Psychology of Money: Finessing Financial Security with Michelle Singletary & Scott Nations
Original Air Date Wednesday, May 18, 2022
These days, more often than not, financial market headlines include the terms ‘market crash’, ‘bubble bursting’, ‘inflation’, or ‘downturn’. What do these terms mean for long-term investors or for those who don’t invest but are impacted by job loss or economic hardship?
To get expert advice about staying financially healthy, Positive Psychology Podcast Host Lisa Cypers Kamen speaks with two economic experts who talk about the psychology of money and how to achieve financial security. Michelle Singletary is a well-known financial advisor and a syndicated columnist for the Washington Post and other high-profile news outlets. She discusses tips for creating a savings cushion in the case of an emergency and how financial security means paying for basic needs first. The information is from her book, What to Do with Your Money When Crisis Hits: A Survival Guide. Scott Nations is the president of a financial firm and a regular contributor to CNBC. He talks about his book, The Anxious Investor: Mastering the Mental Game of Investing, and the human behaviors that lead us to either be averse to risk or embrace it.
Michelle Singletary — Financial Security:
- The minimum amount of money you need to be happy. [1:54]
- In her book, What to Do with Your Money When Crisis Hits: A Survival Guide, Michelle offers tips for those struggling with financial insecurity. [3:16]
- Worrying about a credit score is not what we should be doing when a difficult thing in life happens. [7:45]
- Michelle’s two-pots of money system offers solace when unplanned emergencies happen. [16:41]
- The big areas to cut back on when building a savings and security account. [20:01]
- Michelle’s views on investing for retirement and when the stock market goes crazy. [25:27]
Michelle Singletary is a syndicated columnist for The Washington Post and her award-winning column, “The Color of Money,” appears twice a week in dozens of newspapers across the country. She is a frequent contributor to NPR and regularly appears on CNN’s weekend editions of New Day, CNN Newsroom, and The Situation Room with Wolf Blitzer. In 2020, The Washington Post celebrated her long and distinguished career at the paper with the Eugene Meyer Award, its highest journalistic honor. Singletary earned a master’s degree in business and management from Johns Hopkins University. Currently, she lives in Maryland with her husband and three children
Book: What To Do With Your Money When Crisis Hits: A Survival Guide
Scott Nations — Psychology of Money:
- The goal of Scott’s book, The Anxious Investor: Mastering the Mental Game of Investing, is to help people understand some of the behavioral biases that humans display. [31:13]
- Scott’s advice for every investor, no matter how the market looks. [33:52]
- The behavioral psychology of investing and how to control our impulses taking risks. [35:22]
- The big picture when it comes to loss aversion. [39:31]
- Shaky investment strategies, fantastic objects, availability bias, and weaning away from the herd mentality. [46:22]
- When the market is down, Scott advises investors to embrace it. [51:17]
Scott Nations is the president of NationsShares, a financial firm that specializes in market volatility analysis. He was a regular contributor to CNBC, where he discussed markets and other investment topics. He is the author of A History of the United States in Five Crashes, as well as two technical books for option traders, Options Math, and The Complete Book of Option Spreads and Combinations. He is based in Chicago.
Book: The Anxious Investor: Mastering the Mental Game of Investing
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“We must triage our fiscal responsibilities.” @LisaKamen on @HH_TalkRadio Click To Tweet“When we are in panic mode it’s very hard to see the forest for the trees.” @LisaKamen on @HH_TalkRadio Click To Tweet“This is a very fertile time to create new businesses, new industries that capitalize on what has just happened to the world.” @LisaKamen on @HH_TalkRadio Click To Tweet“The democracy of investing today is pretty plentiful. We have a lot of options.” @LisaKamen on @HH_TalkRadio Click To Tweet“In the past, women have been slower to come to the table as their own investors.” @LisaKamen on @HH_TalkRadio Click To Tweet “Happiness equals security or security equals happiness.” @SingletaryM on @HH_TalkRadio Click To Tweet“I want to give people permission to grieve when financial issues happen in their lives.” @SingletaryM on @HH_TalkRadio Click To Tweet“I’m a woman of personal responsibility. You know, pay your bills, pay them on time… but a lot of what we teach doesn’t leave any room for when life happens.” @SingletaryM on @HH_TalkRadio Click To Tweet“There is a phase of grief that you go through when you lose someone and for many people losing their livelihood feels like a financial death.” @SingletaryM on @HH_TalkRadio Click To Tweet“If people are living paycheck to paycheck they haven't been able to carve out any money to put aside for a financial emergency.” @SingletaryM on @HH_TalkRadio Click To Tweet“For a season of time, cut out everything that is not a necessity to build those emergency pots.” @SingletaryM on @HH_TalkRadio Click To Tweet“Over a lifetime individuals spend about $200,000 on car loans.” @SingletaryM on @HH_TalkRadio Click To Tweet“The number one reason to invest is to make sure you keep yourself in pace with inflation or more.” @SingletaryM on @HH_TalkRadio Click To Tweet“We gamble for entertainment. Investing is a very noble exercise.” @ScottNations on @HH_TalkRadio Click To Tweet“We have to change the way we approach investing.” @ScottNations on @HH_TalkRadio Click To Tweet“There are many people who hate risk so much that they refuse to take any.” @ScottNations on @HH_TalkRadio Click To Tweet“Overconfidence never works out well for an investor.” @ScottNations on @HH_TalkRadio Click To Tweet“Any sort of broad-based, stock-based fund is generally a really good pick over time.” @ScottNations on @HH_TalkRadio Click To Tweet
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