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Podcast Episode 102: Common Mistakes We Help Clients Avoid, Part 2

| July 30, 2018
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Episode Summary

In this second episode of a two-part series, Paul and Cory continue to discuss some common money mistakes and offer advice to help you learn from the problems others have faced. They address how people miss the Backdoor Roth IRA, the problems associated with people talking to a product salesperson instead of an advisor, why counting on a company’s success way too much can be harmful, and the pitfalls of saving money instead of building assets. Paul and Cory explain how when we borrow money, we’re not getting money on our assets, we’re getting money on our potential to earn income. To help you better understand the common money mistakes Paul and Cory address in this episode, they include examples from Ned Ryserson from Groundhog Day, the Enron scandal, and The House.

What Was Covered

  • 02:44 - The problem with missing the Backdoor Roth IRA
  • 06:17 - The difference between talking to a product salesperson instead of an advisor
  • 13:48 - Why counting too much on the success of a company you work for can be a bad thing
  • 15:49 - What to do on your balance sheet to fix the over-anticipation of a company’s success
  • 21:00 - The problem with saving more
  • 25:08 - Why a 401k is not a good way to build assets
  • 26:21 - The House example and not judging a book by its cover
  • 27:13 - The tricky part of borrowing money to buy things
  • 29:47 - Anybody can make money, it’s just about how much money you save

Tweetables

“Most of the financial services people have gotten have been product-related first."

“If someone is buying my business, they’re really buying the cash flow that is coming to me.”

“They are not lending money against the asset, they are lending money against our future ability to earn income.”

“People don’t think about the net present value of the money we owe the older version of ourselves.”

“When you start making a lot of money, everybody’s going to work to harvest your surplus into their fields.”

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