42% of Americans will die broke but most Americans have a different idea of how they will retire and spend the last part of their life comfortably. Todd Doobrow, an excellent source of financial wisdom and insight, joins us to explain where people are going wrong with their saving and planning. He has some great information and tips to share that will help people get on track and get into the right mindset that will allow them to be ready for anything from difficult financial times to retirement.
Todd shares his journey in financial services and his experience helping out a family business that was going through a rough patch. It is clear he is passionate about helping people truly understand their finances and make the best decisions possible for them. He discusses the frustration that comes with people already having their minds made up about certain solutions and the importance of knowing that different people and situations need to be solved in different ways.
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- 1:57 – Todd’s financial background and his path to becoming what he is now.
- 5:08 – Key lessons he learned from helping his father-in-law’s practice.
- 11:15 – Why people get tripped up by mentally crossing off various options that may actually be needed.
- 13:59 – Addressing debt and the best ways to pay it off.
- 17:25 – Recency bias and the importance of having the right mindset around debt.
- 19:19 – What to do to prepare for stock market changes or income changes.
- 21:14 – Whether you should defer taxes and how to understand the changing tax rates.
- 23:18 – How he helps people get ready for retirement when they come in late in the game.
- 25:33 – Why so many Americans go broke before they die.
- 28:55 – The importance of having your spouse on board and involved in finances.
Featured on the Show:
- Connect with Todd: Site | LinkedIn | Facebook | Email
- University of North Carolina Chapel Hill
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