Episode 36 – Understanding our Attitude to Risk with Neil Bage
The third episode in our three part series on investments. Chris, Dave and Producer Tommo, answer listener’s questions, offer great money saving #tightasstommo tips and we have another interview with Neil (The Sage) Bage. The interview looks at risk profiling and how to understand our approach to investment risk in order to make better financial decisions.
0:10 – A Big welcome & introductions
1.05 – On this episode, second part of interview with Neil Bage, founder and creator of Be-IQ – risk profile solution software
1:35 – Listeners Questions, a question from @ankers43 about access to pensions
5:40 – Tight Ass Tommo
Returning unwanted items and beware the man in the pub
Big thank you to @not_so_witty and @deborahhicks
7:20 – Pension Scams, be aware, if it is too good to be true it probably is
9:40 – #tipoftheweek
PIWoP – Set alerts to see when big ticket items go on sale
11:0 – Interview with Neil Bage, talking about how our behaviours effect how we invest
12:00 – Setting the scene on risk questionnaires
12:35 – What is Neil’s approach to understanding risk?
13:25 – The way we assess risk and why it does not work
14:50 – Our subjective biases have a strong impact on our objective judgments
16:00 – We overweight our feelings towards loss more than we do to an equivalent gain
16:50 – Robo advice
18:05 People have no idea what they will do until faced with a situation
19:05 – What can we do to measure risk?
19:45 – We have to take investment risk, so how do we align the risk wanted and risk needed?
21:15 – Psychometric testing
22:45 – Self perception of risk is at odds with our behaviour to risk
23:35 – Risk tolerence
24:35 – Experience and how it changes attitude to risk
25:25 – Its all about decisions and learning from our experiences
26:35 – Neuro Law
27:55 – What we need to apply to plans for the future
28:40 – Reflect on past experiences to know thyself and understand behaviour
29:25 – What Suitable Strategies are doing with Be-IQ and how it can help decision making
Do you have any financial wellbeing questions you would like answered? Maybe even a #tightasstommo money saving tip you would like to share?
If so, let us know and they could feature on a future episode. Contact us through Twitter @Finwellbeing or email – contact@financialwell-being.co.uk
If you would like to purchase a copy of The Financial Wellbeing Book please click on this link to visit Penny Brohn UK shop
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