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SFB022 How Thinking You’re Smart About Finances Is Unwise

| June 28, 2016
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Episode Summary

Roy Rasera is a financial advisor who helps successful couples, professionals, and business owners manage their macro-economic financial strategies. Roy holds 3 degrees from MIT, several financial designations, and is a member of Mensa. He focuses on client education and continued evaluation to co-design, optimize, and implement effective wealth building and protection strategies. Tune in to today’s podcast to discover some of the most common financial mistakes and how just one mistake could end up costing you millions.

What Was Covered

  • 01:15 - We’ll be switching up the format a little bit for the podcast. Paul explains further.
  • 02:35 - Find out more about Roy Rasera, who is a member of Mensa and holds 3 degrees from MIT.
  • 04:00 - What’s the difference between being clever, smart, and wise?
  • 05:15 - How did Roy transfer from tech to finance?
  • 07:00 - Most smart people realize there’s a limit to what they can do.
  • 07:35 - People understand they need to find the right banker and have a strong relationship with their financial advisor.
  • 08:15 - Roy received an 80-page financial plan and it said that he could retire when he was 42. Was it right? Of course not.
  • 09:30 - Despite Roy being smart enough to get help, he also knew the help available to him was limited in terms of wisdom.
  • 10:35 - Roy went on a lengthy journey to find qualified financial help.
  • 12:15 - Roy went through 15 financial advisers in three years.
  • 18:00 - How do you stress-test an ecosystem, especially when you’re uncertain of the future?
  • 22:55 - What’s a common financial mistake that Roy sees often in his industry?
  • 25:15 - Find out what options you have and explore each one, then select something that makes sense based on your ecosystem. One size does not fit all.
  • 26:10 - Web search vs. research. Roy shares a couple of examples of why searching for financial info on Google can be dangerous.
  • 27:25 - People who write financial articles are often not even qualified.
  • 28:45 - Just because you’re highly skilled in X industry or craft, doesn’t mean you’re an expert in finances.
  • 31:30 - One financial mistake could cost you millions over the course of your lifetime.
  • 37:35 - People often break their investment strategy when emotions are high during a time of economic uncertainty.
  • 39:20 - Acting on emotions based on what we hear in the media or our next door neighbor can cause us to lose between 2-8% over a 10-20-30 year period.
  • 43:55 - Let’s talk stock options. How should you correctly allocate your investments?
  • 50:15 - The final closing is that despite feeling smart with some of your financial decisions, you might have not been wise with that money.


"Most smart people realize there’s a limit to how much they can do."

"I went through 15 financial advisers in 3 years."

"Those reactions to what we hear in the media, those tend to lose you 2-8%."

"One financial mistake could cost you millions over the course of your lifetime."

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