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SFB003 Why You Don’t Want to Plan for Your Needs

| April 07, 2016
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Episode Recap

Sound Financial Group is excited to welcome you to Sound Financial Bites, where we bring you bite sized pieces of financial knowledge to help you design and build a good life. In the third episode, Paul Adams, CEO and President of Sound Financial Group, discusses the old adage needs in the financial industry vs. wants, which is how you should be planning for your fiscal future.

What We Covered

  • 3:00 - When you use the word need it is almost like an obligation, which often times we don’t want.
  • 3:29 - Paul gives the main reason why people are not meeting with a financial advisor.
  • 3:43 - We don’t want to take appropriate, consistent, and effective action, because we are not drawn to it.
  • 4:35 - What you need to know while planning for your retirement needs.
  • 6:49 - How do you want your lifestyle to look like in your future scenario?
  • 7:19 - Paul gives an example of the kind of capital you would need based on a certain scenario.
  • 8:47 - Are you building the life you want and the legacy you want to leave behind?
  • 10:16 - Think about what the word ‘need’ means to you. Do you actually desire to do that?
  • 11:06 - Put yourself in a position where you create a way of thinking which removes the word ‘need’ from your vocabulary. 
  • 11:20 - Paul talks about re-contextualizing your needs to wants, and revoking the others. 
  • 12:37 - There is no other way in life where anything mission-critical gets done based on needs.

Tweetables

“Put yourself in a position where you create a way of thinking, that you check yourself whenever you say needs.”

“Thinking about it from a ‘wants-based’ perspective changes everything.”

“I am building the life that I want. I am building the legacy that I want.”

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