The BetterWealth Podcast

Episode 22 - 10 Steps to a Better Investment Experience - Step 10 – Focus on What You Can Control

In the final step to a better investment experience, we talk about one of the biggest behavioral influences that will really benefit us. This concept applies to numerous facets of our lives and not only in how we handle our personal finance. When looking at it from a bigger picture, this can really affect how you look at life in general.

Learn more about Step 10 in this podcast:

Episode 21 - Step 9 – Ignore the Financial Media

We are surrounded with financial media that tries to sell us products, make us believe they can pick winners or time the market better than anyone else.  The truth is the financial media makes money by selling these ads, not by giving financial advice. There are five strategies you can use to help you ignore the headlines and stick to your plan to yield the financial results you want.

Learn more in this podcast as Scott discusses step 9 of the 10 Steps to a Better Investment Experience - Ignore the Financial Media.

Episode 20 - Step 8 – Manage Your Emotions

The 10 steps to a better investment experience isn’t about using leverage, beating the market, or using the best stock trades in the market. These things are often the packaged items you see in Wall Street products that’s marketed as a solution to meet your financial needs. The 10 steps are here to help you get a better investment experience through understanding how capital markets work and how to participate in them.

When it comes to investing, a lot of people struggle to separate their emotions. The markets go up and down and we can’t really do anything about it. If we become reactive and try to change our portfolio to accommodate new conditions then we are just hurting our investment strategy.

Learn more about managing your emotions in this podcast:

Episode 19 - Step 7 – Avoid Market Timing

Market timing is an attempt to predict the future by buying investments when prices are low and selling when prices are high. However, it’s very difficult to predict the future direction of the stock market and those that try to time the market often underperform.   Scott shares the steps you can take to make your experience with investing better and improve your overall investment experience.  

Learn more about Step 7- Avoid Market Timing in this podcast:

Episode 18 - Step 6 - Practice Smart Diversification

Diversification is important.  We diversify in our everyday lives.  We seldom wear the same clothes every day or eat the same foods for breakfast everyday.  We change our route to work to avoid traffic and we change how we communicate with others to improve our understanding.  We are constantly diversifying how we live because we know it is good for us, because it increases our opportunities for success.  We need to practice this for our investments as well. Learn more in this podcast as Scott discusses step 6 of the 10 Steps to a Better Investment Experience - Practicing Smart Diversification.

Episode 17 - Step 5 - Taking the Right Risks

Scott Stauffer shares more on the right risks to take when it comes to investing. In order to get a better concept of how to take the right risks, we have to understand the common mistakes people make. Learn more about Step 5 of the 10 Steps to a Better Investment Experience in this podcast:

Episode 16 - Step 4 - Let the Markets Work for You

In this episode, Scott shares the fourth step of the 10 Steps to a Better Investment Experience. In this step “Let the Markets Work for You”, we will discover how using a glass of milk, and to be specific, seven tablespoons of milk, will help you better understand how to let the market work for you. Learn more about Step 4 in this podcast:

Episode 15 - Step 3 – Don’t Chase Past Performance

Scott Stauffer shares why trying to chase past performance has left many investors disappointed, and how studies have shown that the past performance of a money manager does not ensure their future success. Scott also shares his insights on why it is better to let the market work for you instead of chasing a money managers past performance.

Learn more with Scott Stauffer and his team at Better Wealth in this podcast.

Episode 14 - Step 2 - Don’t Try to Outguess the Market

10 Steps to a Better Investment Experience

Scott discusses Step 2 to a Better Investment Experience – Don’t Try to Outguess the Market. In this podcast, Scott shares how trying to outguess the market, can be related to a jar of jellybeans, and how we need to change our mindset from what we have originally been taught when it comes to investments.  Learn more in this podcast with Scott Stauffer.

Episode 13 - Step 1 - Understanding Market Pricing

When it comes to investing, things can get complicated very quickly. But it doesn't need to be that way. This is the first in a series of podcast called "10 Steps to a Better Investment Experience" which offers ten ways to improve your experience with investing. Step #1 is Understand Market Pricing and one of the best ways to understand market pricing is a take a closer look at how a pencil is made. In 1958, Leonard E. Reed published an essay about the combination of miracles needed to create a pencil. We can relate that to the work of Eugene Fama called the Efficient Market Hypothesis. Fama wrote that professional investors trying to beat the market through stock picking always had a poor record. Why is that? Well, that’s where the pencil comes in.

 

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