Podcast
Wisdom for Your Wisdom Years
Hosted by Matt Murphy · EN
Join Matt Murphy, CFP®, AIF®, and founder of Benetas Wealth, as he breaks down financial strategies, lifestyle hacks, and unconventional insights to help you build a retirement worth living—on your terms, with purpose and passion.
41episodes
Episodes
Newest firstAll episodes
The Most Important Number in Retirement Is Not Your Rate of Return
1w ago00:06:41Tap to summarizeMost people when they think about investment portfolios and retirement are concerned with the rate of return of the portfolio. How much does it earn every year, how much will it grow over time, is it matching or beating the market (i.e. the performance of a broad stock market index)? While these are reasonable questions to ask, they miss an important point. What matters is not how much your portfolio is returning against the market, or abstractly in a vacuum, but how much your portfolio returns compared to how much income you need it to generate in retirement. This number will vary, because each person's lifestyle, goals, and unique family, tax, and legal situations are different. It is known as the withdrawal burden. You can also look at this concept as a question of how much pressure you are putting on your investments to achieve your required rate of return. Imagine two investors with the exact same $2 million portfolio, invested in exactly the same way. One investor needs to withdraw $40,000 per year, however, while the other investor needs $180,000 per year. Who's taking more risk in this situation? Remember, the investments are identical. However the second investor is placing a much higher burden on his portfolio and is more likely to draw down the value of his portfolio more quickly, especially in years where market returns are soft. This example highligths an important point about investing. As Matt says, it's not about the account balances, it's about the demands placed on those account balances. Looking at retirement investing through this lens helps you better understand what job your portfolio needs to do for you. In some cases, you may need to be more conservative with your investment choices; however, you may discover that you can, and should, be more aggressive with your investments so that you can capture more growth over your investment horizon. Follow Matt Murphy Web: https://www.benetaswealth.com Newsletter: http://eepurl.com/jb7SNc LinkedIn: https://www.linkedin.com/in/mattmurphycfp Advisory services offered through Commonwealth Financial Network®, a Registered Investment Adviser. This material is intended for informational/educational purposes only and should not be construed as investment advice, a solicitation, or a recommendation to buy or sell any security or investment product. Please contact your financial professional for more information specific to your situation. Investments are subject to risk, including the loss of principal. Some investments are not suitable for all investors, and there is no guarantee that any investing goal will be met. Past performance is no guarantee of future results. All indices are unmanaged and investors cannot invest directly into an index. Investments in target-date funds are subject to the risks of their underlying holdings. The year in the fund name refers to the approximate year (the target date) when an investor in the fund would retire and leave the workforce. The fund will gradually shift its emphasis from more aggressive investments to more conservative investments based on its respective target date. The performance of an investment in a target-date fund is not guaranteed at any time, including on or after the target date. Diversification does not assure a profit or protect against loss in declining markets, and diversification cannot guarantee that any objective or goal will be achieved. Exchange-traded funds (ETFs) are subject to market volatility, including the risks of their underlying investments. They are not individually redeemable from the fund and are bought and sold at the current market price, which may be above or below their net asset value.
Transcribe →Inside the Planning Room: How a Financial Plan Gets Made with Matt Reynolds
2w ago00:43:36Tap to summarizeBefore you sit down at the conference table to with Matt, many hours of work go into your financial plan -- gathering information, reviewing your accounts, optimizing your tax situation, coordinating with accountants and attorneys, and much more. In today's episode, Matt Murphy invites the newest advisor at Benetas Wealth, Matt Reynolds, to talk through everything he's learned in his first year about how Benetas helps clients put together a financial plan. Matt Reynolds is deeply involved in the back office operations, combing through all the facts and details that get considered long before a client meeting happens. Take a look behind the scenes at everything that happens in the planning room before you sit down with Matt Murphy and Matt Reynolds to discuss your vision for retirement and the road map to get there -- it's a lot more than just managing investments! Follow Matt Murphy Web: https://www.benetaswealth.com Newsletter: http://eepurl.com/jb7SNc LinkedIn: https://www.linkedin.com/in/mattmurphycfp Advisory services offered through Commonwealth Financial Network®, a Registered Investment Adviser. This material is intended for informational/educational purposes only and should not be construed as investment advice, a solicitation, or a recommendation to buy or sell any security or investment product. Please contact your financial professional for more information specific to your situation. Investments are subject to risk, including the loss of principal. Some investments are not suitable for all investors, and there is no guarantee that any investing goal will be met. Past performance is no guarantee of future results. All indices are unmanaged and investors cannot invest directly into an index. Investments in target-date funds are subject to the risks of their underlying holdings. The year in the fund name refers to the approximate year (the target date) when an investor in the fund would retire and leave the workforce. The fund will gradually shift its emphasis from more aggressive investments to more conservative investments based on its respective target date. The performance of an investment in a target-date fund is not guaranteed at any time, including on or after the target date. Diversification does not assure a profit or protect against loss in declining markets, and diversification cannot guarantee that any objective or goal will be achieved. Exchange-traded funds (ETFs) are subject to market volatility, including the risks of their underlying investments. They are not individually redeemable from the fund and are bought and sold at the current market price, which may be above or below their net asset value.
Transcribe →Life Comes In Seasons, Your Financial Plan Should Too
3w ago00:07:05Tap to summarizeLife moves through seasons, and one characteristic of a season is you often don't realize you're in it until it has passed. You grow up, start working, kids come along, all of a sudden you're in the thick of parenting. Then, as children grow the nature of parenting changes, along with your schedule. And then, they're gone, and you are supporting them from afar. At each stage of the process, there are new challenges and new problems to solve. As Matt points out, one of the easiest traps to fall into is solving yesterday's problems and failing to recognize and adapt to the new phases of life. There's a clear analogy to retirement planning. Retirement is, after all, another season of life. People often focus on the wrong questions and problems of retirement -- accumulating long after their portfolio is sufficient, rather than visualizing life in retirement and what kinds of things they want to do or roles they'd like to take on. Or perhaps they are worried about working longer, when planning for taxes may be more impactful to their retirement. A good financial plan has seasons, just like life... because it is your life. Follow Matt Murphy Web: https://www.benetaswealth.com Newsletter: http://eepurl.com/jb7SNc LinkedIn: https://www.linkedin.com/in/mattmurphycfp Advisory services offered through Commonwealth Financial Network®, a Registered Investment Adviser. This material is intended for informational/educational purposes only and should not be construed as investment advice, a solicitation, or a recommendation to buy or sell any security or investment product. Please contact your financial professional for more information specific to your situation. Investments are subject to risk, including the loss of principal. Some investments are not suitable for all investors, and there is no guarantee that any investing goal will be met. Past performance is no guarantee of future results. All indices are unmanaged and investors cannot invest directly into an index. Investments in target-date funds are subject to the risks of their underlying holdings. The year in the fund name refers to the approximate year (the target date) when an investor in the fund would retire and leave the workforce. The fund will gradually shift its emphasis from more aggressive investments to more conservative investments based on its respective target date. The performance of an investment in a target-date fund is not guaranteed at any time, including on or after the target date. Diversification does not assure a profit or protect against loss in declining markets, and diversification cannot guarantee that any objective or goal will be achieved. Exchange-traded funds (ETFs) are subject to market volatility, including the risks of their underlying investments. They are not individually redeemable from the fund and are bought and sold at the current market price, which may be above or below their net asset value.
Transcribe →Why Emotion Is the Enemy of Good Financial Decisions
Jul 700:09:18Tap to summarizeMatt draws an analogy between the movie Man on Fire and the character of Crecy, who teaches a young protege how to think under pressure -- to solve a puzzle, not react emotionally -- and the process of investing. One of the most dangerous things an investor can do is get emotionally invested (pardon the pun) in the securities they are evaluating, looking for ways to confirm why they should buy them rather than reasons to not buy them. A good investor understands the risks of what he is buying, how an investment fits into his or her unique portoflio needs, and what the investment horizon is. Stock market turmoil often leads to emotional turmoil, and when emotion enters into the picture, we stop asking questions. Instead of looking for a puzzle to solve, we start believing in certain approaches and, inevitably, drifting from our original investment plan. Follow Matt Murphy Web: https://www.benetaswealth.com Newsletter: http://eepurl.com/jb7SNc LinkedIn: https://www.linkedin.com/in/mattmurphycfp Advisory services offered through Commonwealth Financial Network®, a Registered Investment Adviser. This material is intended for informational/educational purposes only and should not be construed as investment advice, a solicitation, or a recommendation to buy or sell any security or investment product. Please contact your financial professional for more information specific to your situation. Investments are subject to risk, including the loss of principal. Some investments are not suitable for all investors, and there is no guarantee that any investing goal will be met. Past performance is no guarantee of future results. All indices are unmanaged and investors cannot invest directly into an index. Investments in target-date funds are subject to the risks of their underlying holdings. The year in the fund name refers to the approximate year (the target date) when an investor in the fund would retire and leave the workforce. The fund will gradually shift its emphasis from more aggressive investments to more conservative investments based on its respective target date. The performance of an investment in a target-date fund is not guaranteed at any time, including on or after the target date. Diversification does not assure a profit or protect against loss in declining markets, and diversification cannot guarantee that any objective or goal will be achieved. Exchange-traded funds (ETFs) are subject to market volatility, including the risks of their underlying investments. They are not individually redeemable from the fund and are bought and sold at the current market price, which may be above or below their net asset value.
Transcribe →The Retirement Questions Your Portfolio Can't Answer
Jun 3000:08:35Tap to summarizeFollow Matt Murphy Web: https://www.benetaswealth.com Newsletter: http://eepurl.com/jb7SNc LinkedIn: https://www.linkedin.com/in/mattmurphycfp Advisory services offered through Commonwealth Financial Network®, a Registered Investment Adviser. This material is intended for informational/educational purposes only and should not be construed as investment advice, a solicitation, or a recommendation to buy or sell any security or investment product. Please contact your financial professional for more information specific to your situation. Investments are subject to risk, including the loss of principal. Some investments are not suitable for all investors, and there is no guarantee that any investing goal will be met. Past performance is no guarantee of future results. All indices are unmanaged and investors cannot invest directly into an index. Investments in target-date funds are subject to the risks of their underlying holdings. The year in the fund name refers to the approximate year (the target date) when an investor in the fund would retire and leave the workforce. The fund will gradually shift its emphasis from more aggressive investments to more conservative investments based on its respective target date. The performance of an investment in a target-date fund is not guaranteed at any time, including on or after the target date. Diversification does not assure a profit or protect against loss in declining markets, and diversification cannot guarantee that any objective or goal will be achieved. Exchange-traded funds (ETFs) are subject to market volatility, including the risks of their underlying investments. They are not individually redeemable from the fund and are bought and sold at the current market price, which may be above or below their net asset value.
Transcribe →The Gap and The Gain
Jun 2300:10:31Tap to summarizeYour life's journey is full of wins and losses, and however lumpy, it is a journey, a movement toward something, which means it is also full of gains. One common trait of successful people is they set goals and, having achieved them, move onto the a new goal, the next thing. Wherever they perceive a gap -- in their knowledge, experience, their financial position, etc. -- they seek to close that gap. Along the way they generate great gains, but their focus remains mostly on the gaps. It's easy for investors to get caught in this line of thinking too. Matt reminds us that in the journey toward retirement, we often see the gaps in our preparation and fail to appreciate how far we've come. This episode was inspired by the book The Gap and the Gain: The High Achievers' Guide to Happiness, Confidence, and Success Follow Matt Murphy Web: https://www.benetaswealth.com Newsletter: http://eepurl.com/jb7SNc LinkedIn: https://www.linkedin.com/in/mattmurphycfp Advisory services offered through Commonwealth Financial Network®, a Registered Investment Adviser. This material is intended for informational/educational purposes only and should not be construed as investment advice, a solicitation, or a recommendation to buy or sell any security or investment product. Please contact your financial professional for more information specific to your situation. Investments are subject to risk, including the loss of principal. Some investments are not suitable for all investors, and there is no guarantee that any investing goal will be met. Past performance is no guarantee of future results. All indices are unmanaged and investors cannot invest directly into an index. Investments in target-date funds are subject to the risks of their underlying holdings. The year in the fund name refers to the approximate year (the target date) when an investor in the fund would retire and leave the workforce. The fund will gradually shift its emphasis from more aggressive investments to more conservative investments based on its respective target date. The performance of an investment in a target-date fund is not guaranteed at any time, including on or after the target date. Diversification does not assure a profit or protect against loss in declining markets, and diversification cannot guarantee that any objective or goal will be achieved. Exchange-traded funds (ETFs) are subject to market volatility, including the risks of their underlying investments. They are not individually redeemable from the fund and are bought and sold at the current market price, which may be above or below their net asset value.
Transcribe →How AI Is Changing Investing
Jun 1600:10:30Tap to summarizeMatt tackles a common question from clients: will traditional investing work with AI? AI is changing how businesses operate, with explosive increases in scope and scale over the past couple years. There is enormous hype around AI technologies, with some people comparing it to the advent of the internet or even the invention of electricity. Naturally, many retail investors are wondering how to invest on the precipice of great technological change. Matt separates two important questions here: 1.) what companies will win in the AI race, and 2.) how should long term investors behave to make durable investments for their families and retirement? The second question is what Matt focuses on today. It's very difficult to determine what companies will "win" over the long-term. The dot com bubble was littered with highly promising companies that are now forgotten, while some of the winners were far from obvious picks at the time. Besides, Matt encourages clients to invest for the long-term, with a diversified portfolio that's designed to help achieve the financial plan no matter what the market does. It shouldn't matter what any individual company does — the plan and it's investments should be durable and flexible enough to capture the broad market performance. Follow Matt Murphy Web: https://www.benetaswealth.com Newsletter: http://eepurl.com/jb7SNc LinkedIn: https://www.linkedin.com/in/mattmurphycfp Advisory services offered through Commonwealth Financial Network®, a Registered Investment Adviser. This material is intended for informational/educational purposes only and should not be construed as investment advice, a solicitation, or a recommendation to buy or sell any security or investment product. Please contact your financial professional for more information specific to your situation. Investments are subject to risk, including the loss of principal. Some investments are not suitable for all investors, and there is no guarantee that any investing goal will be met. Past performance is no guarantee of future results. All indices are unmanaged and investors cannot invest directly into an index. Investments in target-date funds are subject to the risks of their underlying holdings. The year in the fund name refers to the approximate year (the target date) when an investor in the fund would retire and leave the workforce. The fund will gradually shift its emphasis from more aggressive investments to more conservative investments based on its respective target date. The performance of an investment in a target-date fund is not guaranteed at any time, including on or after the target date. Diversification does not assure a profit or protect against loss in declining markets, and diversification cannot guarantee that any objective or goal will be achieved. Exchange-traded funds (ETFs) are subject to market volatility, including the risks of their underlying investments. They are not individually redeemable from the fund and are bought and sold at the current market price, which may be above or below their net asset value.
Transcribe →Why Simplicity Becomes More Valuable With Age
Jun 900:12:02Tap to summarizeSimplicity isn't just a nice feature of plans and documents, it carries real value. When things are complex, whether it's your investment allocation (or the investments themselves) or your estate plan documents, it costs you more than just money to maintain and administrate. It also costs brainpower and attention. As you age, your energy for managing these things may decrease. Inevitability, your ability to manage complexity will decrease. When you setup a financial plan and create new accounts, draft new documents, purchase new insurance policies -- don't just think about whether you can manage those things today, think about how they will accumulate in 10-20 years or more. Keeping things simple over the long term will not only save your sanity in your later years, it will accrue some real financial value! Follow Matt Murphy Web: https://www.benetaswealth.com Newsletter: http://eepurl.com/jb7SNc LinkedIn: https://www.linkedin.com/in/mattmurphycfp Advisory services offered through Commonwealth Financial Network®, a Registered Investment Adviser. This material is intended for informational/educational purposes only and should not be construed as investment advice, a solicitation, or a recommendation to buy or sell any security or investment product. Please contact your financial professional for more information specific to your situation. Investments are subject to risk, including the loss of principal. Some investments are not suitable for all investors, and there is no guarantee that any investing goal will be met. Past performance is no guarantee of future results. All indices are unmanaged and investors cannot invest directly into an index. Investments in target-date funds are subject to the risks of their underlying holdings. The year in the fund name refers to the approximate year (the target date) when an investor in the fund would retire and leave the workforce. The fund will gradually shift its emphasis from more aggressive investments to more conservative investments based on its respective target date. The performance of an investment in a target-date fund is not guaranteed at any time, including on or after the target date. Diversification does not assure a profit or protect against loss in declining markets, and diversification cannot guarantee that any objective or goal will be achieved. Exchange-traded funds (ETFs) are subject to market volatility, including the risks of their underlying investments. They are not individually redeemable from the fund and are bought and sold at the current market price, which may be above or below their net asset value.
Transcribe →The Hidden Cost of Working One More Year
Jun 200:15:15Tap to summarizeFollow Matt Murphy Web: https://www.benetaswealth.com Newsletter: http://eepurl.com/jb7SNc LinkedIn: https://www.linkedin.com/in/mattmurphycfp Advisory services offered through Commonwealth Financial Network®, a Registered Investment Adviser. This material is intended for informational/educational purposes only and should not be construed as investment advice, a solicitation, or a recommendation to buy or sell any security or investment product. Please contact your financial professional for more information specific to your situation. Investments are subject to risk, including the loss of principal. Some investments are not suitable for all investors, and there is no guarantee that any investing goal will be met. Past performance is no guarantee of future results. All indices are unmanaged and investors cannot invest directly into an index. Investments in target-date funds are subject to the risks of their underlying holdings. The year in the fund name refers to the approximate year (the target date) when an investor in the fund would retire and leave the workforce. The fund will gradually shift its emphasis from more aggressive investments to more conservative investments based on its respective target date. The performance of an investment in a target-date fund is not guaranteed at any time, including on or after the target date. Diversification does not assure a profit or protect against loss in declining markets, and diversification cannot guarantee that any objective or goal will be achieved. Exchange-traded funds (ETFs) are subject to market volatility, including the risks of their underlying investments. They are not individually redeemable from the fund and are bought and sold at the current market price, which may be above or below their net asset value.
Transcribe →Before You Buy Gold, Ask Yourself This Question
May 2600:06:17Tap to summarizeGold and other precious metals have been used as stores of value for thousands of years, so naturally investors are curious about adding them to their portfolio. Curiosity typically peaks not when the markets are quiet and things are going well, but when things are volatile and the future is uncertain. Whereas common investment classes like stocks and bonds generate growth and income for a portfolio, and provide liquidity, gold provides none of these. It doesn't produce income, it doesn't compound, and is not as liquid. As Matt says, gold is not a plan, it's a compliment to a plan. Before you buy, it's important to ask yourself what the actual problem is you are trying to solve. Adding gold to a good financial plan doesn't necessarily improve the plan, it just changes it. If anything it adds more complexity to the plan, which carries its own risk. Moreover, buying gold carries opportunity cost, shifting assets away from growth and income production. So ask yourself, what are you trying to do by buying precious metals? Are you looking for stability, protection, diversification, or something else? Most of these questions point to structural issues that you may need to address elsewhere in your plan before buying gold. Follow Matt Murphy Web: https://www.benetaswealth.com Newsletter: http://eepurl.com/jb7SNc LinkedIn: https://www.linkedin.com/in/mattmurphycfp Advisory services offered through Commonwealth Financial Network®, a Registered Investment Adviser. This material is intended for informational/educational purposes only and should not be construed as investment advice, a solicitation, or a recommendation to buy or sell any security or investment product. Please contact your financial professional for more information specific to your situation. Investments are subject to risk, including the loss of principal. Some investments are not suitable for all investors, and there is no guarantee that any investing goal will be met. Past performance is no guarantee of future results. All indices are unmanaged and investors cannot invest directly into an index. Investments in target-date funds are subject to the risks of their underlying holdings. The year in the fund name refers to the approximate year (the target date) when an investor in the fund would retire and leave the workforce. The fund will gradually shift its emphasis from more aggressive investments to more conservative investments based on its respective target date. The performance of an investment in a target-date fund is not guaranteed at any time, including on or after the target date. Diversification does not assure a profit or protect against loss in declining markets, and diversification cannot guarantee that any objective or goal will be achieved. Exchange-traded funds (ETFs) are subject to market volatility, including the risks of their underlying investments. They are not individually redeemable from the fund and are bought and sold at the current market price, which may be above or below their net asset value.
Transcribe →