Joe sits down with Dr. Brian Portnoy to explore the concept of "funded contentment," a revolutionary approach to financial well-being that transcends traditional views of wealth. They delve into the psychological and emotional aspects of retirement planning, emphasizing the importance of aligning financial decisions with personal values. Brian introduces his framework of the four Cs—connection, control, competence, and context—offering practical insights to help listeners overcome cognitive biases, simplify their finances, and find purpose in retirement.

What You’ll Learn in Today’s Episode

Funded Contentment vs. Traditional Wealth: Dr. Portnoy introduces the concept of "funded contentment," which emphasizes achieving a meaningful life through financial stability rather than merely accumulating wealth.

The Four Cs Framework: Joe and Dr. Portnoy outline the four sources of contentment—connection, control, competence, and context—as a foundation for finding purpose and fulfillment in retirement planning.

Overcoming Cognitive Biases: The discussion highlights the impact of cognitive biases on financial decision-making and the importance of mitigating these biases to make more rational and evidence-based choices.

The Role of Financial Advisors: They emphasize the value of working with a financial advisor, particularly in navigating the emotional and psychological aspects of retirement planning and helping clients transition from accumulation to decumulation.

Simplicity in Financial Planning: They underscore simplifying financial situations to gain clarity, reduce stress, and align financial decisions with personal values and goals.

Ideas Worth Sharing

·       “Wealth isn't just about being rich—it's about underwriting a meaningful life.”

·       "Funded contentment is the bridge between financial security and personal fulfillment."

·       "Simplifying your finances is key to finding clarity and peace of mind."

·       "Simplicity allows us, our brain, to find clarity and, in turn, purpose with the things that we're doing.”

·       "Overcoming cognitive biases is crucial to making better, more rational financial decisions."

Resources

Joe Curry

Dr. Brian Portnoy

The Geometry of Wealth: How to Shape a Life of Money and Meaning In The Geometry of Wealth, behavioral finance expert Brian Portnoy delivers an inspired answer, building on the critical distinction between being rich and being wealthy.

Overcoming Cognitive Biases: Making Rational Money Decisions

If you're feeling the overwhelming weight of financial decisions and the constant struggle to find clarity and purpose in retirement planning, then you are not alone!

Many individuals approaching retirement find themselves trapped in a cycle of uncertainty and confusion. They often make decisions based on traditional views of financial success that leave them feeling unfulfilled and anxious about their future. Despite being diligent savers, they struggle to transition into a mindset of enjoying the fruits of their labor and are constantly haunted by the fear of running out of money. This creates a sense of unease and prevents them from truly experiencing funded contentment, the ability to underwrite a meaningful life.

Dr. Brian Portnoy is a renowned author and speaker known for his insightful perspectives on financial well-being and wealth management. With a refreshing and relatable approach, Dr. Portnoy delves into the concept of "funded contentment," offering a new lens through which to view financial success. He draws on his expertise to guide individuals, especially those approaching retirement, in finding purpose and fulfillment beyond traditional views of wealth. Brian's framework of the four C’s -connection, control, competence, and context—provides a practical foundation for exploring the deeper sources of contentment in life. His expertise in psychology and finance equips listeners with valuable insights to simplify finances and pave the way for a more purposeful retirement.

In this episode, you will be able to:

• Discover the key to achieving funded contentment in retirement finances.

• Uncover the secrets to finding purpose and fulfillment in retirement planning.

• Explore the pivotal role of a financial advisor in effectively managing your wealth for retirement.

• Learn how to recognize and overcome cognitive biases that can impact your financial decisions in retirement.

• Master the art of simplifying your finances for a more enjoyable and stress-free retirement.

Finding Purpose in Retirement Planning

Exploring the challenge of finding purpose in retirement, Dr. Portnoy addresses the potential loss of identity when transitioning from a career-focused life to retirement.

Retirees often face a significant shift in their daily routines and sources of fulfillment, requiring an exploration of new avenues for meaning and purpose. Brian emphasizes the importance of reflecting on what brings value and significance to one's life before solely focusing on financial aspects. This introspection can lead to a more enriching retirement experience and help individuals navigate the psychological challenges of this life phase. Finding purpose in retirement goes beyond financial planning; it involves reflecting on personal values and goals.

Brian's discussion offers practical insights into how individuals can approach retirement with renewed purpose and meaning. By acknowledging the psychological aspects of retirement and embracing change, retirees can cultivate a fulfilling post-career life. Brian's guidance encourages listeners to consider their sources of contentment beyond financial security, highlighting the importance of emotional fulfillment and personal growth in retirement planning. Adapting to this new chapter with an open mind and focused on purpose can lead to a rewarding and satisfying retirement journey.

Understanding Funded Contentment in Finance

Joe and Dr. Portnoy explore the concept of funded contentment in finance. Funded contentment goes beyond traditional financial success by emphasizing the emotional outcomes of wealth. Brian contrasts being rich, which focuses on accumulation, with being wealthy, defined as funded contentment. Reflecting on what is meaningful and purposeful before delving into financial dimensions is crucial.

Brian introduces the four sources of contentment - connection, control, competence, and context, as a framework for individuals to identify their values and what is important to them. Understanding funded contentment is essential for individuals seeking a more fulfilling life beyond material wealth. Individuals can redefine their relationship with money by delving into the emotional aspects of wealth and focusing on personal meaning.

Brian's insights shed light on the deeper sources of contentment and encourage listeners to reflect on what truly matters to them. A holistic approach that considers both emotional and financial well-being can lead to a more purposeful and content life in retirement. By embracing funded contentment, individuals can align their financial decisions with their values and aspirations, fostering a sense of fulfillment and security in planning for the future.

The resources mentioned in this episode are:

• Visit shapingwealth.com to learn more about Brian Portnoy's company and their coaching and content platform for achieving funded contentment.

• Check out the book How I Invest My Money co-authored by Brian Portnoy and Joseph Brown to gain insights from finance experts on how they save, spend, and invest.

• Connect with Dr. Brian Portnoy on LinkedIn to stay updated on his latest insights and content related to achieving wealth as a mindset.

• Engage with Shaping Wealth's coaching and content platform to explore the concept of funded contentment and its practical application.

• Consider working with a financial advisor to understand better your personal money story and how it impacts your financial decisions.

Timestamped summary of this episode:

00:00:01 - Introduction to "Funded Contentment"
Joseph Curry welcomes Brian Portnoy to the show and expresses excitement about the insights he can provide on "Funded Contentment."

00:00:23 - Understanding "Funded Contentment"
Brian explains the difference between being rich and being wealthy, emphasizing the concept of funded contentment as the ability to underwrite a meaningful life.

00:03:51 - Finding Purpose in Retirement
Brian discusses the four sources of contentment—connection, control, competence, and context—emphasizing their importance in retirement and the need for reflection on meaningful lives.

00:08:25 - Reflecting on Values and Goals
Brian highlights the importance of reflecting on the sources of contentment before diving into financial planning, cautioning against the potential challenges of achieving goals in retirement.

00:12:27 - Overcoming Fear of Spending in Retirement
Brian addresses the common fear of spending in retirement, emphasizing the emotional challenge of transitioning from accumulation to decumulation and the importance of transparency and simplicity in financial planning.

00:16:08 - The Value of Financial Planning and Advisor Relationship
Joe and Brian discuss the importance of having a coherent financial planning process and the value of working with a financial advisor. They highlight the role of the advisor as a guide and thought partner in helping clients make more informed decisions.

00:17:11 - The Emotional Impact of Financial Planning
Brian shares a client's experience of feeling safer spending money after working with an advisor. They emphasize the emotional and psychological aspects of financial planning, beyond just technical expertise, and the positive impact it can have on a client's quality of life.

00:19:43 - Finding the Right Advisor
Brian emphasizes the importance of finding a financial advisor who is comfortable to talk to and can serve as a thinking partner or financial coach. He compares finding the right advisor to finding the right medical doctor, highlighting the need for trust and compatibility.

00:21:35 - Cognitive Biases and Financial Decision-Making
Brian discusses the concept of behavioral biases in financial decision-making and challenges the negative connotation associated with the term "bias." He explains the evolutionary basis of cognitive biases, such as loss aversion and confirmation bias, and their impact on financial outcomes.

00:27:06 - Mitigating Cognitive Biases and Making Rational Decisions
Brian suggests the role of a financial advisor or thinking partner in helping mitigate cognitive biases and making more rational, evidence-based decisions. He also highlights the limits of human processing capacity and decision fatigue, emphasizing the need for external perspective in

00:32:03 - The Importance of Transparency in Financial Planning
Brian discusses the challenges of financial planning and the importance of transparency in understanding one's financial situation. He highlights the need for courage and vulnerability in having a clear understanding of one's financial position.

00:33:32 - Embracing an Adaptive Mindset
The conversation shifts to the concept of an adaptive mindset, where Brian emphasizes the need to recognize that financial plans are constantly evolving. He draws parallels to the concept of entropy in physics and stresses the importance of being flexible and open to change.

00:34:14 - Unpacking Your Money Story
Brian delves into the idea of having a personal relationship with money, urging listeners to explore their upbringing, beliefs, and experiences related to money. He emphasizes the deep emotional and intimate nature of one's money story and its impact on self-awareness.

00:36:25 - The Power of Simplifying Financial Situations
Brian discusses the importance of simplifying financial situations amidst overwhelming information and choice. He explains how simplicity allows for clarity and purpose, ultimately leading to peace of mind. He likens the process to the myth of Sisyphus, highlighting the ongoing nature of simplicity.

00:39:14 - Discoveries from "How I Invest My Money"
Brian shares surprising insights from the book project, revealing that even financial experts rarely reflect on the personal meaning of money. He emphasizes the importance of understanding one's beliefs about money and how it connects to broader life values. He also highlights