Joe Pinsker
speaker
1,247 appearances
30 recordings
1 series
first heard Oct 2022
last heard Jan 2025
Joe Pinsker’s voice in public audio — every appearance, attributed to the second.
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Appearances
Even once you start getting into household incomes at $100,000 a year or above, still 11% of Americans in that group say they don't have any stocks.
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There are a couple ways to think about this.
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One is a pretty direct pathway.
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through which the market affects people's lives.
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When the market goes down, people who hold stocks, they get less wealthy.
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And researchers have documented that they start spending less money, which sort of produces this chain of events where firms have lower demand, they pay workers less, or have workers work fewer hours, which then ends up translating to a drop in income in the aggregate for workers.
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So there is this direct line that you can draw.
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Less directly is a little hard to pin down, but there was an interesting study out of the UK that found that over periods of time of six months or a year, people reported lower levels of mental well-being the more stocks dropped during that period.
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And that was a finding that applied both to people who held stocks and to people who didn't.
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It is totally understandable that someone who has money in the market would be freaking out by this point of the year.
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But one financial advisor I spoke with was saying that even though many of his clients are coming to him with those sorts of emotions, his advice is usually to just stick with their long-term strategy and not sell.
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I think the bigger idea here is that when people are investing in the market, it's really useful to take a long-term time horizon and not think about just what's happening in this moment.
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This financial advisor was saying that the plans that he develops with his clients always account for the possibility of a downturn like the one we've seen this year.
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And so he's saying that even if people feel panic in this moment, it's useful to think on the scale of decades.
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Yeah, one man I interviewed was a high school teacher in North Carolina, and he started working around the time of the financial crisis.
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He saw, though, that in the years afterwards, as the economy started to improve and stocks started to go up again,
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He came to feel a bit frustrated that his pay wasn't increasing and it was staying flat.
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And he told me that this was something that kind of over time made him indifferent to whether the market was going up.
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And nowadays, as the market goes down, he's just as indifferent because his life doesn't really seem to feel that impacted by it.
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An interesting thing about how he's deployed his money is that instead of investing his excess cash, he's been really passionate about becoming debt-free, and he's been saving up for years to pay off the rest of his mortgage in full.
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Showing 1181–1200 of 1,247 · page 60 of 63
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