Thinking Smarter: Seven Steps to Your Fulfilling Retirement...and Life - Couverture rigide

Benartzi, Shlomo

Couverture rigide

ISBN 10 : 1591848059 ISBN 13 : 9781591848059

Editeur : Portfolio, 2015

Synopsis

From the acclaimed behavioral economist Shlomo Benartzi, a powerful new approach to thinking smarter when making important life decisions.

Although we’ve been blessed with a very powerful thinking machine—our minds—there’s good evidence that we don’t like to think. In fact, one study shows that many people prefer receiving electric shocks to thinking and reflecting. Other studies show that even when we do think, we tend to think in too narrow and shallow a fashion. With these shortcomings, how can we be smarter when thinking about life situations like retirement? For example, once we have built up a financial nest egg, how can we become better thinkers about what to do in retirement?

To help us, behavioral economist Shlomo Benartzi introduces the notion of thinking architecture and thinking tools. In this book, he offers one such thinking tool—a unique seven-step system called the Goal Planning System (GPS)—and explains the science behind it. When applied to retirement planning, this system helps readers identify what they value most, what they want to achieve in retirement, and ultimately, who they really are. By going through GPS, readers will then have a solid foundation upon which to build a tailored action plan that can help them attain their goals.

To illustrate the impact GPS can have, Thinking Smarter considers the cases of Phillip and Francesca, actual retirees, and the action plans they developed after using GPS. For example:

• Spend More Today: While many people spend too much and outlive their assets, Phillip discovered that he errs on the side of spending too little, so he will plan to spend more on something he values a lot—traveling with his wife.

• Claim More Tomorrow: GPS taught Francesca that she places a high value on financial independence. An action plan that makes sense for her is to reap the financial benefit derived from deferring Social Security until she’s seventy, rather than claiming it as soon as she becomes eligible at age sixty-two.

Thinking Smarter will become your indispensable guide to making better life decisions and achieving the future you really want.

A propos du livre

À propos de l'auteur

Shlomo Benartzi is a professor at and co-chair of the Behavioral Decision-Making Group at UCLA’s Anderson School of Management. He has advised many government agencies, financial institutions, and advisory boards, and currently serves as the chief behavioral economist for the Allianz Global Investors Center for Behavioral Finance. He co-created (with Richard Thaler) the acclaimed Save More Tomorrow™ program, which makes it easy for employees to increase their retirement saving rate and has helped millions of people boost their savings.
 
Roger Lewin is the author of more than twenty books, including Complexity: Life at the Edge of Chaos. He co-authored, with Shlomo Benartzi, Save More Tomorrow, the first major publication from the Allianz Global Investors Center for Behavioral Finance.
 
The Allianz Global Investors Center for Behavioral Finance is committed to empowering people to make better financial decisions. For more information, visit befi.allianzgi.com.

Extrait. © Reproduit sur autorisation. Tous droits réservés.

References to financial instruments are for illustrative purposes only and are not intended to be, and should not be interpreted as, recommendations to purchase or sell such securities. Investing in any security involves risk, including loss of principal. No strategy assures success or protects against loss, nor is past performance a guarantee of future results.

References to specific websites are for informational purposes only and do not represent an endorsement of the source company, its products or services.

The Center for Behavioral Finance is sponsored by Allianz Global Investors U.S. LLC and Allianz Global Investors Distributors LLC.

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First published by Portfolio / Penguin, an imprint of Penguin Publishing Group, a division of Penguin Random House LLC, 2015

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ACKNOWLEDGMENTS

Writing books is typically something of a collective effort, with the author benefiting from helpful input and suggestions from many people. This one is no exception.

First, I should like to acknowledge the help of a wonderful group of academic advisers, which includes Richard Thaler, Daniel Goldstein, Peter Ayton, and, especially, John Payne, who can always be relied upon to see right to the nub of any tangled issue.

Dozens of financial advisers, and a smaller number of individuals on the point of retirement, provided invaluable insights based on their experience of the challenge of planning for retirement.

This book was developed by the Allianz Global Investors Center for Behavioral Finance and its skillful and enthusiastic team as part of a broader project focused on helping people make the most of their retirement years. Thank you Steve Shu, Kim Andranovich, Caitlin Ledwith, Namika Sagara, and, most of all, Cathy Smith, director of the Center. And thanks, too, to Brian Gaffney for his ongoing vital encouragement and support.

Last, but not least, it is my joy to thank my wife, Lesli, and Maya, our now-not-so-little girl, for their love and supportive presence through this intense book-writing process.

Title Page

Copyright

Acknowledgments

Introduction

STEP 1

Identify Your Goals

STEP 2

Discover Blind Spots

STEP 3

Prioritize Your Goals

STEPS 1–3 IN ACTION

STEP 4

Think Beyond One Future

STEP 5

Recognize the Limits of Forecasting

STEP 6

Consider the Perspectives of Others

STEP 7

Reprioritize Goals

STEPS 4–7 IN ACTION

Other Applications of the GPS Process

Summary

Afterword: Beyond Setting Goals

Appendix

Introduction

I am a behavioral economist with a bad back. (Don’t worry: This book is not about chronic back problems.) The problem with having a bad back is obvious: pain. The solution, however, is far less obvious. Fixing a bad back requires experimentation and the patience to figure out what helps relieve the pain and what doesn’t. Your doctors have to balance multiple competing goals: how to seek a reduction in pain with the fewest possible side effects at the lowest possible cost, not to mention the fact that medical treatments require personalization, because what works for me might not work for you and vice versa. Finally, a successful solution will most likely involve multiple treatments. Maybe you’ll need surgery followed by physical therapy, or medication and a new pair of shoes. It is often not the individual treatments that make the difference but rather the portfolio of treatments, including how to orchestrate their timing.

Détails de l'édition

• Éditeur: Portfolio
• Date d'édition: 2015
• Langue: anglais
• ISBN 10: 1591848059
• ISBN 13: 9781591848059
• Reliure: Relié
• Nombre de pages: 144
• Coordonnées du fabricant: non disponible
• Personne responsable: M.E.G Cards & Gifts; 443000000000; paula@megcards.com; ; 48 Cloyfin Road; Unit 4, 48 Cloyfin Road; Coleraine; Londonderry; BT52 2NY; Irlande