11 Lessons Every Investor Needs to Know with Ben Carlson

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#191: Grow your wealth and build a resilient portfolio by making smarter decisions with these 11 investing lessons. Financial advisor Ben Carlson and I share actionable insights on managing risk, overcoming psychological barriers in investing, and the power of simplicity and diversification to ensure long-term, fulfilling financial success.

Ben Carlson is the Director of Institutional Asset Management at Ritholtz Wealth Management and the author of four books on investing and personal finance. He runs the popular blog A Wealth of Common Sense, where he shares insights on financial markets and investing strategies. Ben also co-hosts Animal Spirits, one of my favorite podcasts.

Link to Full Show Notes: https://chrishutchins.com/ben-carlson-money-lessons

Resources Mentioned

Ben Carlson: Website | Animal Spirits Podcast | X

• 20 Lessons From 20 Years of Managing Money
• My All-Time High in Savings
• You Probably Need Less Money Than You Think For Retirement

Wealthfront Risk Parity Fund | What is Risk Parity?

JP Morgan: S&P 500 Market Concentration Chart

Fractional Vacation Homes: Pacaso

Paula Pant’s Podcast: Afford Anything

Safe Withdrawals: Free DIY Withdrawal Rate Toolbox | Safe Withdrawal Rate Series

Study: Spending Habits of Retirees

ATH Podcast

• Ep #41: Beating Inflation, Alternative Assets, and Simplifying Your Finances with Ben Carlson
• Ep #59: Save Money, Build Wealth and Just Keep Buying with Nick Maggiulli
• Ep #91: Die With Zero: Net Fulfillment Over Net Worth with Bill Perkins
• Ep #117: Navigating a High Rate Market: Buying a Home, Preparing for a Recession and Where to Put Cash with Ben Carlson
• Ep #168: Building an Investment Portfolio to Grow and Protect Your Wealth with Chris Doyl
• Ep #180: Stocks vs. Real Estate: What’s the Best Investment to Build Wealth?
• Ep #186: 25 Money Rules (and When to Break Them) with Brian Feroldi
• Ep #189: Beyond the 4% Rule: Smarter Strategies for Financial Independence with Karsten Jeske
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Full Show Notes

(00:00) Introduction

(02:30) Experience in Investing Is Not the Same as Expertise

(03:24) Intelligence Doesn’t Guarantee Investment Success

(05:42) No One Lives Life in the Long Term

(07:32) Experiences Shape Your Perception of Risk

(10:12) The Biggest Risks Are Always the Same yet Different

(13:29) Optimism Should Be Your Default

(20:03) There Is No Such Thing as a Perfect Portfolio

(22:31) Overthinking Can Be Just as Debilitating as Not Thinking at All

(24:30) How to Think About a Simple Portfolio with International Exposure

(26:17) Less Is More

(30:17) Ways to Reduce Overthinking

(32:02) Tax Loss Harvesting vs. Direct Indexing

(39:02) Why Ben Wrote a Post on 20 Money Lessons

(40:11) Lesson #10: There Is a Big Difference Between Rich and Wealthy

(43:37) The Reason Ben and Chris Invested in Holiday Homes

(48:27) What's a Reasonable Amount to Save?

(51:29) You Probably Need Less Money Than You Think for Retirement

(56:47) The Final Biggest Takeaway

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