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Episode Info

Episode Info:

A special Halloween edition of the podcast as we get ready for the scariest holiday of the year. Ryan and Bob will go trick-or-treating in the financial world and then apply the seven deadly sins to investing and financial planning. Enter at your own risk.

Show Notes:


Today's Rundown: 

0:32 – Today is our special Halloween edition.  

1:19 – Let’s discuss the tricks and treats of financial planning. First item is tax losses. Is this a trick or treat?

2:25 – Our president is a great example of dealing with tax losses.

3:03 – Think of your tax losses like putting money in the bank.

3:25 – Annuities: Trick or Treat?

5:20 – Fee-only financial advisor: Trick or Treat?

6:54 – Why you should have all of your accounts in one place.  

8:19 – Discussion moves to a discussion of the seven deadly sins of finance

8:27 – First sin: Pride

9:46 – It’s okay to be wrong but it’s not okay to stay wrong.

10:12 – Second sin: Envy

10:46 – Your decisions need to be completely different than other people.

11:33 – Next sin: Wrath – the market doesn’t care what you think.

12:47 – Next sin: Greed

13:45 – Next sin: Sloth – not doing anything with your money.

15:42 – Mailbag time

16:39 – Mailbag Question from Ronnie: I’ve been told I don’t have enough of an emergency fund in the bank. What’s more important, building that up or maxing out my 401k?

19:04 – Mailbag Question from Gwen: I have a whole-life insurance policy that’s very expensive. I’m thinking about canceling it and getting a cheaper policy. Is there any reason to not cancel the whole-life policy?

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