In this episode of the Sound Financial Bites podcast, host Paul Adams & co-host Cory Shepherd begin a three-part series sharing true stories of near misses, actual tragedies, and disciplined strategies from their combined 30 years of experience.
The case studies shared in this episode involve disability insurance, the power of cash flow, real estate decisions, making wise decisions in your white coat window, Backdoor Roth IRAs, and navigating through the downturn of 2008.
What Was Covered
- 1:00 - Episode Overview
- 3:10 - Giveaway: “Money: Where Humanity & Hard Numbers Meet”
- 4:40 - Near Miss One: A jewelry store robbery
- 6:20 - Financial protection, control, and cash flow
- 6:50 - Near Miss Two: Losing a tenant on a multi-million property
- 10:12 - Cash flow is king
- 10:45 Near Miss Three: A physician and disability insurance
- 14:00 - Ten years to reach your income level
- 14:30 - Thoughts on the Roth IRA & backdoor Roth
- 15:48 - Marles Mob, Fun Trust, & Sporgan Manly - private wealth groups
- 18:03 - Near Miss Four: A horse & umbrella insurance
- 22:40 - Near Miss Five: Paul Adam’s near miss in the real estate boom
- 30:30 - Near Miss Six: Mutual life insurance & the 2008 financial crisis
“We're going to talk to about those things that people had happen where perhaps they went with the current... They went with... what was exciting and they got maybe totally wiped out or nearly wiped out from something that could've been totally avoided.”
“After I control the controllables, then it's just the time to go make good decisions elsewhere. We can't control whether or not the tragedy occurs to us. What we can control is sometimes the economic impact of those by having proper protection around us.”
“You didn't start making this kind of money overnight. Anybody in the top one percent didn't. You have a decade or two or three or more that you put into earning your income and yet oftentimes it's not protected. That's all I'll say about that.”
“Driving around in your car is one of the most dangerous things we can do both from safety every day and from a litigious standpoint. Umbrella insurance doesn't just cover you in your car but almost any kind of personal liability.”
Want to hear the first-hand account of a jewelry store robbery?
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