In this week's solo episode of Success that Lasts, Jared Siegel talks about creating and preserving wealth, pessimism vs. optimism, and the Dunning-Kruger effect.
Tune in here, at delapcpa.com/podcast, or wherever you listen to podcasts:
Here are a few highlights:
- Value acceleration is a process that uncovers the answers to personal, financial, legal, and tax questions in the operations of a business. The aim is to maximize the value of the business at the time of exit, minimize taxes, and protect, harvest, and manage personal and professional wealth.
- We all have biases that we may be unaware of. “Knowing what you don’t know is wisdom,” Jared remarks. Often, people are likely to find themselves falling into the "I’m not biased" bias, which prevents them from discovering and managing their biases.
- Jared believes that creating wealth relies on different skills, mindsets, and approaches than preserving wealth. Staying wealthy typically involves a combination of frugality and paranoia, whereas getting wealthy centers around accumulation. “People who stay wealthy save like a pessimist and invest like an optimist,” he quotes.
- Tomorrow’s success is not guaranteed, and nothing binds it to follow in the footsteps of today. Strategic financial planning ensures that money is accessible to you whenever and wherever you need it. A well-built plan supports adaptability, resilience, and optionality.
- The Dunning Kruger effect is relentless in preventing people from achieving wealth. It is a cognitive bias that dictates that we are hardwired to overestimate our own competence when it comes to things we know little about.
Resources
The Psychology of Money: Timeless Lessons on Wealth, Greed, and Happiness by Morgan Housel
Factfulness: Ten Reasons We’re Wrong About the World — and Why Things Are Better Than You Think by Hans Rosling
ABCs of Behavioral Biases whitepaper
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