Episode 19: Lessons Learned with David Waldrop

Schools and exams don’t teach everything; some things have to be learned through hands-on experience.  Today, Devin’s guest is Certified Financial Planner David Waldrop, and they talk about things they’ve learned during the years they’ve been helping people with their finances.

David writes the personal finance blog The Astute Advisor, where he offers information for every stage of the retirement planning process, from just starting to save to living through retirement.

Show highlights include:

  • Negative returns are part of the process, but so are positive returns – try not to get too excited about either one
  • Financial advisors should be doing much more than just working on investments
  • The importance of being able to sleep at night, and why it should trump any other aspect of an investment
  • How an independent advisor has more freedom to give more comprehensive advice that’s appropriate for the client’s individual situation
  • Why you need to understand your own risk tolerance
  • Why the financial media focuses on extremes, and how it will help you to pay less attention

Then, Devin chats with John about some of the things John has learned during his time as an elder law attorney. These include:

  • why a good advisors doesn’t always do exactly what the client things they want, and
  • why you should let your professionals use the tools that are available to give you the best possible result.

Resources mentioned in this episode include:

David’s Waldrop’s The Astute Investor, where you can sign up for the free guide, Five Critical Finance Concepts to Increase Savings and Reduce Debt.

Devin and John love to hear your questions!  Contact them at Questions at BigPictureRetirement.net