Fasten Your Financial Seatbelt: What Surviving an Airline Crash Taught me About Retirement Planning

Fasten Your Financial Seatbelt: What Surviving an Airline Crash Taught me About Retirement Planning

by Thomas Scott


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Fasten Your Financial Seatbelt: What Surviving an Airline Crash Taught me About Retirement Planning by Thomas Scott

What does a horrific airline crash have to do with retirement planning? Thomas C. Scott saved a dozen lives as a crewmember on a Boeing 747 that crashed in 1974, killing 59 people. When he became a financial adviser he discovered that, like airline passengers who ignore preflight safety instructions, most people ignore the basics in handling their finances, make assumptions that are inaccurate, and leave themselves unprepared for disaster. This is the book you should have read before the global financial meltdown in 2008 and it is the book that will prepare you for the future by explaining how you can fasten your financial seatbelt. Tom Scott has taken what he learned about how we behave under stress and the common mistakes people make with their money and put it all together in this unique, inspiring, and personal look at how easily we can lose what we have when we forget to fasten our financial seatbelts. Scott’s hard-earned insights include the value of planning and preparing for the worst. Like airline crashes, most of us think that financial disaster only happens to other people—until it happens to us. As in an airline crash, the survivors of a financial calamity are often paralyzed by fear and unable to see the way out of their predicament. Like flying, our relationship with money is often emotional and tinged with anxiety. It’s important to have a trusted adviser on your side, protecting you from those human instincts that interfere with our ability to make good financial choices. Discover important principles that can change your financial life: *The ""rear-view mirror"" investment trap *The difference between investing and speculating *The ""plumage"" trap *Why a big salary is not wealth *How shame and guilt keep us from seeking help *How to find a good investment ""sherpa""

Product Details

ISBN-13: 9780982411711
Publisher: Winans Kuenstler Publishing
Publication date: 11/15/2009
Pages: 135
Product dimensions: 5.80(w) x 8.60(h) x 0.90(d)
Age Range: 3 Months

About the Author

Thomas C. Scott was a 23-year-old crew member on Lufthansa Flight 540 when it crashed on takeoff in Nairobi, Kenya on November 20, 1974. In the midst of the burning wreckage he kept his head and helped a dozen people barely escape with their lives from the first-ever fatal wreck of a Boeing 747. Today, Tom is a seasoned financial planner and Forbes guest columnist who has rescued hundreds of people from economic catastrophe. He is founder and CEO of Scott Wealth Management Group, Inc. in Orange County, California, where he has been a financial planning professional since 1983. His practice is affiliated with LPL Financial, one of the nation’s largest independent brokerage firms, where he is a member of LPL’s Chairman’s Council, an honor reserved for those advisers ranked in the most successful top two percent of nearly 12,000 financial advisors. He lives in Irvine, California, and is the father of two grown daughters.

Table of Contents

About the Author 17

Foreword 19

Part 1 Money Myths, Misconceptions, and Meaning 23

Chapter 1 Out of the Wreckage 25

My Money DNA 26

Discovering That Money Earns Money 28

The Day My Destiny Changed 29

Lessons From the Wreckage 31

Chapter 2 How Much is Enough? 35

The Human Factor 36

How Wealth Is Lost 38

Money Is Your Stage 40

Ten Common Mistakes 43

Someone Your Love Is A... 44

Chapter 3 Money Boot Camp 47

The Plumage Trap 49

A $500,000-A-Year Hopeless Cause 50

Getting Rich At $11 an Hour 52

Retirement Base Camp 55

The Baby Busters 56

Why Many Americans Need Money Sherpas 58

The Cost of Financial Shame and Guilt 61

Choosing a Money Sherpa 62

Being A Good Client 64

Your Money Isn't a Product 65

You Still Need a Plan 67

Taking Charge and Responsibility 69

Part 2 Planning to Plan 71

Chapter 4 Age, Rank, and Social Security Numbers 73

Horse-Before-Cart Syndrome 76

Retirement Is Being Retired 78

You Aren't Alone 79

A Big Payday Is Not Wealth 81

Chapter 5 The Basic Ingredients 83

A Kiss Is Still a Kiss 85

Talking Clients Off Ledges 86

The Templeton Story 87

The Myth of Averages 90

Expect The Unexpected 91

The Ten Percent Truth 92

Investment Follies 95

A Piece of Cake 97

Chapter 6 Stories From The Front Lines 99

Never Judge A Boy By His Bank Balance 102

No Time To Worry About Investments 103

You Can't Perform Surgery On Yourself 104

The Rear-View Mirror Trap 105

Part 3 Elements of Success 109

Chapter 7 The Purpose-Driven Portfolio 111

Plan, and Plan Again 114

The Cost of Procrastination 115

Extreme Behaviors 116

Plain Stupidity 118

Chapter 8 Choosing Your Personal CFO 121

Beyond Honesty123

Who Versus How Much 125

Your Chief Financial Officer 126

Chapter 9 Getting To Happiness 129

It's All Relative 131

The "What If?" Test 132

The Root of All Happiness 135

Photos, News Coverage of the Crash of Lufthansa Flight 540 137

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