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 Economy’ 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:

“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:

• The Retirement Answer Man
• Stacking Benjamins

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