their thought
pattern and mindset could come out of their childhood. Money
philosophy could also come from big setbacks that you have
- The difference between a scarcity mindset and an abundance
- The crowd is usually wrong and how it applies to financial
planning. Wealthy people are aware that the crowd is usually wrong,
and they have advisors for different areas of their lives.
- The odd lot theory is a technical analysis theory based on the
assumption that the small individual investor trading odd lots is
usually wrong. The crowd is usually wrong.
Ways That People Cut Corners When It Comes to Retirement
- Taking too much risk to make up for not saving enough earlier
in life. Don’t chase something in the future if the cost will hurt
you in the present.
- Never getting their legal documents in place. It’s so important
to have a proper state plan in place.
- Avoiding that long-term care discussion and sticking your head
in the sand. You need to be prepared in case there is a
- Never taking the time to get organized and figure everything
out. There are those who are disorganized, and others whose
financial plans are way too complicated. We can help with either of
Links To Resources Mentioned
Money Map Retirement Review
The Wealthy Think Differently: How
to discover and challenge your financial philosophy
The Money Map
Thank you for listening!