The three-step plan for becoming financially wealthy and how to be wealthy without the money. In this episode you’ll learn: The results of two recent surveys on wealth, investing and retirement planning.How much money do people believe they need to consider themselves wealthy.How is wealth distributed across the U.S. population and how wealthy are Americans?Why you need a simple financial plan.What are the three steps to becoming financially wealthy.How to live like you are already wealthy. Thanks to WIX and Sleep Number for sponsoring the episode. For show notes and more information on this episode click here. [0:16] Schwab and Stash survey results.[2:49] Saving vs. living paycheck to paycheck.[4:29] How much does one need to be considered wealthy?[7:44] The value of social security.[9:23] The historical distribution of the country’s overall wealth.[11:33] The importance of having a plan.[13:38] Step One: increase your income.[15:10] Step Two: increase your savings percentage.[16:44] Step Three: increase your investment returns.[23:57] It’s not about optimization. It’s about diversifying and learning.[25:20] How to live like you are wealthy today.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

How reducing exposure to a catastrophic event, such as running out of money during retirement, is a better strategy than trying to accurately predict a catastrophic event. In this episode you’ll learn: How repeated exposures to low probability events can lead to ruin.How bonds have outperformed stocks over long stretches of time .How the success of retirement spending rules depend on the market environment and why a flexible approach to retirement spending makes the most sense given the wide variety of risk factors. Thanks to WIX and Policy Genius for sponsoring the episode. For show notes and more information on this episode click here. [0:20] Celebrating 250 episodes - thank you for listening![1:51] 3 individuals who have greatly influenced David’s passion for good investing.[2:37] The sequence of life - and how you are affected by it - matters.[9:21] Defining risk and modifying exposure.[9:53] Case study: bonds vs. stocks.[15:34] The conditions for premium dividend yield.[18:00] Spending rules for retirement.[23:04] Considering worst-case scenarios.[26:10] Best strategies for retirement planning. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.