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Dana Anspach: Be Aware of Financial Biases

“Fun With Annuities” The Annuity Man Podcast

Release Date: 05/10/2022

Don’t Buy Annuity Stories: Shootin' It Straight with Stan show art Don’t Buy Annuity Stories: Shootin' It Straight with Stan

“Fun With Annuities” The Annuity Man Podcast

In this episode, The Annuity Man discussed:  Why do agents tell stories?  Protecting yourself from bad pitches  Don’t listen to these stories  The only two important questions    Key Takeaways:  In sales, managers will often tell their people that stories sell and that they do, so you have to watch out for hypotheticals, testimonials, and anecdotal “evidence.”  Here’s how you can protect yourself from liars who’d sell you stories: write down their sales pitch exactly how they said it and how you understood it. Sign and date it at the bottom...

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“Fun With Annuities” The Annuity Man Podcast

In this episode, The Annuity Man and Martin Parlato discuss:  The biggest problem the government created How to send a country into stagflation Cryptocurrency is worthless  Planning in six-month projects    Key Takeaways:  The problem is government spending and the supply chain - which the government can’t fix. People being paid to stay home contributes to production and supply chain problems, leading to a lack of advertisements, resulting in layoffs and further unemployment in advertising sites like Facebook.  If you can’t increase supply, then all you can...

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“Fun With Annuities” The Annuity Man Podcast

In this episode, The Annuity Man discussed:  Not everyone needs to be exposed Bonds and market volatility  Looking into lifetime income  Questions to ask your advisor    Key Takeaways:  Financial advisors tend to advise their clients to do 60% equity and 40% bond split or that they always have some exposure, but it doesn’t apply to everybody. People who’ve won the game don’t have to keep playing.  Bonds aren’t fool-proof; they go down in value if interest rates go up. If you’ve already accumulated enough to live the life you want and don’t want...

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Sheryl Garrett: Financial Planning On YOUR Terms show art Sheryl Garrett: Financial Planning On YOUR Terms

“Fun With Annuities” The Annuity Man Podcast

In this episode, The Annuity Man and Sheryl Garrett discuss:  The role of a financial planner  How the industry should be  Hiring the right planner  Being aggressive with cash flow   Key Takeaways:  Many personal, financial, economic, and psychological things are coming together all at once. The planner’s role is to help clients see through all of that and reach out to the appropriate specialist when they need certain products or services fulfilled for the clients. Everybody has questions about their personal finances. People in the industry should be working...

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Sign Now! Decide Later? -  Shootin' It Straight with Stan show art Sign Now! Decide Later? - Shootin' It Straight with Stan

“Fun With Annuities” The Annuity Man Podcast

In this episode, The Annuity Man discussed:  Never, ever “sign now, decide later” How agents give annuities a bad name The trouble is not worth it  There's never a time for urgency   Key Takeaways:  Never, ever “sign now, decide later.” If anybody pitches something that sounds too good to be true, it probably is.  “Sign now, decide later” types of pitches are a shady sales practice that gives annuity companies a bad name. The only goal of this tactic is to make a sale and not to help the client.  These shady tactics done for short-term gain will...

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“Fun With Annuities” The Annuity Man Podcast

In this episode, The Annuity Man and Adam Van Wie discuss:  Being both analytical and tactical  Does the market care about politics?  Putin-proofing and pandemic-proofing your investments  Two questions to ask your advisor    Key Takeaways:  You need to be analytical and strategic, investing in the long-term while at the same time looking at short-term trends and figuring out how you could avoid losing, knowing what could happen in the short-term.  The market doesn’t care that much about politics. The market has gone up historically on both sides;...

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“Fun With Annuities” The Annuity Man Podcast

In this episode, The Annuity Man discussed:  How do annuity agents get paid?  Your two choices for lifetime income  The downside to deferred income annuities and indexed annuities  Explaining MYGA 2 SPIA to a nine-year-old    Key Takeaways:  In every annuity type, commissions are built into the policy, hidden from the client, and paid from the reserves of the annuity company so that you don’t see them in your statement.  If you want lifetime income and want it in however many years, you have two products to choose from—either a deferred annuity or...

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“Fun With Annuities” The Annuity Man Podcast

In this episode, The Annuity Man and Mark Skousen discuss:  Current problems in the world and the government  Staying invested in the market despite the inflation Cryptocurrency and blockchain    Key Takeaways:  Throwing money at problems isn’t the only way to solve them. In many cases, throwing money into problems could create more problems.  It’s been a difficult year, but you shouldn’t give in to pessimism. You must remain fully invested in the market. You need about 10% or 12% return on your assets just to stay even, and that can be done through...

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“Fun With Annuities” The Annuity Man Podcast

In this episode, The Annuity Man discussed:  A plain annuity biscuit  Biscuits for the weekend  An annuity biscuit with a little bit of jelly and butter  The Annuity version of a CD    Key Takeaways:  A plain biscuit without anything on it would be a single-premium immediate annuity or a deferred-income annuity. You get lifetime income with no annual fees and no market attachments. It’s a straight transfer of risk based on your life expectancy.  If you’re cooking biscuits for the weekend, your qualified longevity annuity contract would be. It can...

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“Fun With Annuities” The Annuity Man Podcast

   In this episode, The Annuity Man and Roger Whitney discuss:  The two retirement crises Balancing on the teeter-totter Before going into fancy tactical stuff Focusing on what you can control    Key Takeaways:  There are two retirement crises: one is when people don’t have enough money to pay the bills when they can’t work anymore. The other crisis is for people with many resources and options but doesn’t know the right thing to do.  On the one hand, you should start having your best life today, and on the other hand, you also want to make sure that...

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More Episodes

In this episode, The Annuity Man and Dana Anspach discuss: 

  • Don’t blame the hammer 
  • Overcoming confirmation bias
  • Avoiding “perfect” products 
  • Long view financial planning 

 

Key Takeaways: 

  • Don’t blame the hammer. It’s easy to blame the tool, but many other variables come into play if it doesn’t work. It could be that the person using the tool lacks experience or all the information they need to make it work.
  • To overcome your own confirmation bias, try to be more curious. Listen to media, understand their audience, and consider if you’re a part of it. Determine if the message is for you or if their advice fits your lifestyle. 
  • Be wary of the “perfect product” that’s a fit for everyone; there is no such thing. Stop looking for a perfect product, and don’t let anyone sell it to you. 
  • Today’s current issues, like war and the pandemic, are just events that will eventually smooth itself out. Financial planning is all about the long view. 

 

"When you’re not educated, it’s easy to use the wrong tool for the job." —   Dana Anspach.

 

Connect with Dana Anspach:

Website: https://controlyourretirementdestiny.com/ | https://www.sensiblemoney.com/ 

Facebook: https://www.facebook.com/SensibleMoneyUS 

LinkedIn: https://www.linkedin.com/in/danaanspach 

Twitter: https://twitter.com/SensibleMoneyUS | https://twitter.com/moneyover55 

Books: https://www.amazon.com/Dana-Anspach/e/B00GL9WC82%3F 

 

Connect with The Annuity Man: 

Website: http://theannuityman.com/ 

Email: [email protected] 

Book: Owner’s Manuals: https://www.stantheannuityman.com/how-do-annuities-work

YouTube: https://www.youtube.com/channel/UCCXKKxvVslbeGAlEc5sra2g 

Get a Quote Today: https://www.stantheannuityman.com/annuity-calculator!