Monday, June 04, 2007

Brett Steenbarger's Appearance on NBC Today Show

Just a quick note to let you know that I'll be part of an NBC Today Show segment on personal finance on Thursday, 6/7/07 at the 7:30 AM hour. Today's Jean Chatzky has done a fine job of addressing the psychological challenges faced by investors trying to navigate their way to retirement. Interestingly, many of these challenges are similar to those faced by active traders, particularly with respect to the need to cultivate self-efficacy. In upcoming posts, I hope to elaborate on the Today segment to further address the need for investors to take control of their finances and craft a secure retirement. At a time when Social Security appears to be less than secure and baby-boomers are hitting those retirement years, it's a crucial topic for those working Americans who will be supporting the system.

2 comments:

Trader Musings said...

A neighbor,a Human Resource Manager of a large chemical company approaching retirement, asked me about a trading newsletter that specializes in scoring big returns with penny stocks. I tried to steer him away from this newletter, and described steps that he should take to develop an investment plan on his own to achieve consistant gains in the markets.

He stopped me and said that if my plan involved any studying of markets or companies, or invovled any effort at making calculations of any kind, that he was not interested in doing that.

Unfortunately, I believe that this view of investing/trading is the rule rather than the exception. Most want the success without the work.

Good luck at convincing people to take control of their own investing destinines. You have a lot of hard work ahead of you.

Charles

Brett Steenbarger, Ph.D. said...

Great anecdote, Charles, and an excellent observation on a sad aspect of human nature; thanks. I agree that the challenge of helping people take charge of their own destinies, whether in finance or other facets of life, is immense--

Brett