Shannon Lee Simmons: How To Stop Feeling Broke | #415
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Why do so many people feel financially broke despite good incomes?
This is the Rational Reminder Podcast, a weekly reality check on sensible investing and financial decision-making from two Canadians. We're hosted by me, Benjamin Felix, Chief Investment Officer, and Cameron Passmore, Chief Executive Officer at PWL Capital.
Welcome to episode 415. Ben, thanks for having me back. It's very nice to have you back, Cameron. It's been a while.
How does social comparison influence spending habits?
It's been a while and wow, what an episode to come back for. So this week we got a chance to have a conversation with Shannon Lee Simmons, who I'm sure many people have heard of. And boy, did she bring her game today.
She was incredible. I told her after the conversation that it's one of my favorite episodes.
What are the emotional impacts of cashless spending?
Thinking back, it's one of my favorites. She was awesome.
She's awesome. She's so articulate, but she's also like frontline working with people through situations. And she's done it for so long with such passion and enthusiasm. We threw lots of questions at her and some were off the cuff that she had not seen before. So it was great answers and great insights.
Why is traditional budgeting often ineffective?
But the insights are real. She's dealing with real issues with real people.
What is the four-bucket framework for worry-free spending?
at a volume and scale that you can tell she's gathered so many great insights over the years.
She's not just smart from experience working with people. She's like in a more abstract sense, very well informed about the advice that she's giving and about how markets work and all that kind of stuff. I think her advice is very aligned with the kind of stuff that we're telling people. We did talk about, and this is something that's been popping off in the Rash Reminder community recently, we did talk about fee-only planning versus asset center management models for advice. Spicy topic. I thought she had really, really good comments on that topic. That's near the end of the episode that we talked about that.
How can couples navigate different financial priorities in retirement?
She's written, I believe it's four books, three or four. She's written a bunch of books. She's thought a lot about this stuff, financial planning, financial decision-making, regret, all that kind of stuff. So that's mostly what we talked to her about. And some really interesting stuff is actually, we were on a panel together a while ago.
What common financial decision crises do people face?
She, I guess, listens to Raph's reminder, but she said, a topic you guys have not covered is how household dynamics change in retirement. And she was like, nobody really talks about this. But she's seen it with many of the households that she deals with where couples are very much on the same page, pulling in the same direction. They've got the same retirement goals and then they get to retirement. And once it comes to spending the money they've saved to fund their consumption while they're not working anymore, these differences that were not apparent while they were saving appear in how they want to manage the household's assets and how they want to manage their spending. That was her kind of initial pitch.
It was like, we should do an episode on this. So we did talk about that as well.
How can financial planners help clients overcome regret and anxiety?
I thought that part of the conversation was really, really interesting, but it was very good, wide ranging conversation that I think people are going to like, but she brings an energy that's just, it was awesome. It was awesome for sure. Yeah, big fan. So she is a CFP professional. She's a speaker. She's a bestselling author. She's also a chartered investment manager, and she's the founder of the New School of Finance. She is a fee-only financial planner. She's also a personal finance expert on CBC Radio's Metro Morning. She mentions it briefly as she worked in high net worth wealth management, I believe, prior to leaving to start her own fee-only financial planning firm. So as I said earlier, she's very well informed, but also has this in the trenches practical experience working through real difficult emotional and financial planning topics with Canadians.
I agree. Love it. Let's go to our conversation with Shannon Lee Simmons.
Shannon Lee Simmons, welcome to the Rational Reminder Podcast.
I'm so happy to be here. Thanks for having me.
We are very excited to be talking to you.
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Chapters
8 chapters
1
Why do so many people feel financially broke despite good incomes?
0:04–0:23
2
How does social comparison influence spending habits?
0:23–0:41
3
What are the emotional impacts of cashless spending?
0:41–1:01
4
Why is traditional budgeting often ineffective?
1:01–1:06
5
What is the four-bucket framework for worry-free spending?
1:06–1:44
6
How can couples navigate different financial priorities in retirement?
1:44–2:02
7
What common financial decision crises do people face?
2:02–2:43
8
How can financial planners help clients overcome regret and anxiety?
2:43–1:19:37
Speakers
5 identifiedMore from The Rational Reminder Podcast
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The Biggest Myths in Personal Finance
80 Years of Financial Knowledge in 53 Minutes | #422 (Bill Bernstein)