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Podcast Episode 128: Near Misses, Actual Tragedies, & Disciplined Strategies, Part 3

| February 26, 2019
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Episode Summary

Welcome back to the final episode of this three-part series on Near Misses, Actual Tragedies, & Disciplined Strategies. In this episode, Paul Adams and Cory Shepherd discuss eight strategies that can be used as guiding principles for overall financial well-being. The first five are practical applications that almost anyone can do like setting up a wealth coordination account or practicing building a portfolio. The other two are more philosophical in nature and are meant to challenge the audience to think differently about finance. Paul and Cory discuss the importance of cash flow as it pertains to building wealth. Building an academically allocated and globally diversified portfolio is also a key component to increasing that wealth. They talk about protecting wealth through various strategies such as umbrella insurance. Finally, Paul warns against those who try to use the stock market to outsmart and beat the market. The best way to outperform and increase wealth is by utilizing disciplined strategies, some of which are outlined in this very episode!

What Was Covered

  • 01:12 – Introducing today’s topic: Disciplined Strategies
  • 01:50 – Number 1: The Wealth Coordination Account
  • 03:55 – Number 2: A Protection First Philosophy
  • 07:20 – Number 3: A Back Door Roth
  • 09:33 – Number 4: Academically Allocated & Globally Diversified Portfolio
  • 11:45 – Number 5: Practice Building a Portfolio Now
  • 14:39 – The dangers of not practicing building a portfolio
  • 16:34 – Number 6: Stop Trying to Use the Market to Beat the Market
  • 22:06 – Paul interrupts the podcast to provide the audience with a special offer
  • 23:34 – Number 7: Is What I’m About To Do Disciplined and Proven?
  • 25:14 – Paul and Cory recall hearing about an undisciplined investment strategy
  • 28:52 – Number 8: Am I adding line extensions that threaten my primary business?
  • 30:15 – Line Extensions and the philosophy of Transactionalism
  • 33:01 – Paul provides an example of a risky real estate development deal
  • 34:47 – Cory invites the audience to write a review and submit it via email for a book giveaway
  • 35:06 – Cory reads a five star review left on the Sound Financial Bites Podcast


“Your ability to build wealth is predicated upon cash flow.”

“All you have to do is reposition other assets in a way that allows you not to trigger this thing called the pro-rata tax rule, which makes part of all your other IRAs taxable if you try the Back Door Roth without proper guidance.”

“Your confidence as an investor is shaken when your investments don’t move in conjunction with how the overall market is moving.”

“You cannot beat the stock market while trying to participate in the stock market. It’s not wired that way. It moves far too rapidly.” 

“You can’t go out and start extending yourself into a new revenue line until you know your previous one is profitable and strong enough that if the line extension doesn’t work out, you don’t collapse the primary company.” 


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