Weekend Content for New Planners

Weekend Content for New Financial Planners (June 24-25, 2023)

“Weekend Content for New Financial Planners” is a collection of articles, podcasts, videos, etc. that I’ve been consuming regarding breaking into financial planning, industry trends, career development, and more.

The three pillars of retirement satisfaction, the best ways to spend money for happiness, and more, from Dr. Michael Finke [Podcast]:

“They want the autonomy, they get to retirement and they have full autonomy, and they have no idea what to do with it. They’ve never actually thought about it.

There’s a lot of evidence, as you know, that people are very bad at projecting the future. They tend to place it within the context of today.

When we’re working we think the weekend is an awesome time. We play golf, we have fun. But, then, if the weekend was it, if it was all we did, then, would we get bored of the weekend after a while? Is it not fulfilling enough? Is it not doing the things we know are predictive of life satisfaction? Things like challenges, human interaction, or all of the things that we know are strong predictors of life satisfaction. If we don’t structure our retirement appropriately, we’re not going to get those.”

The Science Of Happy Retirement [Dr. Daniel Crosby, Standard Deviations]

Ben Carlson covers Charles Schwab’s Modern Wealth Survey on what level of wealth individuals consider “wealthy” and recaps the latest study on the relationship between income levels and happiness [Article]:

“Charles Schwab just released their newest Modern Wealth Survey which asked people how much money it would take to be considered wealthy.

The average answer was $2.2 million.

If we include home equity, having a net worth of $2.2 million would put you in the 94th percentile of households in the United States.

This would mean only 6% of households would make the cut-off to be considered wealthy.

Interestingly enough, although the number to be considered wealthy was $2.2 million, almost half of the respondents to this survey said they already feel wealthy but this group has an average net worth of $560,000.”

How Much Money Does It Take To Feel Wealthy? [Ben Carlson, A Wealth Of Common Sense]

3 ways to better leverage new A.I. applications [Article]:

“Our business has grown, but my workload has decreased. I’m more productive, working less, and my bottom line is growing.

I attribute this positive development to having a great team and the productivity improvements available through our use of AI.

It’s only going to get better.

Here’s what is working best for us (after a lot of trial and error).”

A.I. Productivity Hacks You Can Use Now [Dan Solin, Advisor Perspectives]

Morgan Housel with a few stories on happiness, contentment, and expectations [Podcast]:

“There’s this weird thing in life in that everyone strives for a good life, because they think it will make them happy. They want the nice stuff. They want all of the luxuries. They want the pleasures. But what actually brings happiness, is the contrast between what you have now and what you were just doing.”

What Makes You Happy [Morgan Housel, The Morgan Housel Podcast]

The latest Morningstar research on what factors cause today’s investors to seek financial advice [Article]:

“‘The common idea out in the field, in the media, in the industry, is that people go to a financial advisor because they got a windfall, because they have a retirement account. These very logical, specific financial needs. And we did find that,’ Lamas told RIA Intel. ‘But it was not the whole story at all.'”

Why Do Investors Hire Their Advisors? [Holly Deaton, RIA Intel]

Which was your favorite takeaway? Comment below!

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