Broker Check

Sound Financial Group - Bothell, Washington

 

SFB001 Wealth Coordination Account

| April 04, 2016
Share |

Listen to the Episode:

Subscribe Today

 

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

Tweetables

"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."

Share the Show

Did you enjoy the show? We would love it if you subscribed today and left us a 5-star review!

  1. Click this link – Sound Financial Bites
  2. Click on the ‘Subscribe’ button below the artwork
  3. Go to the ‘Ratings and Reviews’ section
  4. Click on ‘Write a Review’
 

Related Links

Attachments

Share |