The Rational Reminder Podcast | RR #187 - How to Set Financial Goals (and Reading Challenge Launch w/ Heather Reisman) @rationalreminder | Uploaded February 2022 | Updated October 2024, 19 hours ago.
Identifying investment goals is a critical step in developing a sound financial plan that helps investors reach their objectives. Studies have shown that using a goals-based framework in financial planning can lead to an increase in wealth for investors and has the potential to strengthen planner-client relationships; but what goals should you be setting? And why is it often so difficult to make these kinds of decisions? In today’s episode, Benjamin dives into some of the research he is conducting about goals-based financial planning for the paper he is writing on the topic, and we discuss why defining and prioritizing goals in the financial planning process is so important (and why it can be so challenging), as well as some practical guidelines to help you set effective goals. Additionally, you’ll learn all about our 22 in 22 Reading Challenge, which we officially launch today with the help of Heather Reisman, book lover, entrepreneur, and CEO of Indigo, Canada’s largest books, gift, and toy retailer. Heather is also the co-creator of the Kobo reading device, a former governor of the Toronto Stock Exchange, and the co-executive producer of the documentary, Fed Up. As you know, the objective of this podcast is to help improve listener’s lives by communicating ideas about sensible investing and financial decision making; and reading is a big part of that. Make sure to tune in to find out where to sign up for the challenge, take note of our book recommendations, and more!
Timestamps:
0:00 Intro
10:19 Cameron's recommendations
17:51 Ben's view on Facebook's one-day $232 billion drop in value
29:15 How to set financial goals
59:51 Discussion with Heather Reisman & kick-off of the 22 in 22 Reading Challenge
Books From Today’s Episode:
The Culture Code — The Culture Code: The Secrets Of Highly Successful Groups, Book by Daniel Coyle (Hardcover) | chapters.indigo.ca / amzn.to/3oBQhlM
Drive — Drive: The Surprising Truth About What Motivates Us, Book by Daniel H. Pink (Paperback) | chapters.indigo.ca / amzn.to/3Bm2ctb
Get It Done — Get It Done: Surprising Lessons From The Science Of Motivation, Book by Ayelet Fishbach (Hardcover) | chapters.indigo.ca / amzn.to/34sYtxN
Links From Today’s Episode:
Rational Reminder on iTunes — itunes.apple.com/ca/podcast/the-rational-reminder-podcast/id1426530582.
Rational Reminder Website — rationalreminder.ca
Shop Merch — shop.rationalreminder.ca
Join the Community — community.rationalreminder.ca
Follow us on Twitter — twitter.com/RationalRemind
Follow us on Instagram — @rationalreminder
Benjamin on Twitter — twitter.com/benjaminwfelix
Cameron on Twitter — twitter.com/CameronPassmore
Heather Reisman on Twitter — twitter.com/HeatherReisman
Heather Reisman on LinkedIn — linkedin.com/in/heather-reisman-3bab2319
Heather Reisman on Instagram — instagram.com/heatherreisman
Indigo — chapters.indigo.ca
Join the Rational Reminder’s 22 in 22 reading challenge! - bit.ly/3J8SRHI
Ben’s Reading Code (22 in 22 Challenge): 7XWESMK
Cameron’s Reading Code (22 in 22 Challenge): N62IPTX
'The Value of Goals-Based Financial Planning' — financialplanningassociation.org/article/journal/JUN15-value-goals-based-financial-planning
'Generating Objectives: Can Decision Makers Articulate What They Want?' researchgate.net/publication/220534710_Generating_Objectives_Can_Decision_Makers_Articulate_What_They_Want
'Mining for Goals' — morningstar.com/lp/mining-for-goals
'Trade Offs in Choice' — papers.ssrn.com/sol3/papers.cfm?abstract_id=3779765
Atomic Habits — Atomic Habits: An Easy & Proven Way To Build Good Habits & Break Bad Ones, Book by James Clear (Hardcover) | chapters.indigo.ca / amzn.to/2Ra5NnF
The Shallows — The Shallows: What The Internet Is Doing To Our Brains, Book by Nicholas Carr (Paperback) | chapters.indigo.ca / amzn.to/3uBMVmj
Identifying investment goals is a critical step in developing a sound financial plan that helps investors reach their objectives. Studies have shown that using a goals-based framework in financial planning can lead to an increase in wealth for investors and has the potential to strengthen planner-client relationships; but what goals should you be setting? And why is it often so difficult to make these kinds of decisions? In today’s episode, Benjamin dives into some of the research he is conducting about goals-based financial planning for the paper he is writing on the topic, and we discuss why defining and prioritizing goals in the financial planning process is so important (and why it can be so challenging), as well as some practical guidelines to help you set effective goals. Additionally, you’ll learn all about our 22 in 22 Reading Challenge, which we officially launch today with the help of Heather Reisman, book lover, entrepreneur, and CEO of Indigo, Canada’s largest books, gift, and toy retailer. Heather is also the co-creator of the Kobo reading device, a former governor of the Toronto Stock Exchange, and the co-executive producer of the documentary, Fed Up. As you know, the objective of this podcast is to help improve listener’s lives by communicating ideas about sensible investing and financial decision making; and reading is a big part of that. Make sure to tune in to find out where to sign up for the challenge, take note of our book recommendations, and more!
Timestamps:
0:00 Intro
10:19 Cameron's recommendations
17:51 Ben's view on Facebook's one-day $232 billion drop in value
29:15 How to set financial goals
59:51 Discussion with Heather Reisman & kick-off of the 22 in 22 Reading Challenge
Books From Today’s Episode:
The Culture Code — The Culture Code: The Secrets Of Highly Successful Groups, Book by Daniel Coyle (Hardcover) | chapters.indigo.ca / amzn.to/3oBQhlM
Drive — Drive: The Surprising Truth About What Motivates Us, Book by Daniel H. Pink (Paperback) | chapters.indigo.ca / amzn.to/3Bm2ctb
Get It Done — Get It Done: Surprising Lessons From The Science Of Motivation, Book by Ayelet Fishbach (Hardcover) | chapters.indigo.ca / amzn.to/34sYtxN
Links From Today’s Episode:
Rational Reminder on iTunes — itunes.apple.com/ca/podcast/the-rational-reminder-podcast/id1426530582.
Rational Reminder Website — rationalreminder.ca
Shop Merch — shop.rationalreminder.ca
Join the Community — community.rationalreminder.ca
Follow us on Twitter — twitter.com/RationalRemind
Follow us on Instagram — @rationalreminder
Benjamin on Twitter — twitter.com/benjaminwfelix
Cameron on Twitter — twitter.com/CameronPassmore
Heather Reisman on Twitter — twitter.com/HeatherReisman
Heather Reisman on LinkedIn — linkedin.com/in/heather-reisman-3bab2319
Heather Reisman on Instagram — instagram.com/heatherreisman
Indigo — chapters.indigo.ca
Join the Rational Reminder’s 22 in 22 reading challenge! - bit.ly/3J8SRHI
Ben’s Reading Code (22 in 22 Challenge): 7XWESMK
Cameron’s Reading Code (22 in 22 Challenge): N62IPTX
'The Value of Goals-Based Financial Planning' — financialplanningassociation.org/article/journal/JUN15-value-goals-based-financial-planning
'Generating Objectives: Can Decision Makers Articulate What They Want?' researchgate.net/publication/220534710_Generating_Objectives_Can_Decision_Makers_Articulate_What_They_Want
'Mining for Goals' — morningstar.com/lp/mining-for-goals
'Trade Offs in Choice' — papers.ssrn.com/sol3/papers.cfm?abstract_id=3779765
Atomic Habits — Atomic Habits: An Easy & Proven Way To Build Good Habits & Break Bad Ones, Book by James Clear (Hardcover) | chapters.indigo.ca / amzn.to/2Ra5NnF
The Shallows — The Shallows: What The Internet Is Doing To Our Brains, Book by Nicholas Carr (Paperback) | chapters.indigo.ca / amzn.to/3uBMVmj
