Presidents are known for leaving us with memorable quotes that live on for decades after they’ve left office. On today’s show, we’ll take a look at some famous presidential quotes and see what financial planning lessons we can extract. And in current events, Nathan will take stock in how the market is currently performing (pun intended).
Full show notes here: https://thefinancialanswer.com/podcasts/presidential-financial-planning/
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In The News
- 2:20 Market Update
- The Dow is up right now and getting close to its previous highs. The ride up is fun, but it can be scary to think about people’s reactions when it will eventually turn and go back in a downward direction.
- Nobody can see the future. And also, it’s important to remember that the Dow is just an index, an indication of the market as a whole.
- Market volatility will always be there, it’s part of investing.
Confidence Corner
Presidential Quotes
5:45 “When only one side of a story is heard and often repeated, the human mind will often become impressed with it.” - George Washington
- Wall Street was the mastermind at this because they created the idea that they could tell you which stock would do well.
- Nathan shares a story of someone who was a broker on Wall Street.
- People are becoming more educated and realistic about what’s possible. This is a good thing to keep our expectations in check.
7:58 “Ask not what your country can do for you, ask what you can do for your country.” - JFK
- As an advisor, Nathan wants to think more about what he can do for the client.
- Nathan shares a story about another advisor who was bragging about how much commission he earned.
- It’s got to be more about doing the right thing first. That’s the standard advisors should hold themselves to, but unfortunately, it’s not like that throughout all of the financial world.
10:47 “Think about every problem, every challenge we face. The solution to each starts with education.” - George Bush
- Nathan started as a broker, which was more of a sales position, but he prefers the educational process that he engages clients in now.
- If you understand what’s in your portfolio, then you have nothing to worry about. If you have no idea why it’s designed the way it is, then it’s time to investigate.
12:40 “Trust but verify.” - Ronald Reagan
- When working with a financial advisor, you want to trust them, but you should still verify the various recommendations they’re making.
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