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Sound Financial Group - Bothell, Washington


SFB039 Illusions of Investing Part 5 - Letting Them Handle Your Money

| October 25, 2016
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Episode Summary

This is part 5 out of 6 on investing illusions. Paul dives right in on busting the myth that your advisor should be responsible for handling all of your money. If you’re not actively working with your advisor to manage your money, then something is wrong. The same applies from within your household. If there’s only one person in your marriage who is managing the money, then this sets up that partner for failure. Find out why on this week’s episode.

What Was Covered

  • 01:00 - You can always reach out to Paul if you have any questions!
  • 02:00 - Don’t know if you have any of the problems Paul is talking about on the show? He and his team are more than happy to do a free analysis of your investment portfolio.
  • 02:10 - What’s today’s investing illusion?
  • 03:00 - We share the responsibilities of marriage, parenting, and we take care of our own health, so why is it that we don’t do that with our money?
  • 04:15 - If your spouse is the only one who is handling the money, then you’re setting your spouse up for failure.
  • 06:05 - Do you ever wonder why people in their 60’s, who have been together 30-40 years, get divorced?
  • 07:50 - You should be working with your advisor to come up with good financial strategies. Your advisor should not be doing all the legwork!
  • 09:40 - The illusion is that somebody else should be responsible for your money.
  • 09:55 - Paul encourages you to show this podcast episode to your spouse.
  • 10:45 - Ask yourself, “What could I do to impact our long term wealth building?”
  • 11:50 - Paul and his wife are aiming towards living on only 20% of their income.
  • 12:55 - Don’t let your CPA, attorney, or financial advisor tell you what to do.


"It takes both of you working together to produce a consistent and secure financial future."

"Finances are one of the biggest disagreements in the household."

"The illusion is somebody else should be responsible. The truth is, you should be responsible."

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