11 Lessons Every Investor Needs to Know with Ben Carlson

All the Hacks with Chris Hutchins

Chris Hutchins

Business, Education, Investing, Society & Culture, Places & Travel, Self-improvement

4.7 • 1.4K Ratings

🗓️ 4 September 2024

⏱️ 59 minutes

🔗️ Recording | iTunes | RSS

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Summary

#191: Grow your wealth and build a resilient portfolio by making smarter decisions with these 11 investing lessons. Financial advisor Ben Carlson and I share actionable insights on managing risk, overcoming psychological barriers in investing, and the power of simplicity and diversification to ensure long-term, fulfilling financial success. Ben Carlson is the Director of Institutional Asset Management at Ritholtz Wealth Management and the author of four books on investing and personal finance. He runs the popular blog A Wealth of Common Sense, where he shares insights on financial markets and investing strategies. Ben also co-hosts Animal Spirits, one of my favorite podcasts. Link to Full Show Notes: https://chrishutchins.com/ben-carlson-money-lessons Resources Mentioned Ben Carlson: Website | Animal Spirits Podcast | X 20 Lessons From 20 Years of Managing Money My All-Time High in Savings You Probably Need Less Money Than You Think For Retirement Wealthfront Risk Parity Fund | What is Risk Parity? JP Morgan: S&P 500 Market Concentration Chart Fractional Vacation Homes: Pacaso Paula Pant’s Podcast: Afford Anything Safe Withdrawals: Free DIY Withdrawal Rate Toolbox | Safe Withdrawal Rate Series Study: Spending Habits of Retirees ATH Podcast Ep #41: Beating Inflation, Alternative Assets, and Simplifying Your Finances with Ben Carlson Ep #59: Save Money, Build Wealth and Just Keep Buying with Nick Maggiulli Ep #91: Die With Zero: Net Fulfillment Over Net Worth with Bill Perkins Ep #117: Navigating a High Rate Market: Buying a Home, Preparing for a Recession and Where to Put Cash with Ben Carlson Ep #168: Building an Investment Portfolio to Grow and Protect Your Wealth with Chris Doyl Ep #180: Stocks vs. Real Estate: What’s the Best Investment to Build Wealth? Ep #186: 25 Money Rules (and When to Break Them) with Brian Feroldi Ep #189: Beyond the 4% Rule: Smarter Strategies for Financial Independence with Karsten Jeske Join our Newsletter Follow & Review on Apple Podcasts Email us for questions, tips, deals and feedback Full Show Notes (00:00) Introduction (02:30) Experience in Investing Is Not the Same as Expertise (03:24) Intelligence Doesn’t Guarantee Investment Success (05:42) No One Lives Life in the Long Term (07:32) Experiences Shape Your Perception of Risk (10:12) The Biggest Risks Are Always the Same yet Different (13:29) Optimism Should Be Your Default (20:03) There Is No Such Thing as a Perfect Portfolio (22:31) Overthinking Can Be Just as Debilitating as Not Thinking at All (24:30) How to Think About a Simple Portfolio with International Exposure (26:17) Less Is More (30:17) Ways to Reduce Overthinking (32:02) Tax Loss Harvesting vs. Direct Indexing (39:02) Why Ben Wrote a Post on 20 Money Lessons (40:11) Lesson #10: There Is a Big Difference Between Rich and Wealthy (43:37) The Reason Ben and Chris Invested in Holiday Homes (48:27) What's a Reasonable Amount to Save? (51:29) You Probably Need Less Money Than You Think for Retirement (56:47) The Final Biggest Takeaway Connect with Chris Newsletter | Membership | Twitter | Instagram | LinkedIn Editor’s Note: The content on this page is accurate as of the posting date; however, some of our partner offers may have expired. Opinions expressed here are the author's alone, not those of any bank, credit card issuer, hotel, airline, or other entity. This content has not been reviewed, approved or otherwise endorsed by any of the entities included within the post.

Transcript

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0:00.0	What if you could distill 20 years of investing wisdom into just a few important lessons?
0:07.6	Today we are unpacking critical insights that can help you build a more resilient portfolio and make smarter financial decisions.
0:15.2	As Ben Carlson says,
0:16.5	I know plenty of investors who have been at this game for decades who still make the same mistakes.
0:20.7	It's really more about having a process. We'll explore why even seasoned investors still struggle with risk and how to create a strategy that gives you confidence in any market.
0:30.0	Whether you're a novice or veteran, these lessons will transform how you think about investing and your financial future.
0:36.0	I'm Chris Hutchins, and if you enjoy this episode and want to keep upgrading your life, money and travel, consider clicking follow,
0:42.0	oh, and definitely go sign up for my newsletter at
0:45.0	all the hacks.com slash email, where every week I share the latest deals, as well as my top
0:50.9	fines and recommendations.
0:52.8	Okay, let's talk investing with Ben Carlson right after this.
0:58.4	The latest report from the FTC
1:00.3	showed that in 2023, $ dollars was lost to consumer fraud and 2.7 billion of
1:07.4	that was lost to imposter scams which had over 850,000 reports last year.
1:13.6	So what do you do about it?
1:14.9	Well, first off, just learning more
1:16.6	about the tactics these scammers use
1:18.5	can help you know what to look out for.
1:20.7	But a big way I try to keep our family protected is to make sure all our personal
1:25.2	info is removed from as many data broker websites as possible, so we're less of an enticing
1:30.3	target.
1:31.3	You'd be shocked at how many sites out there are sharing your address, phone
	...

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