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Podcast Episode 107: Don't Just Save - Build a Wealth Coordination Account

| September 03, 2018
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Episode Summary

In this episode, Paul discusses the wealth coordination account and its goal to build assets and eventually lead to financial independence. We learn about the three pillars that comprise the wealth coordination account and how it can lead to massive wealth accumulation over time. Paul touches on the misconceptions many people have about savings as well as the importance of focusing on wealth building rather than savings.

He speaks to passive income and its critical role in building wealth through the wealth coordination account. Finally, Paul reinforces the concept that money set aside for the wealth coordination account becomes catalytic and fundamentally shifts the way we think about money.   

What Was Covered

  • 01:46 – The importance of never giving up on your financial future
  • 04:08 – Today’s topic: The Wealth Coordination Account 
  • 05:10 – Paul talks about the inappropriate interpretation of savings
  • 08:11 – Why banks teach us to spend our money
  • 10:36 – Budgeting in its traditional sense
  • 11:43 – The importance of focusing on wealth building rather than savings
  • 13:51 – The Wealth Coordination Account 
  • 15:53 – Paul’s definition of an asset
  • 16:48 – Real world implementation of a wealth coordination account  
  • 18:21 – Directing money back to the wealth coordination account once assets are profitable
  • 20:29 – How money gets lost in life
  • 21:45 – Paul uses a Social Security example of where money can get “lost”
  • 22:09 – The antiquated concept of retirement
  • 24:04 – Passive income and definite financial independence
  • 26:45 – Paul implores listeners to set up a wealth coordination account
  • 27:33 – Why it is critical to reflect on long-term financial planning frequently
  • 29:35 – Paul gives a sneak peak of next week’s topic: Becoming your own fiduciary

Tweetables

"You can’t take the risk of not having a solution."

"I want you to be able to deliver on the future that your younger self, your family and your friends expect of you."

"Budgeting, in its traditional sense, focuses on spending. Spending is the catalyst."

"Savings equals spending in the minds of most Americans."

"Don’t brag to me about how much you make. Tell me how much you save."

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