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Ep 3 - Resilience in Financial Adversity: Fred Gold's Recipe For Lasting Happiness After Catastrophic Financial Loss
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In this insightful episode, Jonathan sits down with his father-in-law, Fred Gold, a seasoned CPA and business advisor with over 40 years of experience, including a distinguished tenure as a Partner at Arthur Andersen LLP. Together, they explore Fred’s financial journey, the cognitive biases that influence decision-making, and the lessons learned from overcoming challenges like regret aversion and familiarity bias. Beyond financial insights, the conversation delves into the importance of family values, the distinction between eulogy and resume virtues, and Fred’s perspective on living without regrets. Stay tuned as Jonathan concludes with a heartfelt discussion with his wife, Amy, reflecting on her father’s enduring wisdom.
IN THIS EPISODE:
- [2:08] Fred shares his financial business journey
- [5:22] Making a financial decision based on cognitive biases
- [12:10] Discussion of regret aversion bias and overcoming a bad decision
- [20:08] Discussion of internal benchmarks and the importance of integrity
- [26:08] Fred discusses a pivotal decision in his career
- [29:35] Fred shares that he has no regrets in life, and Jonathan visits with Amy, his wife and Fred’s daughter, about how the conversation went with her father
KEY TAKEAWAYS:
- Cognitive biases, such as familiarity and recency, can distort financial decisions. To minimize risks and regret, evaluate decisions objectively, consider worst-case scenarios, and diversify investments.
- Biases like familiarity, recency, and regret aversion can skew financial decisions. To avoid pitfalls, evaluate risks objectively, consider outcomes, and use strategies like diversification or stop-loss measures.
- Living by internal benchmarks fosters authentic happiness and meaningful success. Prioritizing family, values, and character over societal metrics leads to fulfillment. Treating everyone respectfully highlights the timeless importance of integrity in life and work.
GUEST BIOGRAPHY: Fred spent 40+ years as a CPA and business advisor, primarily as a Partner at Arthur Andersen LLP. He led the Long Island practice and managed the enterprise audit practice in Metro New York, earning clients' trust as their most trusted advisor.
ABOUT THE HOST: Jonathan is the President and CEO of Fusion Family Wealth, founded in 2013 to focus on behavioral finance and guide clients toward rational financial decisions. A sought-after speaker in wealth management, Jonathan previously held senior roles in tax and estate planning at Arthur Andersen. He has a BS in Finance, an MS in Taxation, and an MBA in Accounting. Based on Long Island, Jonathan is active in the local business community, supports causes like the Middle Market Alliance and Sunrise Day Camp, and enjoys boating with his family.
RESOURCE LINKS
Fusion Family Wealth - Website
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