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We're dumber than we think
Old 03-04-2014, 05:55 PM   #1
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We're dumber than we think

"Baby boomers need to protect their assets from this decline in financial reasoning, Mandell says. But here’s perhaps the bigger problem: A person’s financial confidence increases as he or she gets older, he adds. And that leaves a person vulnerable to sales pitches and investments that might not be in his or her best interests. "

Boomers, don't be stupid with your nest egg - Encore - MarketWatch
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Old 03-04-2014, 06:10 PM   #2
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Financial reasoning peaks at 53, then declines sharply. And it really hits a freefall once you’re older than 70.
Yeah, well he needs to sell his books, I guess.

Warren Buffett and Charlie Munger must be doddering old fools, so why don't they have someone managing their money for them?
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Old 03-04-2014, 06:21 PM   #3
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Financial reasoning peaks at 53, then declines sharply. And it really hits a freefall once you’re older than 70.
Looking at the dates on his website, he seems to be at that freefall age now. So he is telling us to disregard his financial advice, or that he is special and the rest of us are well... uhh I forget...
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Old 03-04-2014, 06:32 PM   #4
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Warren Buffett and Charlie Munger must be doddering old fools, so why don't they have someone managing their money for them?
Let's see. According to Forbes, Buffett has $58.2B. So a 1% fee would be only $582,000,000.

I hope he's not too senile to recognize the bargain he'd be getting.
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Old 03-04-2014, 06:35 PM   #5
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No - I am exactly as dumb as I think.
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Old 03-04-2014, 07:42 PM   #6
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My first reaction it the only thing stupid here is the article. I disagree with most every point made.

I've really got a problem with advice to "age in place" with a paid-for home. If someone needs to be in an assisted living environment, this kind of advice just makes life miserable for everyone involved.
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Old 03-04-2014, 09:07 PM   #7
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If any of this is really true just think of all the people that are still in the workplace at 53 and older. They must be miserable failures trying to continue working while their financial reasoning functions are declining rapidly. Must be trying to sell books.
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Old 03-04-2014, 09:11 PM   #8
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don't think that's possible...
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Old 03-04-2014, 09:19 PM   #9
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No - I am exactly as dumb as I think.
I am, too.
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Old 03-05-2014, 12:27 AM   #10
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A little stupid can be a wonderful thing. I like Bogle's 'Hurry up just stand there'. If I'm remembering correctly.



heh heh heh - Mardis Gras is over for the year.
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Old 03-05-2014, 12:33 AM   #11
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A little stupid can be a wonderful thing. I like Bogle's 'Hurry up just stand there'. If I'm remembering correctly.



heh heh heh - Mardis Gras is over for the year.
It was a wet one down here, too, cold and rainy.

Happy Mardi Gras, UncleMick.

P.S. As for being a dumb investor, well, who can know? But, so far so good and life is short.
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Old 03-05-2014, 06:00 AM   #12
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Old 03-05-2014, 06:01 AM   #13
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If any of this is really true just think of all the people that are still in the workplace at 53 and older. They must be miserable failures trying to continue working while their financial reasoning functions are declining rapidly. Must be trying to sell books.
I resemble that remark!


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