Economic Rockstar

Connecting Brilliant Minds in Economics and Finance

097: Peita Diamantidis on Being a Finance Action Hero and Gamifying How You Manage Your Finances

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097: Peita Diamantidis on Being a Finance Action Hero and Gamifying How You Manage Your Finances

Peita

Peita Diamantidis is an Author, Financial Adviser and Financial Literacy Advocate.

She combines maths and finance with a passion for communicating leading her on a mission to empower the public to take charge of their finances.

Her easy to understand financial explanations ensure her clients have the tools and information they need to make key financial decisions.

With a background in Actuarial Studies and economics, Peita delivers a deep understanding of the fundamentals of money and finance through the companies that she co-founded: Zaptitude, DeltaPlan Financial Services and Caboodle Financial Services.

With a quirky sense of humour and a deep and abiding love of movies, Peita is in the unique position of being able to use humour and storytelling to communicate the best way to approach an individual’s finances.

Peita is author of Finance Action Hero.

Companies Co-Founded by Peita:

Where to Find Peita:

Books:

 

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063: Todd Tressider on Financial Freedom and the 7 Steps to 7 Figures

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063: Todd Tressider on Financial Freedom and the 7 Steps to 7 Figures

Todd Tresidder is an entrepreneur and founder of Financial Mentor. Todd educates and supports business owners and todd tresidderinvestors to achieve financial and personal freedom.

As a serial entrepreneur since childhood, Todd built many businesses and retired at age 35 from his position as a Hedge Fund Investment Manager responsible for a 20+ million dollar portfolio.

Todd raised his net worth from less than zero at age 23 to self-made millionaire 12 years later by using the same personal finance and investment strategies taught on this website.

Todd is an early pioneer and expert in statistical and mathematical risk management systems for investing and became financially independent from age 35 through investing – not marketing.

Todd has a B.A. in Economics from University of California.

In this Episode you will learn:

  • about the questions Todd raised as an undergrad on the application of statistical techniques in the financial markets.
  • about the importance of financial literacy.
  • about the impending bond market bubble.
  • why habits are necessary when starting out on a financial plan.
  • about the 7 steps to 7 figures.
  • why financial freedom was more about personal freedom than for wealth accumulation.
  • about the contradictions between the principles that led to his own financial success and what is commonly taught and practiced.
  • about the unique educational system that Todd developed for wealth building and how to achieve it.
  • about the inner transformation that Todd experienced during his path to financial freedom.
  • how Todd made his money investing in publicly traded markets, particularly in futures.

My focus is on the experience of life, not the toys and goodies – Todd Tresidder

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Influencer:

Books:

  • In Search of Excellence by Thomas Peters and Robert Waterman
  • Deep Work: Rules for Focused Success in a Distracted World by Cal Newport
  • So Good They Can’t Ignore You by Cal Newport
  • Technical Analysis of the Financial Markets: A Comprehensive Guide to Trading Methods and Applications by John Murphy

Resources: 

7 Steps to 7 Figures

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061: Roger Whitney on the Myths to Retirement Planning and the Lazy Mans Method to Saving

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061: Roger Whitney on the Myths to Retirement Planning and the Lazy Mans Method to Saving

Roger Whitney began his career as a Financial Advisor in 1991 and witnessed first-hand the rise and fall of the ‘New roger whitneyEconomy’ and the Dot-com bubble that ended in 2000.

This experience made Roger realise that financial management is about people, not money, and that they are served best by advisors that are fiduciaries to their clients and have the heart of a teacher.

In 2003 Roger left, at the time, the largest private bank in the world and co-founded WWK Wealth Advisors. Today, they are a firm of 14 professionals managing over $200 million in assets.

Roger is a lifelong learner and holds many degrees and certifications. He has a B.A. in International Relations, is a Certified Investment Management Analyst and a Certified Private Wealth Advisor.

Roger also teaches courses on Wealth Management, Retirement Planning and Employee Benefits.

Roger’s blog, The Retirement Answer Man, was recently awarded the 2015 PLUTUS award for the best Retirement focused blog and podcast. You can check it out at rogerwhitney.com as well as on iTunes.

Advice:

“Make sure you make the most of the only life you have. Retirement is part of that but don’t miss where you’re at today” – Roger Whitney

Economics/Finance:

In this interview, Roger mentions: the Permanent Income Hypothesis, retirement, retirement planning, pensions, social security, demographics, baby boomers, capitalism, growth, IRAs, Roth IRAs, 401k, quantitative easing, real estate, cash flow, investment, private placement memorandum and capital rates.

Economists:

In this interview, Roger mentions: Milton Freidman

In this episode you will learn:

  • the problem with budgeting.
  • develop one habit to control your budgeting needs and requirements.
  • lazy man’s method to saving.
  • four myths that could ruin your retirement and how to avoid them.
  • the Permanent Income Hypothesis.
  • how Roger got his cashflow in place when setting up his business.
  • that cutting your cable bill won’t create the opportunity to generate income.
  • the biggest regrets that people have when they retire.
  • the 3 Phases of Retirement.
  • whether we have a pension time bomb or if capitalism will reduce the risks.
  • what are IRAs and Roth IRAs work.
  • the possible scenario for the next generation to fund a bankrupt social security in the US.

Quotes by Roger in Episode 61 0f the Economic Rockstar podcast:

The bigger opportunity is how to generate extra income – Roger Whitney

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“I know quantitative easing. I know how bad all this stuff might be. At the end of the day, we just have to have out own house in order. And if we have our own house in order, we can insulate ourselves from a lot of things. That’s the only way I know how to get through things.” – Roger Whitney

4 Myths that Could Ruin Your Retirement and How to Avoid Them:

  1. Retirement is not a number: How much do I need to save for retirement?
  2. You’re spending is going to be consistent throughout your retirement.
  3. Retirement means not working.
  4. Having a financial plan is enough.

3 Phases of Retirement:

  1. The Go-Go Years
  2. The Slow-Go Years
  3. The No-Go Years

Books:

  • QBQ! the Question Behind the Question: Practicing Personal Accountability at Work and in Life by John G. Miller

  • The How of Happiness: A New Approach to Getting the Life You Want by Sonja Lyubomirsky

Podcasts:

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047: Victor Ricciardi on The Psychology of Financial Planning and Investing

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047: Victor Ricciardi on The Psychology of Financial Planning and Investing

Victor Ricciardi is Finance Professor at Goucher College, Baltimore, Maryland where he teaches courses in Victor Ricciardipersonal financial planning, corporate finance, investments, behavioral finance, and the psychology of money.

Victor is the Coordinator of Behavioral & Experimental Research for the Social Science Research Network also known as SSRN.

Victor is the current Editor for seven SSRN eJournals including Behavioral & Experimental Finance, History of Finance, and Behavioral & Experimental Economics.

He received his PhD from Golden Gate University and his MBA from St. John’s University.

Victor’s current book Investor Behavior: The Psychology of Financial Planning and Investing with co-editor Kent Baker is now available and has 30 chapters on emerging research in behavioral finance.

In this episode, you will learn:

  • the difference between Behavioral Economics and Behavioral Finance.
  • the rational approach to investing and whether it exists.
  • what bounded rationality really means.
  • if companies help you make decisions for their own personal benefit.
  • how framing can be a powerful tool to help customers make decisions.
  • the importance of financial literacy at different stages of your life.
  • the similarities between behavioral economics and marketing.
  • the future of Behavioral Economics and Behavioral Finance.
  • how your mood, good or bad, can influence your buying behaviour and increase risk-taking.
  • about the importance of studying the subconscious mind in finance or neurofinance.
  • why people generally do not take losses, known as loss aversion.
  • why Victor disagreed with the traditional views of economics and decided to study behavioral finance.
  • how and why some governments are using behavioural finance and economics techniques to nudge us to make better financial decisions in our lives.
  • how status quo bias makes it harder for employees to opt out of an automatically enrolled savings retirement plan.
  • how mounting student debt and high youth unemployment in the US could make it difficult to service pensions leading to a pension ‘ponzi’ scheme or a crisis.
  • why Victor Ricciardi believes that there should have been a law designed to make retirement planning easier for the employee.
  • what you should do when investing so as to manage bull and bear market cycles.

Economics:

In this interview, Victor mentions and discusses: behavioral Economics, Behavioral Finance, rational, bounded rationality, heuristics, framing, annuity puzzle, investment, consumption, self-control bias, nudging, consumer behavior, mutual returns, savings, investments, neurofinance, risk tolerance, over-confidence, loss aversion, nudging, status quo bias, retirement planning and wage inflation.

Economists:

In this interview, Victor mentions and discusses: Richard Peterson, Douglas Rice, Daniel Kahnemann, Amos Tversky, Robert Olson, Richard Thaler and Hersh Shefrin.

Influencers:

William Sharpe, Harry Markovicz, Terence Odean, Robert Olsen, Dan Ariely, Mair Stockman, Hersch Shefrin and John Nofsinger.

Quotes by Victor Ricciardi in Episode 047 of the Economic Rockstar Podcast:

Behavioural Finance is the notion of integrating psychology with finance. So you’re looking at some major themes where people are not only rational but they make decisions based on emotions. – Victor Ricciardi

Risk tolerance is the maximum amount of risk a person is willing to take in their overall portfolio or risky asset. Typically, people are either very conservative risk-takers, they’re average or they’re very aggressive. The component of risk tolerance that’s related to it is known as ‘Risk Perception’, in which our feelings and emotions will increase or have an impact on our overall risk tolerance. – Victor Ricciardi

Takeaway:

Meet with a financial planner and get a financial plan done. In terms of investing, try to understand what type of investor you are and come with an asset allocation that you are comfortable with. Rebalance your portfolio on a year basis which allows you to stay within your risk tolerance. – Victor Ricciardi

Recommend Resources:

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Recommend Books:

Where to Find Victor Ricciardi:

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