When It Comes to Risk, It’s Dangerous to Trust Your Instincts
Retirement Talk Podcast with Laura Stover
English - April 19, 2023 10:00 - 31 minutes - 42.7 MB - ★★★★ - 38 ratingsInvesting Business 401k financial money ohio retirement business investtalk laura lifestyle moneymanagement Homepage Download Apple Podcasts Google Podcasts Overcast Castro Pocket Casts RSS feed
The famous boxer Mike Tyson once said, “Everyone has a plan until they get punched in the mouth.” He meant it about his opponents, but we can apply that same idea to financial planning in the middle of a volatile market. How will you react when things first get difficult? Should you trust your instincts or stick to a well-defined process that you already put in place?
In this episode, Laura Stover, RFC® and Michael Wallin, CFP® will delve into the critical distinctions between risk tolerance and risk perception as it relates to investment strategies. They explore the role of emotions, information consumption, and self-awareness in making investment decisions, and offer valuable insights on creating a comprehensive retirement plan while avoiding common mistakes.
Managing your portfolio through a volatile market all begins the process, and we’ll give you insight into how our Redefining Wealth® process helps you build a plan that avoids these mistakes and helps to secure a stable future for you and your family.
Redefining Wealth® Custom Blueprint Income Plan: https://redefiningwealth.info/schedule/
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https://podcasts.apple.com/us/podcast/retirement-talk-podcast-with-laura-stover/id571347188
How to Connect:
Schedule a Review: https://redefiningwealth.info/schedule/
Timestamps (show notes):
5:28 – How do you react when the turbulence first begins?
11:13 – What is the difference between risk tolerance and risk perception?
20:47 – What’s the best way to process all the information and how it applies to you?
25:33 – Putting a process in play and sticking to it.