RL164 – Long Term Care, Psychology of Money, and De-Dollarization
It's "Bring Your Own Topic Day" on the Retirement Lifestyle Show. In this episode, Roshan Loungani, Eric Olson, and Adrian Nicholson discuss topics they feel would benefit the audience's investment decisions. They talk about the benefits of having long-term care insurance, the de-dollarization of global trade, and the psychology behind people's money mindsets.
[00:00] Introduction
[03:35] What is Long-Term Care Insurance Coverage
[06:10] The True Cost of Long-Term Care
[08:50] People's Psychology Around Long-Term Care Insurance
[14:10] How to Choose the Right Insurance Cover
[19:05] Available Options for Long-Term Care
[28:31] When to Start Saving for Long-Term Care
[29:57] The Psychology of Money
[31:43] The Common Types of Money Mindsets
[35:36] Why and How People Develop Money Mindsets
[40:15] How to Develop a Healthy Money Mindset
[43:40] The Benefits of Having a Positive Money Mindset
[47:09] How to Change the Way You Think and Feel About Money
[48:22] The De-Dollarization of Global Trade
[53:31] What to Expect from the De-Dollarization Train
[56:50] Investment Opportunities in Response to the De-Dollarization
[59:55] Parting Thoughts
For more links and the full show notes keep scrolling down!
Roshan Loungani can be reached at roshan.loungani@aretewealth.com or at 202-536-4468.
Erik Olson can be reached at erik.olson@aretewealth.com or 815-940-4652.
Adrian Nicholson can be reached at adrian.nicholson@aretewealth.com or at 703-915-8905.
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Full Show Notes:
Long-Term Care Insurance Coverage
Long-term care insurance is a type of insurance policy that covers the costs associated with long-term care services. This can include things like nursing home care, assisted living, and home health care services. The purpose of long-term care insurance is to provide financial protection for individuals who require care due to a chronic illness, disability, or old age. The cost of long-term care can be quite expensive, and it can quickly deplete an individual's savings if they do not have insurance coverage.
The big question is, is long-term care really necessary? Well, if you look at the statistics for the number of people over age 65 who will need some care at some point, you realize the numbers are quite high. This is unlike the remote risk of your house burning down or your car getting totaled. This is instead something that has a widespread impact on many families. Roughly speaking, half of all women over age 65 will need care of some sort. For men, the number stands at about 42%.
What is Your Money Mindset?
What is the one thing that makes one person successful with money and another not so good? It's simple - their money mindset. What you believe about yourself, your money, and the world shapes how you live your life. This is why becoming aware of your attitudes towards money can really help you see where you are. The first step is to reflect on your upbringing, your experience and your beliefs about money. Once you evaluate your money mindsets, start challenging some of them. Challenge any negative thoughts and patterns you might have, and try a step in the other direction. Remember, money is a tool, not an end goal. People with healthy money mindsets view money as a tool that can be used to help them achieve their goals and live a fulfilling life. By cultivating healthy money mindsets, individuals can develop a positive relationship with money and take control of their financial future.
All opinions expressed by podcast hosts and guests are solely their own. While based on information that they believe is reliable, neither Arete Wealth nor its affiliates warrant its completeness or accuracy, nor do their opinions reflect the opinion of Arete Wealth. This podcast is for general informational purposes only, and should not be regarded as specific advice or recommendations for any individual. Before making any decisions, consult a professional.