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We're dumber than we think
03-04-2014, 04:55 PM
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#1
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Thinks s/he gets paid by the post
Join Date: Jul 2006
Posts: 1,901
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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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03-04-2014, 05:10 PM
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#2
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Moderator
Join Date: Feb 2010
Location: Flyover country
Posts: 25,356
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 Quote:
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Financial reasoning peaks at 53, then declines sharply. And it really hits a freefall once you’re older than 70.
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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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03-04-2014, 05:21 PM
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#3
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Full time employment: Posting here.
Join Date: Dec 2013
Location: San Diego
Posts: 880
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Quote:
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Financial reasoning peaks at 53, then declines sharply. And it really hits a freefall once you’re older than 70.
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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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Merrily, merrily, merrily, merrily,
Life is but a dream.
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03-04-2014, 05:32 PM
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#4
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Thinks s/he gets paid by the post
Join Date: Feb 2012
Location: Northern Ohio
Posts: 3,182
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Quote:
Originally Posted by braumeister
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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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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03-04-2014, 05:35 PM
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#5
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Recycles dryer sheets
Join Date: Jan 2013
Location: Northern IL
Posts: 140
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No - I am exactly as dumb as I think.
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I have the nature of a polymath and the memory of a Commodore 64
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03-04-2014, 06:42 PM
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#6
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Thinks s/he gets paid by the post
Join Date: Oct 2012
Location: Colorado Mountains
Posts: 3,165
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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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03-04-2014, 08:07 PM
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#7
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Thinks s/he gets paid by the post
Join Date: Oct 2008
Posts: 1,608
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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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03-04-2014, 08:11 PM
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#8
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Jan 2007
Location: Independence
Posts: 7,298
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don't think that's possible...
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03-04-2014, 08:19 PM
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#9
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Dec 2004
Location: the City of Subdued Excitement
Posts: 5,588
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Quote:
Originally Posted by Sittingduck
No - I am exactly as dumb as I think.
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I am, too. 
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I have outlived most of the people I don't like and I am working on the rest.
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03-04-2014, 11:27 PM
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#10
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Jul 2003
Location: Kansas City
Posts: 7,968
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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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03-04-2014, 11:33 PM
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#11
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Jan 2007
Location: New Orleans
Posts: 47,500
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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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Already we are boldly launched upon the deep; but soon we shall be lost in its unshored, harbourless immensities. - - H. Melville, 1851.
Happily retired since 2009, at age 61. Best years of my life by far!
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03-05-2014, 05:00 AM
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#12
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Dec 2004
Location: the City of Subdued Excitement
Posts: 5,588
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!
__________________
I have outlived most of the people I don't like and I am working on the rest.
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03-05-2014, 05:01 AM
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#13
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Dec 2004
Location: the City of Subdued Excitement
Posts: 5,588
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Quote:
Originally Posted by powerplay
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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I resemble that remark!
Sent from my GT-I9100 using Tapatalk 2
__________________
I have outlived most of the people I don't like and I am working on the rest.
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