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SFB033 Stop Acting Rich Part 1

| September 13, 2016
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Episode Summary

You may feel confronted by the financial topics discussed in this episode. You may also feel motivated by the topics of this week’s episode. However this episode makes you feel, you need to listen to this episode and next week’s episode to get a full understanding of Dr. Thomas Stanley’s book, Stop Acting Rich. Your host, President and CEO of Sound Financial Group, Paul Adams shares his personal connection with the book and how the world of those with true wealth looks different when you remove the glitter.

What Was Covered

  • 01:17 - What are you doing with your finances today that does not lead to your overall financial well-being in the long run?
  • 02:37 - Increasing habits and practices requires the tearing down of existing habits and practices.
  • 03:28 - He’s worth 20 million but the balance sheet doesn’t reflect it?
  • 04:19 - The 3 categories of rich people.
  • 07:00 - The balance sheet rich drive Ford pickups and live prudently.
  • 08:22 - A financial example: The ECR required to maintain 20 million dollars worth of stuff.
  • 12:36 - Families who live at a high-level consumption based lifestyle are not generally balance sheet wealthy.
  • 14:26 - The book, Stop Acting Rich changed the way we looked at the things other people had.
  • 15:10 - Do you feel ‘less than’ when you park next to a BMW?
  • 16:25 - Next week we cover how you are in total control of one of the most important parts of your financial life, your spending.

Tweetables

"The balance sheet rich live in decent houses and drive decent cars."

"$750,000 of new income every year is necessary to maintain $500,000 in maintenance cost on a $20 million lifestyle."

"The book Stop Acting Rich changed the ‘less than’ feeling I had when I started living within my means."

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