Stuff That Doesn’t Work

There are lots of theories and techniques that no matter what, just doesn’t work. On the podcast today, Nathan will respond to some of these common ideas in the financial world (as well as a few fun ones outside of it). Have you tried any of these?

Check out the full show notes of this episode: https://thefinancialanswer.com/podcasts/stuff-that-doesnt-work/

  

In The News

2:17 In the news: Yield curve inversion

• The yield curve inversion is the ten-year yield compared to the two year one.
• The ten-year treasury is paying less than the two year.
• Historically, people say it is a sign of an economic recession to come, but that hasn’t happened every single time.

Confidence Corner

Stuff That Doesn’t Work

6:02 Guessing how long you’ll live based on your parents’ age

• You don’t know how long you’re going to live.
• If you’re trying to guess, start with at least five years past your parents’ lifetime but then consider your personal health as well.
• Medical advances have also changed how long you can expect to live (for the better).

8:17 Changing someone’s mind on a political stance with a Facebook post

• This doesn’t work, but it happens every day.
• Politics, religion, or anything--it doesn’t work. Sometimes people are more comfortable when sitting behind the computer and it leads to more heated debates.

9:18 Timing the market

• Stop trying to guess it, no one can predict it with any kind of certainty.
• The worst thing that can happen is for you to guess it right one time because then it fuels you to keep on guessing.

11:08 Cheesy pickup lines

• They work occasionally, Nathan’s wife can verify.
• It has to be based on the relationship.

12:17 Planning to avoid long-term healthcare

• Almost everyone says they’ll take care of each other or the kids will do it.
• No one wants to go to long-term care or goes for fun, it’s because they must.
• The family has usually done everything they can up to that point.
• Set money aside or buy insurance for that.
• Have the conversation with each other and with a financial advisor.