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Sound Financial Group - Bothell, Washington


SFB010 Legacy Planning

| May 02, 2016
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Episode Summary

Sound Financial Group (SFG) is excited to Welcome you to Sound Financial Bites, where we bring you bite sized pieces of financial knowledge to help you design and build a good life. In the 10th episode, Steve chats with Paul Adams, CEO and President of Sound Financial Group, about his personal/professional life, and the importance of legacy planning. Paul is married to a beautiful woman Kristen and has children ages 3, 4, and five years old. He holds his family in high regard and doesn’t want social content to get in the way of him having quality time with them. Paul is an author who has published essential financial guides Stop Burning Your Money in 2007 (no longer published) and Sound Financial Advice in 2013. He has been on the cover of trade publications and in 2014 and 2015 was recognized by Seattle Magazine as a Five Star Wealth Manager. Paul enjoys hiking, traveling, and continuing education.

What Was Covered

  • 01:32 - Steve provides his phone number.
  • 01:50 - Wealth is much more than money, you need to design and build a good life.
  • 03:00 - Paul shares his Facebook fasting story.
  • 05:49 - Dave Ramsey quote: I want you to live like no one else so later you can live like no one else."
  • 06:09 - Paul is a certified John Maxwell Coach.
  • 07:46 - What is cultivating contentment?
  • 08:17 - Everyone’s measure is can I afford it?, instead of does it align with my strategy?"
  • 11:00 - Paul explains how he engages with clients.
  • 11:42 - What is the Legacy of Significance?
  • 15:31 - Paul shares about being interviewed for Inc Magazine and the Huffington Post.
  • 16:59 - Sound Financial Group focuses on a coaching and education-based model.
  • 17:30 - SFG never received one phone call when the market dropped this last summer because they have educated  their clientele.
  • 18:20 - Don’t buy and sell based on FEAR!
  • 18:31 - What are the biggest limitations when it comes to planning?
  • 22:30 - Do not make financial decisions until you understand the math and scholarship of the decision.
  • 23:02 - Paul shares his hardest example of planning.
  • 29:42 - The difference between Will-Based Planning vs. Trust-Based Planning.
  • 31:57 - Human behavior — we never change our documents when life changes, we get around to it eventually.
  • 33:11 - What is the Living Balance Sheet?
  • 37:40 - The lack of knowledge is a huge issue when it comes to planning for your future.


"The financial things we deal with don’t block the view of our real wealth."

"You need to tell your money where to go, so you can stop asking your money where it went."

"People need to make sure when a life change happens; they change their documents."

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