It’s a super-sized episode today—and for good reason. We spend the bulk of the show in a deep, insightful conversation with Dr. Meir Statman, a leading voice in behavioral finance. I also walk you through the four non-financial pillars of retirement: mindset, energy, passions, and relationships. We'll talk about how to manage what you can control—and how to respond when life throws you the stuff you can’t. Plus, we answer a few of your questions. There’s a lot here, but it’s worth every minute. Let’s get to it.
SUMMARY OF THIS EPISODE OF THE RETIREMENT ANSWER MAN
- (00:00) This podcast is dedicated to helping you survive retirement with confidence
- (00:34) Today on the show we are going to focus on the non-financial realm as we continue talking about process and things we can control versus what we can’t control.
ROCKIN RETIREMENT IN THE WILD
- (02:14) Roger shares an anonymous message from a listener about her husband retiring and the confidence they have built in their retirement.
PRACTICAL PLANNING SEGMENT
- (04:50) Sometimes in retirement planning, we tend to overemphasize the financial side of things and forget about the rest of our lives.
- (06:23) Roger identifies controllables and non-controllables within the non-financial pillars of retirement.
- (14:50) Roger talks about some examples of people who focused on things that they could control and found success.
- (16:19) Roger says that the Rock Retirement Club has been a source of inspiration for him.
INTERVIEW WITH MEIR STATMAN
- (18:13) Roger introduces Meir Statman, author of A Wealth of Wellbeing.
- (19:34) Roger asks what motivated Dr. Statman to write his latest book.
- (22:10) Dr. Statman talks about his relationship with Nobel Prize winner, Harry Markowitz
- (25:57) Roger talks about behavioral finance and what it means from his perspective.
- (30:02) We talk about financial wellbeing but you also need to focus on life wellbeing.
- (31:06) Dr. Statman discusses a u-curve in life wellbeing.
- (37:25) Roger and Dr. Statman talk about accepting who you are.
- (39:30) Dr. Statman talks about the components of wellbeing.
- (41:49) Roger asks about social capital in retirement.
- (49:00) Starting a conversation is really important, Meir says
- (51:19) What is cultural capital?
- (57:32) Developing social, cultural, and personal capital becomes harder as you get older.
- (01:01:38) What is personal capital?
LISTENER QUESTIONS
- (01:04:42) Listener Brian sends a question about generating his retirement paycheck.
- (01:17:52) Another listener named Brian asks about investing in annuities.
SMART SPRINT
- (01:22:20) In the next seven days, before you get out of bed, smile and tell yourself it is going to be a great day!
BONUS
- (01:22:48) Roger reads from his grandfather’s WWII journal.
REFERENCES
- Nick Vujicic- Motivational Speaker
- Nelson Mandela
- Mier Statman
- Retirement Answer Man
- Sign up for The Noodle (previously known as Six Shot Saturday)
BOOKS
- Man's Search for Meaning by Viktor Frankl
- I Know Why the Caged Bird Sings by Maya Angelou
- A Wealth of Well-Being: A Holistic Approach to Behavioral Finance by Meir Statman
- The Second Mountain: The Quest for a Moral Life by David Brooks
- Bowling Alone: Revised and Updated: The Collapse and Revival of American Community by Robert Putnam
- The How of Happiness: A Scientific Approach to Getting the Life You Want by Sonja Lyubomirsky
- Thinking in Bets: Making Smarter Decisions When You Don't Have All the Facts by Annie Duke
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