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Sound Financial Group - Bothell, Washington

 

Podcast Episode 101: Common Mistakes We Help Clients Avoid, Part 1

| July 16, 2018
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Episode Summary

In this first episode of a two-part series, Paul and Cory address some common money mistakes and offer advice to help you learn from other people’s mistakes. They discuss the problem of maxing out your 401k, the importance of being aware about your protections and evaluations, the parachuter’s paradox, and the difference between non-convertible term insurance and convertible term insurance. Paul and Cory state that everyone is doing their best with the information they know, so don’t feel bad if you make any of these mistakes! This series is to help inform you so you can make better financial choices. Additionally, In honor of Sound Financial Bites surpassing 100 episodes, Paul mentions a giveaway at the end of this podcast!

What Was Covered

  • 02:32 - People mishandle their money because they are misinformed
  • 03:53 - Why it feels a financial advisor might sound condescending to you
  • 06:19 - Why maxing out your 401k might not be the best idea
  • 12:14 - Why ignoring protection and evaluations is a big mistake
  • 16:39 - Paul explains the parachuter’s paradox and the fallacy of misjudging the impact of how bad something can be
  • 19:22 - Life is full of changing levels of risk and dangers can’t be anticipated
  • 21:35 - Cory explains the difference between non-convertible term insurance and convertible term insurance
  • 26:03 - What are your benefits through work disability insurance
  • 30:47 - How to secure your safety for the future using the future increase option in your individual policy
  • 32:32 - Sound Financial Bites “100 episodes” giveaway

Tweetables

"What’s important is many people are jamming money into their 401k, but they are blinded by what everybody else says: “This is a must-do.”"

"Everybody’s just doing the best they can do, and how do you know that? Because that’s what they’re doing."

"The parachuter’s paradox is this idea that we misjudge how bad something can be based on how low the likelihood of occurrence is."

"To us, we are a pool of one. We are one family, we are one individual, and we are either going to have no problem with getting disabled or we are - and so it’s zero percent likely or 100 percent likely."

"Insurance is not planning. What we’re trying to do is protect somebody against the loss of their income due to sickness or injury. That’s what something like disability insurance is for."

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