Process Over Panic: Building a Great Life with Dr. Meir Statman

It’s a super-sized episode today—and for good reason. We spend the bulk of the show in a deep, insightful conversation with Dr. Meir Statman, a leading voice in behavioral finance. I also walk you through the four non-financial pillars of retirement: mindset, energy, passions, and relationships. We'll talk about how to manage what you can control—and how to respond when life throws you the stuff you can’t. Plus, we answer a few of your questions. There’s a lot here, but it’s worth every minute. Let’s get to it.

SUMMARY OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

• (00:00) This podcast is dedicated to helping you survive retirement with confidence
• (00:34) Today on the show we are going to focus on the non-financial realm as we continue talking about process and things we can control versus what we can’t control.

ROCKIN RETIREMENT IN THE WILD

• (02:14) Roger shares an anonymous message from a listener about her husband retiring and the confidence they have built in their retirement.

PRACTICAL PLANNING SEGMENT

• (04:50) Sometimes in retirement planning, we tend to overemphasize the financial side of things and forget about the rest of our lives.
• (06:23) Roger identifies controllables and non-controllables within the non-financial pillars of retirement. 
• (14:50) Roger talks about some examples of people who focused on things that they could control and found success.
• (16:19) Roger says that the Rock Retirement Club has been a source of inspiration for him.

INTERVIEW WITH MEIR STATMAN

• (18:13) Roger introduces Meir Statman, author of A Wealth of Wellbeing.
• (19:34) Roger asks what motivated Dr. Statman to write his latest book.
• (22:10) Dr. Statman talks about his relationship with Nobel Prize winner, Harry Markowitz
• (25:57) Roger talks about behavioral finance and what it means from his perspective.
• (30:02) We talk about financial wellbeing but you also need to focus on life wellbeing.
• (31:06) Dr. Statman discusses a u-curve in life wellbeing.
• (37:25) Roger and Dr. Statman talk about accepting who you are.
• (39:30) Dr. Statman talks about the components of wellbeing.
• (41:49) Roger asks about social capital in retirement.
• (49:00) Starting a conversation is really important, Meir says
• (51:19) What is cultural capital?
• (57:32) Developing social, cultural, and personal capital becomes harder as you get older.
• (01:01:38) What is personal capital?

LISTENER QUESTIONS

• (01:04:42) Listener Brian sends a question about generating his retirement paycheck.
• (01:17:52) Another listener named Brian asks about investing in annuities.

SMART SPRINT

• (01:22:20) In the next seven days, before you get out of bed, smile and tell yourself it is going to be a great day!

BONUS

• (01:22:48) Roger reads from his grandfather’s WWII journal.

REFERENCES

• Nick Vujicic- Motivational Speaker
• Nelson Mandela 
• Mier Statman
• Retirement Answer Man
• Sign up for The Noodle (previously known as Six Shot Saturday)
  
  

 BOOKS

• Man's Search for Meaning by Viktor Frankl
• I Know Why the Caged Bird Sings by Maya Angelou
• A Wealth of Well-Being: A Holistic Approach to Behavioral Finance by Meir Statman
• The Second Mountain: The Quest for a Moral Life by David Brooks
• Bowling Alone: Revised and Updated: The Collapse and Revival of American Community by Robert Putnam
• The How of Happiness: A Scientific Approach to Getting the Life You Want by Sonja Lyubomirsky
• Thinking in Bets: Making Smarter Decisions When You Don't Have All the Facts by Annie Duke