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Sound Financial Group - Bothell, Washington


SFB001 Wealth Coordination Account

| April 04, 2016
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Episode Recap

In this episode Paul shares the concept of The wealth coordination account. He shares a great Good Life tip for Chrome users. He talks through the definition of a wealth account and a deep dive into what exactly is an asset. He lists examples and discusses what most people think can qualify as an asset, but typically don't.

What We Covered

  • 01:40 - Paul's Good Life Tip for Chrome users
  • 03:30 - What is a wealth coordination account?
  • 03:50 - Why we need a wealth account.
  • 04:55 - One other reason we need to set up the account.
  • 05:35 - We have 2 problems with our savings
  • 06:00 - Definition of wealth coordination account.
  • 06:55 - Definition of an asset?
  • 08:20 - The purpose of the wealth account
  • 09:00 - Make a commitment to asset building
  • 09:55 - Can a vacation home be an asset?
  • 11:00 - Other things that can be an asset.
  • 12:00 - Any assets with a profit need to go back into the wealth account
  • 12:30 - Where assets typically get lost
  • 13:10 - Really watch your income every year!
  • 13:40 - The best example of where people lose money


"In our society we have 2 different problems with savings."

"A secondary residence is not an asset."

"Don't allow money to get lost in the sauce of life."

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