Personal Financial CEO

Behavioral Finance Strategies to Overcome Financial Mistakes: Interview with Rick Lehman

In this episode of the Personal Finance CEO Podcast, host Steve Boorstein is joined by Richard Lehman, adjunct finance professor and author, to delve into the world of behavioral finance. They discuss the importance of understanding investor behavior for long-term success, revealing why emotions often lead to poor financial decisions. Lehman emphasizes the benefits of using financial advisors, the impact of behavioral finance across various personal finance areas, and introduces his new venture, Climate Economics, highlighting the financial implications of climate change. Tune in to discover how recognizing and managing behavioral patterns can enhance investment performance and personal financial decisions.
00:00 Introduction to Decision-Making in Investments
01:13 Welcome and Guest Introduction
01:42 Understanding Behavioral Finance
02:13 Historical Context and Evolution of Behavioral Finance
03:42 Emotions and Decision-Making
06:41 Practical Implications for Investors
11:41 Advisors vs. Individual Investors
16:06 Behavioral Finance Tools and Techniques
30:56 Climate Economics and Future Ventures
43:54 Conclusion and Contact Information
 
⚡️Interested in exploring how a comprehensive flat-fee relationship with a Personal Financial CEO can help you you achieve your goals, guided by your values? Our comprehensive financial planning services are provided for one, all-inclusive flat-fee that includes all planning, coordination, organization, accountability, investment management and advice. Visit us at: https://mailchi.mp/rockcrestfinancial.com/prospective-client-inquiry
⚡️Check out our free guide: 'The Truth About Retirement: 8 Essential Steps to Financial Freedom for Life!' https://mailchi.mp/rockcrestfinancial.com/8-essential-steps-to-financial-freedom
Connect with us! =============================
➡︎Website: https://rockcrestfinancial.com/
➡︎Podcast/Newsletter: https://rockcrestfinancial.com/podcast
➡︎Facebook: https://www.facebook.com/RockCrestFinancial
➡︎LinkedIn: https://www.linkedin.com/in/stevenaboorstein/
➡︎YouTube: https://www.youtube.com/@PersonalFinanceCEO
➡︎Instagram: https://www.instagram.com/personalfinanceceo/
IMPORTANT, PLEASE READ! Yes we are financial planners, but unless you are our client, we are not YOUR financial planner! The information presented in this podcast is intended for informational and educational purposes only and does not purport to be investment advice or an offer of investment advice, an offer to buy or sell any security or a recommendation of any investment strategy or course of action. Any graphs, charts, or calculations used are for illustrative purposes only. RockCrest is a state registered investment adviser in New Jersey and Pennsylvania, principally located in Somers Point, NJ. Registration does not imply a certain level of skill or training. Opinions of hosts and guests on this podcast do not necessarily reflect the opinions of RockCrest Financial LLC, and are independent of RockCrest's opinions and practices. Investments discussed are not a recommendation or solicitation to purchase any securities mentioned. Check out our full disclosures at: https://rockcrestfinancial.com
#PersonalFinancelCEO #StevenBoorstein #RockCrestFinancial Our mission with The Personal Finance CEO podcast is to help educate the public to help them reach the best financial health of their lives and stay that way forever.

Smarter Investing using Behavioral Finance with guest, Daniel Folkinshteyn, PhD

Steven Boorstein, PharmD, CFP® discusses with Professor Daniel Falkenstein, PhD, behavioral finance practical examples of how it impacts personal finance decisions. They explore various cognitive biases that affect human behavior, such as overconfidence bias, gambler's fallacy, and status quo bias. They also discuss the importance of early savings and the benefits of index fund investing. The conversation highlights the need for education, coaching, and planning to overcome these biases and make sound financial decisions.
#behavioralfinance #cognitivebiases #personal finance #overconfidencebias #gamblersfallacy #statusquobias #indexfundinvesting #planning
Takeaways
-Human behavior in personal finance is influenced by cognitive biases, such as overconfidence bias and gambler's fallacy.
-Early savings and index fund investing are key to help creating the foundation for long-term financial success.
-Education, coaching, and planning can help individuals overcome biases and make sound financial decisions. -Setting defaults and automating savings can help overcome status quo bias.
-Avoiding concentrated stock positions and making big mistakes is crucial in financial planning.
 
Chapters 00:00 Intro
01:45 Cognitive Biases
03:27 Overconfidence Bias
04:15 Gambler's Fallacy
06:24 Flea Market Analogy
07:12 Everyday examples of Behavioral Finance(BF) in Personal Finance
08:45 Can investors gain an edge using BF?
11:56 Daniel's take on chart patterns
15:30 Other ways to use BF to improve personal finance decisions
25:25 Can you overcome cognitive biases? 27:00 Having a plan
28:48 Daniel's big mistakes to avoid
31:14 Potential benefits of a financial planner
33:34 Daniel's personal finance book recommendations
35:53 Closing
 
⚡️Interested in exploring how a comprehensive flat-fee relationship with a Personal Financial CEO can help you you achieve your goals, guided by your values? Our comprehensive financial planning services are provided for one, all-inclusive flat-fee that includes all planning, coordination, organization, accountability, investment management and advice. Visit us at: https://mailchi.mp/rockcrestfinancial.com/prospective-client-inquiry ⚡️Check out our free guide: 'The Truth About Retirement: 8 Essential Steps to Financial Freedom for Life!' https://mailchi.mp/rockcrestfinancial.com/8-essential-steps-to-financial-freedom
=========================== Connect with us! ============================= ➡︎Website: https://rockcrestfinancial.com/ ➡︎Podcast/Newsletter: https://rockcrestfinancial.com/podcast
➡︎Facebook: https://www.facebook.com/RockCrestFinancial
➡︎LinkedIn: https://www.linkedin.com/in/stevenaboorstein/
➡︎YouTube: https://www.youtube.com/@PersonalFinanceCEO
➡︎Instagram: https://www.instagram.com/personalfinanceceo/
IMPORTANT, PLEASE READ! Yes we are financial planners, but unless you are our client, we are not YOUR financial planner! The information presented in this podcast is intended for informational and educational purposes only and does not purport to be investment advice or an offer of investment advice, an offer to buy or sell any security or a recommendation of any investment strategy or course of action. Any graphs, charts, or calculations used are for illustrative purposes only. RockCrest is a state registered investment adviser in New Jersey and Pennsylvania, principally located in Somers Point, NJ. Registration does not imply a certain level of skill or training. Opinions of Steven Boorstein, Aiden Boorstein and guests on this podcast do not necessarily reflect the opinions of RockCrest Financial LLC, and are independent of RockCrest's opinions and practices.
Check out our full disclosures at: https://rockcrestfinancial.com

STOP Calling It a Retirement Plan! DO THIS Instead...

Steve explains why he hates the term "Retirement Plan" and what you should do, instead!

The Flat-Fee Advisor Revolution

How do you pay your financial advisor? If you have over $750,000 and are still paying your advisor a percentage of your account value, then you need to watch this video! Steve and Aiden discuss how a comprehensive flat-fee service works to provide a truly unique experience to those looking for a financial planner.
0:00 Intro
0:43 Flat-Fee vs AUM
2:26 Comprehensive Flat-Fee
4:28 Example of Flat-Fee vs AUM
5:19 Difference in fees comparison
6:14 Difference in growth comparison
7:04 Important things to consider
9:30 Conclusion
For too long, many clients have not had had much choice when it came to how they pay for advice. Even worse, that under the traditional asset-based model, that cost can grow significantly over time.
But that's all now starting to change:
- The Comprehensive Flat-Fee model is a unique, all-inclusive service that helps clients in all areas of their personal finance: financial planning, tax planning, estate planning, investment management, and strategies to reduce risk... all for one all-inclusive, flat-fee.
⚡️Interested in exploring how a comprehensive flat-fee relationship with a Personal Financial CEO can help you you achieve your goals, guided by your values? Our comprehensive financial planning services are provided for one, all-inclusive flat-fee that includes all planning, coordination, organization, accountability, investment management and advice. Visit us at: https://mailchi.mp/rockcrestfinancial.com/prospective-client-inquiry ⚡️Check out our free guide: 'The Truth About Retirement: 8 Essential Steps to Financial Freedom for Life!' https://mailchi.mp/rockcrestfinancial.com/8-essential-steps-to-financial-freedom =========================== Connect with us! =========
➡︎Website: https://rockcrestfinancial.com/
➡︎Podcast/Newsletter: https://rockcrestfinancial.com/podcast
➡︎Facebook: https://www.facebook.com/RockCrestFinancial
➡︎LinkedIn: https://www.linkedin.com/in/stevenaboorstein/
➡︎YouTube: https://www.youtube.com/@PersonalFinanceCEO
➡︎Instagram: https://www.instagram.com/personalfinanceceo/
➡︎Twitter: https://twitter.com/StevenBoorstein
IMPORTANT, PLEASE READ! Yes we are financial planners, but unless you are our client, we are not YOUR financial planner! The information presented in this podcast is intended for informational and educational purposes only and does not purport to be investment advice or an offer of investment advice, an offer to buy or sell any security or a recommendation of any investment strategy or course of action. Any graphs, charts, or calculations used are for illustrative purposes only. RockCrest is a state registered investment adviser in New Jersey and Pennsylvania, principally located in Somers Point, NJ. Registration does not imply a certain level of skill or training. Check out our full disclosures at: https://rockcrestfinancial.com #PersonalFinancelCEO #StevenBoorstein
#RockCrestFinancial Our mission with The Personal Finance CEO podcast is to help educate the public to help them reach the best financial health of their lives and stay that way forever.

Roth Strategies for High Income Earners

Having a high level of income has it rewards, except in the case of being able to make Roth IRA contributions, where you may be either partially or entirely phased out depending on your income level. Steven A. Boorstein, PharmD, CFP® and Aiden Boorstein cover three ways for high income individuals and couples to get money into their Roth's for tax-free growth and income.
⚡️Join our podcast newsletter! https://rockcrestfinancial.com/podcast-newsletter
00:00 Introduction 00:58 Backdoor Roth IRA
01:47 Employer Sponsored Roth Options
02:12 Mega Backdoor
Roth 02:44 Conclusion
Links discussed in episode:
https://www.irs.gov/newsroom/401k-limit-increases-to-23000-for-2024-ira-limit-rises-to-7000
https://www.irs.gov/pub/irs-drop/n-23-75.pdf -https://www.irs.gov/forms-pubs/about-form-8606
https://mailchi.mp/rockcrestfinancial.com/prospective-client-inquiry
Interested in exploring how a comprehensive flat-fee relationship with a Personal Financial CEO can help you you achieve your goals, guided by your values? Our comprehensive financial planning services are provided for one, all-inclusive flat-fee that includes all planning, coordination, organization, accountability, investment management and advice.
⚡️ Visit us at: https://mailchi.mp/rockcrestfinancial.com/prospective-client-inquiry
The information presented in this podcast is intended for informational purposes only and does not purport to be investment advice or an offer of investment advice, an offer to buy or sell any security or a recommendation of any investment strategy or course of action. Any graphs, charts, or calculations used are for illustrative purposes only.
Check out our full disclosures at: https://rockcrestfinancial.com ===========================
Connect with us! =============================
➡︎Website: https://rockcrestfinancial.com/
➡︎Podcast/Newsletter: https://rockcrestfinancial.com/podcast
➡︎Facebook: https://www.facebook.com/RockCrestFinancial
➡︎LinkedIn: https://www.linkedin.com/in/stevenaboorstein/
➡︎YouTube: https://www.youtube.com/@PersonalFinancialCEO
➡︎Instagram: https://www.instagram.com/personalfinancialceo/
➡︎Twitter: https://twitter.com/StevenBoorstein
#PersonalFinancialCEO #StevenBoorstein #RockCrestFinancial
Our mission here at The Personal Financial CEO Podcast and RockCrest Financial is to help clients reach the best financial health of their lives and stay that way forever.
yFetRXXagIgUElsWzthq

Advisor Fees Explained: Flat-Fee vs AUM

In this episode of the Personal Financial CEO podcast, Steve A. Boorstein, PharmD, CFP® and Aiden Boorstein discuss four common ways financial financial advisors charge (commissions, hourly, AUM and flat-fee), including some of the pros and cons of each method. They focus most of the discussion on the most common method advisors use, Asset Under Management (AUM) fees and compare that to a newer method advisors are using, the Comprehensive Flat-Fee model. Steve and Aiden end the episode with an example of the potential long term difference in cost using an advisor who charges an AUM fees vs an advisor who charges a Flat-Fee, as well as, the difference that could mean to the bottom line of the portfolio value. Interested in exploring how a comprehensive flat-fee relationship with a Personal Financial CEO can help you you achieve your goals, guided by your values? We can help you create a comprehensive, lifetime financial plan, designed to help you get financially healthy in all five areas of personal finance and continue to stay that way, forever. A lifetime, comprehensive financial plan should thoroughly address all five area of personal finance: FINANCIAL PLANNING TAX STRATEGY ESTATE PLANNING INVESTMENT MANAGEMENT STRATEGIES TO REDUCE RISK TO YOUR OVERALL PLAN Our comprehensive financial planning services are provided for one, all-inclusive flat-fee. It includes all planning, coordination, organization, accountability, investment management and advice. Our mission is to help you create and execute a truly comprehensive, lifetime, overarching financial plan to reach all of your goals. The information presented in this podcast is intended for informational purposes only and does not purport to be investment advice or an offer of investment advice, an offer to buy or sell any security or a recommendation of any investment strategy or course of action. Any graphs, charts, or calculations used are for illustrative purposes only. ============================= Interested in exploring how Steve and his team can be YOUR Personal Financial CEO? Visit us at: https://mailchi.mp/rockcrestfinancial.com/prospective-client-inquiry  ============================= Connect with us!  ➡︎Website: https://rockcrestfinancial.com/ ➡︎Podcast/Newsletter: https://rockcrestfinancial.com/podcast ➡︎Facebook: https://www.facebook.com/RockCrestFinancial ➡︎LinkedIn: https://www.linkedin.com/in/stevenaboorstein/ ➡︎YouTube: https://www.youtube.com/@PersonalFinancialCEO ➡︎Instagram: https://www.instagram.com/personalfinancialceo/ ➡︎Twitter: https://twitter.com/StevenBoorstein #PersonalFinancialCEO #StevenBoorstein #RockCrestFinancial Our mission here at The Personal Financial CEO Podcast and RockCrest Financial is to help clients reach the best financial health of their lives and stay that way forever.

Social Security Spousal Benefits After Divorce

Summary In this episode, Steven Boorstein, PharmD, CFP® discusses Social Security Spousal Benefits After Divorce.  In this short video, we taken the complex topic of claiming Social Security benefits based on an ex-spouses earning record and simplified it into the basic rules and also, some special situations you may encounter. Takeaways +Can you collect based on your former spouse's earnings record? +How long did you have to have been married? +What are the rules for collecting? +At which age can you claim benefits as an ex-spouse? + And more, including two special situations that may surprise you... The information presented in this podcast is intended for informational purposes only and does not purport to be investment advice or an offer of investment advice, an offer to buy or sell any security or a recommendation of any investment strategy or course of action. =========================== ⚡️Interested in exploring how Steve and his team can be YOUR Personal Financial CEO? Visit us at: https://mailchi.mp/rockcrestfinancial.com/prospective-client-inquiry =========================== Connect with us! ============================= ➡︎Website: https://rockcrestfinancial.com/ ➡︎Podcast/Newsletter: https://rockcrestfinancial.com/podcast ➡︎Facebook: https://www.facebook.com/RockCrestFinancial ➡︎LinkedIn: https://www.linkedin.com/in/stevenaboorstein/ ➡︎YouTube: https://www.youtube.com/@PersonalFinancialCEO ➡︎Instagram: https://www.instagram.com/personalfinancialceo/ ➡︎Twitter: https://twitter.com/StevenBoorstein #PersonalFinancialCEO #StevenBoorstein #RockCrestFinancial Our mission here at The Personal Financial CEO Podcast and RockCrest Financial is to help clients reach the best financial health of their lives and stay that way forever.

Create A Comprehensive Financial & Retirement Plan In Your 60’s

In this episode, Steven Boorstein, PharmD, CFP® discusses how to create a comprehensive financial plan/retirement plan in your 60s. He covers five critical areas of a solid financial/retirement plan: values and goals, tax strategy, estate planning, investment management, and risk management. Steven emphasizes the importance of aligning these areas with your overarching financial plan and seeking professional advice when necessary. Takeaways +A solid financial plan in your 60s should include consideration of your values and goals.  +Develop a tax strategy to minimize taxes both now and in the future. +Estate planning is crucial, including wills, powers of attorney, and potentially trusts. +Investment management should align with your overall financial plan and goals. +Implement strategies to reduce risk, such as evaluating the need to have specific insurance coverages or having funds set aside to cover certain risks See if we can help: https://mailchi.mp/rockcrestfinancial.com/prospective-client-inquiry Chapters 00:00 Introduction 01:05 Chapter 1: Values and Goals 06:41 Chapter 2: Tax Strategy 08:30 Chapter 3: Estate Planning 12:05 Chapter 4: Investment Management 13:36 Chapter 5: Risk Management 20:20 Conclusion The information presented in this podcast is intended for informational purposes only and does not purport to be investment advice or an offer of investment advice, an offer to buy or sell any security or a recommendation of any investment strategy or course of action. Interested in exploring how Steve and his team can be YOUR Personal Financial CEO? https://mailchi.mp/rockcrestfinancial.com/prospective-client-inquiry Website & Social Website: https://rockcrestfinancial.com/ Podcast/Newsletter: https://rockcrestfinancial.com/podcast Facebook: https://www.facebook.com/RockCrestFinancial  LinkedIn: https://www.linkedin.com/in/stevenaboorstein/ YouTube: https://www.youtube.com/@PersonalFinancialCEO Instagram: https://www.instagram.com/PersonalFinancialCEO/ Twitter: https://twitter.com/StevenBoorstein #PersonalFinancialCEO #stevenboorstein #RockCrestFinancial

Trailer- Personal Finance & Financial-Based Strategies to Help You Live Your Best Life

Welcome to the Personal Financial CEO Podcast, where we discuss personal finance and financial-based strategies to help you live your best life. In short, whether you're in the process of trying to build financial freedom, or you've already built a significant level of wealth, this podcast will explore topics specifically designed to help you make smarter decisions on your path to success. My name is Steven Boorstein. I'm the CEO and founder of RockCrest Financial LLC, a comprehensive financial planning and investment advisory firm in Somers Point, New Jersey. As both a Certified Financial Planner® professional and a Doctor of Pharmacy, financial planning to me is not only about financial independence, but more about integrating what I consider the two most pivotal aspects of most people's lives, their financial health and their physical and mental well-being.  Throughout this podcast series, we'll be delving into all five areas of personal finance, financial planning, tax strategy, estate planning, investment management, and strategies to reduce overall risk. We'll also be discussing behavioral finance mindset. That's the do's and the don'ts types of habits that can mean the difference between successfully executing your plan and not succeeding to the level you expect, even though the plan is solid and sound. Every month we'll choose a specific personal financial theme, and then each podcast that month will explore different topics surrounding that theme. Your feedback is important to the success of this podcast. So please consider liking episodes that you wanna see more of, and posting suggestions and liking comments for specific topics you'd like to see in the future. I realize that your time is valuable and important to you. So my goal is to add as much value as possible and relevance to your life through the educational efforts of this podcast. Episodes will release on Fridays with each episode between 10 to 20 minutes long, enough to cover the topic in a good amount of depth without spending more time than is needed to cover the subject. Now each session. Now each session will feature clear cut education and actionable strategies without all the financial jargon. While occasional guests and experts will join us for deeper dives into specific topics, primarily I will be your solo host. I hope through the education that you receive in this podcast to coach you in the best financial health of your life and help you stay that way forever. You can find this podcast on all major sites like YouTube, Spotify, Apple Music, and Amazon Music. You can also subscribe to our newsletter and get alerts about upcoming episodes and more at RockCrestFinancial.com/podcast. Thank you for your interest in The Personal Financial CEO Podcast and your interest in personal finance. Join me as we delve into personal finance and financial based strategies to help you live your best life. -Steven A. Boorstein, PharmD, CFP® The information presented in this podcast is intended for informational purposes only and does not purport to be investment advice or an offer of investment advice, an offer to buy or sell any security or a recommendation of any investment strategy or course of action.

The Personal Financial CEO Trailer

Welcome to The Personal Financial CEO podcast. My name is Steven Boorstein. My plan in creating this podcast is to discuss personal finance and financial strategies to help live your best life. I am the CEO & Founder of RockCrest Financial, which is a comprehensive financial planning firm in Somers Point, NJ. I am both a Certified Financial Planner™ professional and a Doctor of Pharmacy, so financial planning to me is about not only financial health, but the positive effect that optimizing your finances can have on both physical and mental well-being. Every month, we will choose a specific personal finance theme and explore different topics surrounding that theme in each podcast session that month. We’ll discuss clear-cut, actionable strategies, without all the financial jargon . Feedback is important to the success of this podcast, so please consider liking topics that you want to see more of, and posting comments and suggestions for specific topics you would like to see covered in the future. Upcoming episodes will cover topics critical to personal finance, like:  how to create a solid, measurable financial plan; tax strategies for affluent families, entrepreneurs, and real estate investors; estate planning from basic, easy to implement strategies through more complex asset protection strategies; risk mitigation including the role that insurance should play, as well as when there are instances you may want to avoid it; managing your investments, including protecting yourself from market downturns and the role that alternative investments may play in the portfolios of high-net worth investors; behavioral ("do's and don'ts") finance mindset that could mean the difference between successfully executing your plan, and not succeeding to the level you expect even though the plan itself is solid and sound. In short, whether you are in the process of building lasting financial freedom, or you have already built a significant level of wealth, this podcast will explore topics specifically designed to help you make smarter financial decisions on your path to success. Your participation will help shape how we craft future podcast episodes. I realize that your time is valuable... so my goal is to add as much value and relevance to your life, as possible, through the educational efforts of this podcast. You can find this podcast on all major podcast sites, like Apple podcast, Spotify, Google podcast, Amazon and Youtube. You can also subscribe to our newsletter and get alerts about upcoming episodes and more at RockCrestFinancial.com.  Thank you for your interest in the Personal Financial CEO podcast and personal finance! -Steven A. Boorstein, PharmD, CFP® The information presented in this podcast is intended for informational purposes onlyand does not purport to be investment advice or an offer of investment advice, an offerto buy or sell any security or a recommendation of any investment strategy or course ofaction. Website & Social Website: https://rockcrestfinancial.com/ Podcast/Newsletter: https://rockcrestfinancial.com/podcast Facebook: https://www.facebook.com/RockCrestFinancial  LinkedIn: https://www.linkedin.com/in/stevenaboorstein/ Youtube: https://www.youtube.com/@PersonalFinancialCEO Instagram: https://www.instagram.com/personalfinancialceo/ Twitter: https://twitter.com/StevenBoorstein #PersonalFinancialCEO