Even before that, there are PRINCIPLES that every age division needs to know. 1. Intuition behind formulas is more important that solving equations 2. Avoid behavioral biases which exist in all of us 3. We can think that we are certain, but what if we are wrong? You need to stay open-minded
Summary In Jae’s Corner, the weather has canceled his entire higher trip, which was scheduled to begin tomorrow. Rather than playing it risky and worrying about these matters, he decided to cancel all travel. So today's broadcast is one of two broadcasts that will be had today. Tomorrow, there will be a review of what has happened this year for financial markets and how people's financial plans have been altered. I had thought that we would go into the new year without much fanfare, but of course Mr. Market didn't agree. The speaker discusses a recent study by Northwestern Mutual regarding people's attitudes towards financial planning and progress. They note that one of the most interesting aspects of the study is the section on Gen Z. The speaker has talked to other clients at GH Two Benefits who are part of Gen Z, and they say that these clients are very interested in financial planning and making sure that they are on track for their future goals. The speaker discusses the idea that Generation Z is more likely to have savings and to understand the need for financial planning than previous generations. He argues that this is due to the fact that they have access to more information and are thus more informed about the world around them. The conversation discuss the findings of a recent study on the financial habits of different generations. Gen Z is the most confident generation when it comes to their finances, but they are also the most struggling with mental health. Older generations are less confident but are doing better in terms of saving for retirement. The conversation highlights the need for financial planning and education for all generations.
0:00 Introduction 0:00:41- Jae’s Corner: The Weather Has Canceled My Entire Higher Trip 0:03:38- The Impact of Miscommunication in Financial Planning 0:05:27- The Importance of Financial Planning for Generation Z 0:07:58- Financial Planning for Gen Z 0:10:57- 3 Points to Consider When Misunderstanding Money 0:12:59- The Price of Anything: A Financial Value Formula 0:15:04- The Importance of Intuition in Math 0:17:37- The Intuition of Formulas and the NPV 0:21:35- The Cost of Not Understanding Cash Flow 0:23:41- The Benefits and Risks of Owning a Car 0:26:04- Insurance Basics: Dental, Homeowner's, and Health 0:31:03- The Benefits of Health Insurance Plans with No Maximum Benefit Limit 0:33:42- The Different Types of Bias and How They Impact Our Lives 0:38:17- The Dangers of Ignorance When It Comes to Health Insurance 0:40:31- The Dangers of Combining Unrelated Topics When Planning for Your Future 0:42:55- Cobra Insurance and Qualifying Life Events 0:47:49- Cobra and Social Security: What You Need to Know 0:50:20- The Different Values of Life Insurance for Different People 0:54:24- The Benefits of a Diversified Portfolio 0:56:53- The Benefits and Risks of Investing Without a Crystal Ball 0:58:49- The Benefits of a Lattice Approach to Finance
