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Espisode 07

07: Here’s a Secret: We’re Guessing, and That’s OK

As human beings, we crave certainty. We want to know what’s going to happen and to know that we’re going to be okay. When looking into the financial future, we have to realize that a key ingredient of any analysis is assumptions or, to be blunt, guesses. Stephanie and Kevin tell us, however, that guessing isn’t wrong. It serves a purpose. It’s an ongoing exercise that narrows down the cone of uncertainty from experience to experience, week after month after year.

Planning is a living, breathing, ongoing thing. Do yourself a favor and relax, even if the path ahead is still a little foggy. An imperfect execution is better than waiting for the “perfect” plan to come together (hint: Don’t count on it!).

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Key Topics

  • Dealing with uncertainty while working with your financial planner (3:42)
  • What planning a trip to Disney World can teach us about the value of making guesses (7:40)
  • Thinking like a weatherman to narrow the cone of uncertainty (11:36)
  • “Relax! Give yourself some latitude to change your mind.” (14:30)
  • Overcoming paralysis by analysis (17:12)
  • Lighten up, Francis (18:56)

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