Carolyn McClanahan – You’ll Never Be Smart Enough to Beat the Market

<p><strong>BIO: </strong>Dr. Carolyn McClanahan is a physician turned financial planner. In addition to working in her financial planning practice, she speaks regularly on the interplay between health and financial issues, particularly regarding aging, chronic illness, end-of-life, long-term care, health care reform, and health care costs.</p><p><strong>STORY:</strong> Carolyn lost a good chunk of her portfolio while doing active management.</p><p><strong>LEARNING: </strong>There’s nobody out there who can be consistently smart to beat the market. Know your money goals. Be careful of overconfidence bias.</p><p>&nbsp;</p><blockquote class="ql-align-center"><strong>“We (doctors) think just because we’re smart at medicine, that we can beat the market, we can pick the best investments, and get rich.”</strong></blockquote><blockquote class="ql-align-center">Carolyn McClanahan</blockquote><p>&nbsp;</p><h2>Guest profile</h2><p><a href="https://www.linkedin.com/in/carolyn-mcclanahan-24a6b015/" rel="noopener noreferrer" target="_blank"><strong>Dr. Carolyn McClanahan</strong></a> is a physician turned financial planner. In addition to working in her <a href="https://lifeplanningpartners.com/" rel="noopener noreferrer" target="_blank">financial planning practice</a>, she speaks regularly on the interplay between health and financial issues, particularly regarding aging, chronic illness, end-of-life, long-term care, health care reform, and health care costs. She is an Investopedia Top 100 advisor, serves on the CNBC Financial Advisor Council, and writes for various publications. She is quoted regularly in the Washington Post, New York Times, and CNBC.</p><h2>Worst investment ever</h2><p>Carolyn started experimenting with investing in the 90s when she was in her 30s. Her husband inherited a little money from his parents, and they invested it. The investment did super well because it was the mid-90s.</p><p>Her husband didn’t want to be an engineer anymore. He wanted to be a track coach and a photographer. The couple tried to f