The Long View

Hi, and welcome to The Long View. I’m Christine Benz, director of personal finance and retirement planning for Morningstar. On this week’s episode, we’ll feature some of our favorite clips from interviews we’ve done with financial planners, advisors, and retirement researchers over the past year. It’s a counterpart to a previously released “best of” episode that was all about investing.“Daniel Crosby: Can Money Really Buy Happiness?” The Long View podcast, Morningstar.com, Dec. 17, 2024.“Scott Rick: Are You a Tightwad or a Spendthrift?” The Long View podcast, Morningstar.com, June 18, 2024.“Anne Lester: You’re Bad at Savings and It’s Not Your Fault,” The Long View podcast, Morningstar.com, March 12, 2024.“Mark Berg: How to Help Kids Financially Without Ruining Them,” The Long View podcast, Morningstar.com, Nov. 19, 2024.“Marc Freedman: The Case for Encore Careers,” The Long View podcast, Morningstar.com, Feb. 20, 2024.“Howard Gleckman: We Pretend This Isn’t a Problem,” The Long View podcast, Morningstar.com, Jan. 16, 2024.“Roger Young: Visualizing Retirement Is So Important,” The Long View podcast, Morningstar.com, Feb. 13, 2024.“Jamila Souffrant: ‘What Type of Life Do You Actually Want to Live?’” The Long View podcast, Morningstar.com, May 28, 2024.“Jackie Cummings Koski: Late Starters Can Still Find FIRE,” The Long View podcast, Morningstar.com, Aug. 20, 2024.“Meir Statman: ‘The Biggest Risks in Life Are Not in the Stock Market,’” The Long View podcast, Morningstar.com.“Christine Benz: How to Retire,” The Long View podcast, Morningstar.com, Sept. 17, 2024.“Brad Klontz: What’s Your Money Script?” The Long View podcast, Morningstar.com, Dec. 10, 2024.“Anne Tergesen: What Retirement Looks Like Today,” The Long View podcast, Morningstar.com, Oct. 29, 2024.“Jonathan Clements: ‘Life Is Full of Small Pleasures,’” The Long View podcast, Morningstar.com, Oct. 15, 2024.

Hi, and welcome to The Long View. I’m Dan Lefkovitz, strategist for Morningstar Indexes. In this episode, we’ll share some of our favorite clips from 2024 interviews with portfolio managers, economists, and investment thinkers. It’s the companion to Christine Benz’s “Best of Episode” featuring highlights from conversations with financial planners, advisors, and retirement researchers.“Joel Fried and Al Mordecai: Upholding the Culture at Primecap Management,” The Long View podcast, Morningstar.com, Jan. 30, 2024.“JB Taylor: Small Caps Haven’t Been This Cheap in 25 Years,” The Long View podcast, Morningstar.com, March 5, 2024.“Jody Jonsson: The Case for a Global Portfolio,” The Long View podcast, Morningstar.com, Jan. 23, 2024.“Bryan Armour: Is Index Investing’s Superpower Unstoppable?” The Long View podcast, Morningstar.com, March 19, 2024.“Sonali Pier: Don’t Rent Yield,” The Long View podcast, Morningstar.com, Feb. 27, 2024.“Neil Shearing: What the Consensus Is Missing About the Current Economy,” The Long View podcast, Morningstar.com, April 16, 2024.“Omar Aguilar and Sébastien Page: Market Outlook for 2024 and Beyond,” The Long View podcast, Morningstar.com, Aug. 27, 2024.“Carl Tannenbaum: Settling Into ‘Soft-Landing Territory,’” The Long View podcast, Morningstar.com, July 30, 2024.“David Herro and Rajiv Jain: Should US Investors Renew Their Passports?” The Long View podcast, Morningstar.com, July 9, 2024.“Carl Vine: The Japan Earnings Story Has Legs,” The Long View podcast, Morningstar.com, April 30, 2024.“Justin Leverenz: Emerging Markets Are ‘Incredibly Attractive,’” The Long View podcast, Morningstar.com, Feb. 6, 2024.“Ankur Crawford: ‘When Software Begins to Write Software, Innovation Is Exponential,’” The Long View podcast, Morningstar.com, Sept. 24, 2024.“Jeremy Grantham: The Bigger the New Idea, the More the Market Becomes Overpriced,” The Long View podcast, Morningstar.com, Oct. 8, 2024.“Dan Ivascyn: The Outlook for Bonds Amid a Covid ‘Aftershock Global Economy,’” The Long View podcast, Morningstar.com, May 21, 2024.

Today on the podcast, we welcome back Dr. Daniel Crosby. Daniel is the author of a new book called The Soul of Wealth: 50 Reflections on Money and Meaning. Daniel is the chief behavioral officer at Orion Advisor Solutions. In addition to The Soul of Money, Daniel has written several other books on behavioral finance, including The Behavioral Investor, The Laws of Wealth: Psychology and the Secret to Investor Success, and You’re Not That Great. Daniel also hosts his own podcast called Standard Deviations. He received his Bachelor of Science degree and PhD in Psychology, both from Brigham Young University.BackgroundBio“Daniel Crosby: ‘If You’re Excited About It, It’s Probably a Bad Idea,’” The Long View podcast, Morningstar.com, Aug. 31, 2021.Books:The Soul of Wealth: 50 Reflections on Money and MeaningThe Behavioral Investor: The Art and Science of Investment ManagementThe Laws of Wealth: Psychology and the Secret to Investing SuccessYou’re Not That GreatStandard Deviations podcastMoney and Happiness“High Income Improves Evaluation of Life but Not Emotional Well-Being,” by Daniel Kahneman and Angus Deaton, Psychological and Cognitive Sciences, Aug. 4, 2010.“Income and Emotional Well-Being: A Conflict Resolved,” by Daniel Kahneman, Matthew Killingsworth, and Barbara Mellers, Psychological and Cognitive Sciences, Nov. 29, 2022.OtherThe Creative Act: A Way of Being, by Rick Rubin“Michael Finke: Here’s What Makes Retirees Happy,” The Long View podcast, Morningstar.com, Oct. 2, 2019.Martin SeligmanDaniel Crosby on X

Our guest on the podcast today is author and financial psychologist, Dr. Brad Klontz. He’s an Associate Professor of Practice at Creighton University’s Heider College of Business. He’s also co-founder of the Financial Psychology Institute and managing principal of Your Mental Wealth Advisors, a fee-only registered investment advisory.Brad is co-author or co-editor of nine books on the psychology of money, including his latest, Start Thinking Rich: 21 Harsh Truths to Take You From Broke to Financial Freedom, which he co-wrote with Adrian Brambila. He is a fellow of the American Psychological Association and a former President of the Hawaii Psychological Association. He was appointed to the CNBC Financial Advisor Council in 2023 and received the 2018 and 2021 Montgomery-Warschauer Awards from the Journal of Financial Planning, honoring the most outstanding contribution to the betterment of the financial planning profession. He received his Doctor of Psychology degree from Wright State University, his master’s certificate in personal financial planning from Kansas State University, his master’s in counseling and human resources development from South Dakota State University, and his bachelor’s degree in psychology from Olivet Nazarene University. Brad is also a Certified Financial Planner professional.BackgroundBioStart Thinking Rich: 21 Harsh Truths to Take You From Broke to Financial Freedom, by Dr. Brad Klontz and Adrian BrambilaYour Mental Wealth AdvisorsMoney ScriptsYour Money Script“Money Beliefs and Financial Behaviors: Development of the Klontz Money Script Inventory,” by Bradley Klontz, Sonya Britt-Lutter, Jennifer Mentzer, and Ted Klontz, Journal of Financial Therapy, April 2011.“Identify and Understand Clients’ Money Scripts: A Framework for Using the KMSI-R,” by Michelle Arpin Begina, Jessica Hickingbottom, Elaine Grogan Luttrull, Megan McCoy, and Bradley Klontz, Journal of Financial Planning, March 2018.Behavioral Finance“Untangling Behavioral Finance and the Psychology of Financial Planning,” by Brad Klontz, Journal of Financial Planning, January 2023.“Integrating Interpersonal Neurobiology Into Financial Planning: Practical Applications to Facilitate Well-Being,” by Brad Klontz, Journal of Financial Planning, May 2020.