Episode Title: Wealth Wisdom and Living Fantastically with Rodger Friedman

Guest: Rodger Friedman, Chartered Retirement Planning Counselor, Author, and Former Vice President of Morgan Stanley Wealth Management.

Host: Dr. Allen Lycka

Website: www.drallenlycka.com

Episode Summary

In this insightful episode, Dr. Allen Lycka welcomes Rodger Friedman, a renowned expert in wealth management, to discuss how to achieve financial security and live a fantastic life. Rodger shares his journey, key financial principles, and practical advice from his latest books. Learn how to manage your finances, prepare for retirement, and cultivate the mindset necessary for lasting success.

Key Topics Covered

1. Rodger’s Journey to Wealth Management

• How Rodger overcame his childhood dislike of numbers.
• The role of psychology and attitude in financial success.

2. The Dangers of Living on Credit

• High-interest rates: "Mafia numbers" and their impact on financial stability.
• Rodger’s personal experience with credit cards in college.

3. The Power of Compound Interest

• The “Rule of 7%” and the importance of starting early.
• Why looking at retirement funds too frequently can be counterproductive.

4. The Importance of Working with Trustworthy Advisors

• The pitfalls of mutual funds and hidden advisor fees.
• Lessons from Warren Buffet and the philosophy of sound investments.

5. Retirement Planning Made Simple

• The three biggest threats to retirement: inflation, health care, and long-term care.
• Employer-sponsored retirement plans like 401(k)s and how to make the most of them.

6. Rodger’s Approach to Educating Future Generations

• Insights from A Parent’s Guide to Your Child’s Retirement.
• How to have positive, productive conversations about finances with your children.

7. Recommended Reading on Wealth Management

• A Parent’s Guide to Your Child’s Retirement
• 18 Wealth Lessons That Will Transform Your Thinking
• The Mindset of Retirement Success

8. Living a Fantastic Life

• Rodger’s philosophy: Earning more to give more and making a positive impact.
• The importance of lifelong learning and personal development.

Key Takeaways

• Avoid living beyond your means and relying on credit.
• Start saving early and let compound interest work for you.
• Create a retirement plan, not just a retirement container.
• Always keep learning and developing yourself to improve your mindset and opportunities.

Resources Mentioned

• Rodger Friedman’s Books: Available on Amazon.
• Rodger’s Website: www.eocritic.com

Call to Action

For more episodes and resources to live a fantastic life, visit Dr. Allen Lycka’s website at www.drallenlycka.com. Sign up for his Golden Pearls newsletter for weekly inspiration and enter to win a luxurious vacation!

BIO:

Born and raised in New York City, a graduate of State University, son of a Times Square entrepreneur, Rodger is a former Senior Vice President of Morgan Stanley Wealth Management, Senior Investment Management Consultant with Smith Barney and a practicing Chartered Retirement Planning Counselor. Rodger and his wife Reena have been married for 34 years, have two wonderful kids and live in Florida.

Rodger has been quoted as saying the worst use of his time, ever, was getting an undergrad degree in political science.

Rodger is a fiscal conservative who long ago was in debt up to his eyeballs. Frequent trips to the library, as well as reading over a hundred books a year helped put things in perspective and placed Rodger on the right path towards financial autonomy.