Process Over Panic: Building a Great Life with Dr. Meir Statman

Update: 2025-05-14

Description

It’s a super-sized episode today—and for good reason. We spend the bulk of the show in a deep, insightful conversation with Dr. Meir Statman, a leading voice in behavioral finance. I also walk you through the four non-financial pillars of retirement: mindset, energy, passions, and relationships. We'll talk about how to manage what you can control—and how to respond when life throws you the stuff you can’t. Plus, we answer a few of your questions. There’s a lot here, but it’s worth every minute. Let’s get to it.

SUMMARY OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

(00:00 ) This podcast is dedicated to helping you survive retirement with confidence
(00:34 ) Today on the show we are going to focus on the non-financial realm as we continue talking about process and things we can control versus what we can’t control.

ROCKIN RETIREMENT IN THE WILD

(02:14 ) Roger shares an anonymous message from a listener about her husband retiring and the confidence they have built in their retirement.

PRACTICAL PLANNING SEGMENT

(04:50 ) Sometimes in retirement planning, we tend to overemphasize the financial side of things and forget about the rest of our lives.
(06:23 ) Roger identifies controllables and non-controllables within the non-financial pillars of retirement.
(14:50 ) Roger talks about some examples of people who focused on things that they could control and found success.
(16:19 ) Roger says that the Rock Retirement Club has been a source of inspiration for him.

INTERVIEW WITH MEIR STATMAN

(18:13 ) Roger introduces Meir Statman, author of A Wealth of Wellbeing.
(19:34 ) Roger asks what motivated Dr. Statman to write his latest book.
(22:10 ) Dr. Statman talks about his relationship with Nobel Prize winner, Harry Markowitz
(25:57 ) Roger talks about behavioral finance and what it means from his perspective.
(30:02 ) We talk about financial wellbeing but you also need to focus on life wellbeing.
(31:06 ) Dr. Statman discusses a u-curve in life wellbeing.
(37:25 ) Roger and Dr. Statman talk about accepting who you are.
(39:30 ) Dr. Statman talks about the components of wellbeing.
(41:49 ) Roger asks about social capital in retirement.
(49:00 ) Starting a conversation is really important, Meir says
(51:19 ) What is cultural capital?
(57:32 ) Developing social, cultural, and personal capital becomes harder as you get older.
(01:01:38 ) What is personal capital?

LISTENER QUESTIONS

(01:04:42 ) Listener Brian sends a question about generating his retirement paycheck.
(01:17:52 ) Another listener named Brian asks about investing in annuities.

SMART SPRINT