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Sound Financial Group - Bothell, Washington

 

SFB044 Why a Wealth Coordination Account

| November 29, 2016
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Episode Summary

Six months ago, Paul recorded his first podcast, underlining why the wealth coordination account was so important for our financial future. This week’s episode is a gentle reminder why you should not let your wealth coordination account slip by the wayside. Listen in to find out what you need to know about wealth coordination accounts.

What Was Covered

  • 00:40 - On episode 1, Paul spoke about wealth coordination accounts. It’s an important topic, so Paul is back at it again.
  • 03:20 - Why is a wealth coordination account important?
  • 05:30 - What do most people do with their savings accounts?
  • 07:40 - Most of you don’t like budgeting, but we need to budget!
  • 10:30 - Paul’s mother, who was the main breadwinner of the family, was able to set aside enough savings so that her children wouldn’t have to financially care for them.
  • 14:35 - So, how can we use the wealth coordination account as a structure?
  • 15:45 - What is the definition of an asset?
  • 16:35 - For example, your primary home is not an asset.
  • 17:40 - What kind of things are considered an asset?
  • 19:05 - After selling an asset, that money needs to be put back into that wealth coordination account.
  • 22:00 - You want to get up to 20% of your gross income going into the wealth coordination account.
  • 22:30 - Can’t afford that? Don’t get sucked into this thinking.

Tweetables

"Everybody that’s marketing to us right now, they’re experts. They are stone-cold experts at getting us to consume."

"An asset puts money in your pocket now, or has the ability to in the future, without changing your lifestyle."

"We want to do whatever we can, to get as close as possible to becoming a world-class saver."

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