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Dana Anspach: Be Aware of Financial Biases

Stan Haithcock
May 10, 2022
Dana Anspach: Be Aware of Financial Biases

About Fun With Annuities Episode #108

So happy to welcome back Dana Anspach to the Fun With Annuities podcast.  She is one of the top fee-only financial planners in the U.S., and the founder of Sensible Money, LLC. This Harley riding, pickle-ball playing dynamo is respected for her unique planning approach that she and the Sensible Money team use with their clients and has been adopted by planners across the country.

Dana jumped right in to discuss current financial biases and how not to let these “false arrows” affect your retirement decisions.  I reminded Dana of a blog she used to write called “Don’t Blame The Hammer,” which addressed this topic back in the day.  She was definitely way ahead of this disturbing trend.  Forget Trump’s “Fake News” claim.  How about the original “Fake Financial News” current environment!

With the recent news of actor Bruce Willis retiring due to cognitive decline, I asked Dana to comment on this tough subject that needs to be part of every financial planning conversation and decision.  Even though you might be hitting on all cylinders right now, eventually, father time will tap you on the shoulder.  As a former podcast guest, Steve Parrish says ”Go-Go, Slow, Go, No-Go.”  Those are the three real phases of retirement, and there’s nothing you can do about it.  You might be “Go-Go” now, but eventually, you will end up at “No Go.”  Is your financial plan preparing for that?

I also had Dana speaking about the controversial topic of reverse mortgages and how to properly use this “hidden asset” as part of your retirement income plan.  Not only is Wade Pfau a fan of reverse mortgages, but so is Dana Anspach.  Game.  Set.  Match.  You need to look at this asset class you already own seriously!

This is a podcast that time will fly while listening to.  Have some fun and learn something in the process.  Enjoy!

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

Brief Bio on Co-host: Dana Anspach

Dana Anspach is the founder and CEO of Sensible Money, LLC. Dana‘s roots are Midwest, born in Iowa and then spending many years in St. Louis, MO before moving to Florida where she went to high school and college. Then it was off to Colorado where she began her career as a financial planner in Grand Junction in 1995. She moved to Arizona in 2001 to head up the wealth management division of a CPA firm she founded sensible money in 2011 to focus on her passion of building a brand that is all about the client. In addition, she produces educational content such as her recently released lecture series “How to Plan for the Perfect Retirement,” available on the Great Courses.

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.

Fun With Annuities® Podcast is hosted by America’s Annuity Agent®, Stan Haithcock, The Annuity Man®. Hear brutal annuity facts with no sales pitches from the top independent agent in the country, licensed in all 50 states. Author of 7 books, Stan dives deep on all annuity types and strategies. It’s fun, learning the contractual truths on how annuities actually work and if they’ll fit your personal retirement lifestyle.

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