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Podcast Episode 116: Stop Saving Money & Start Building Assets, Part 1

| November 06, 2018
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Episode Summary

In this episode of the Sound Financial Bites podcast, Paul Adam’s sits down with co-host Cory Shepherd to talk about the key to a work optional lifestyle: building assets. They share their philosophy of building assets and confront some of the unwise decisions that many Americans are making on their personal balance sheets.

Through their conversation, Paul and Cory strive to make sure that you are taking care of your future self through the financial habits and practices that you live out today.

What Was Covered

  • 1:00 - Overview of the episode
  • 2:18 - Don’t brag about how much you make, but about how much you save
  • 4:06 - How appearances don’t always match reality
  • 7:30 - The flawed mindset: spending our savings
  • 11:30 - The most popular budgeting sheet on the internet and it’s fatal flaw
  • 12:16 - Making asset building a priority
  • 14:00 - Meeting your future financial self
  • 15:40 - Wealth coordination account
  • 16:00 - The importance of a checking account
  • 17:07 - The definition of an ‘asset’
  • 19:08 - Why your primary residence is not an asset
  • 19:50 - Sneak peek of episode 117: How to reach a work-optional lifestyle

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