#69 WARNING: Investment Talk Radio May Be Hazardous to Your Retirement

If you're working to build a great retirement, stop listening to weekend investment talk radio. The economics of these local shows encourage the sale of investment products rather than offering sound investment advice. 


[bctt tweet="If you're working to build a great #retirement, stop listening to weekend investment talk radio. #retirementanswerman"]

In this week's episode, I answer listener questions and talk about the difference between investment and investment products and why too much worry will rob you of your life.

Brenda asks:

"What do you think about those weekend radio shows where they talk about "no risk investing" and how their clients "never lose money"? Are they legit?"

In my answer I discuss:

  • The economics of weekend investment talk radio.
  • Why you should be careful in responding to messages playing off your fear or greed.
  • The differences between investments and investment products.
  • How to make smarter investment decisions.

Janie Asks:

Question: My husband and I are both self-employed. (I am 35, he is 40). I am paralyzed with stress about retirement. We save about $20,000 per year, max out Roth, remainder in mutual funds. In addition. we also save for college funds (3 kids) and paying $350/month extra towards 30yr fixed mortgage. (Really have only been able to save like this for past 5 years--prior to that paying off student loans, building business etc.)

We have no credit card debt and no car payments.

What stresses me out, is that I don't have a traditional 401K so I don't know what is "normal" amount saved.

I guess my question is. . . . . is 20% the right amount? Is it  WAY low?  Way high?

Frankly, I want to be safe. I had a very uncertain, unstable childhood. I've built a great life for myself but I find myself not being able to enjoy my efforts because I'm constantly worried about the what ifs. (Are you a financial planner and a shrink. . lol).

In my answer I discuss:

  • Why Janie needs to STOP worrying and start living more (I say it with love).
  • Why Janie and her husband should be PROUD of their progress.
  • The dangers of constant financial worry.
  • How having a sound plan can help lessen financial worries.
  • How a good financial planner might bring needed perspective and structure to their financial life.

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