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SFB032 Watch What You Say, It Could Cost You Millions

| September 06, 2016
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Episode Summary

Paul Adams discusses financial philosophy on this episode. What would it mean to you to keep all your financial promises? So many people make promises to the people they love. They promise they'll get a bigger house. They promise they'll send their children to college. But few of them actually do the math to find out what it means to keep such promises. Listen in as Paul talks on why you might consider not purchasing that bigger home and being careful, or at least highly aware, of the promises you make to your loved ones.

What Was Covered

  • 00:55 - This episode’s topic is on financial philosophy.
  • 01:40 - Who would you share this podcast with? Let them know!
  • 03:55 - You need to start taking action over your financial situation today.
  • 04:35 - Watch what you say, because it could cost you millions.
  • 07:00 - How much money do you need to retire?
  • 12:05 - Should Paul move to a more expensive town?
  • 15:55 - What happens when you can't fulfill the promises you make?
  • 17:00 - Both you and your spouse can be accountable for the promises you make to each other.
  • 17:55 - If you don't die early, then one day the market place is not going to value what you do.
  • 18:15 - What if Paul made the promise to put all three of his kids through college? What would that cost him?
  • 18:15 - What are your implicit promises―To your children? To your family? To your spouse?
  • 19:30 - How long are you likely to live?
  • 20:15 - When you do what you say, it creates a great deal of power and trust.
  • 20:40 - Get out there, make a promise to somebody and keep that promise.
  • 21:20 - Do you want to effectively enjoy the last 5 years of your life?
  • 23:00 - Share these strategies with your friends, so they too can enjoy a retired life with you.

Tweetables

"Too often people are not having effective conversations about money."

"You break trust when you can't fulfill your promise quickly enough."

"We make all these promises without the one promise that really ought to be made, which is we're going to be okay."

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