In this episode, Ryan Burklo and Alex Collins discuss the importance of expanding financial knowledge beyond personal experiences. They highlight the influence of personal experiences on financial decision-making and the need to seek advice from professionals with broader expertise. The conversation emphasizes the significance of continuous learning and staying curious to challenge and update existing beliefs. They also stress the importance of looking at the entire financial picture and avoiding silo decision-making. The three main takeaways are: 1) Work with someone who has extensive financial knowledge and experience, 2) Continually learn and stay curious, and 3) Consider the entire financial picture and avoid relying on one-size-fits-all solutions.

If you would like to learn more about Quantified Financial Partners, please visit our website www.beerandmoney.net

Takeaways

Work with someone who has extensive financial knowledge and experience
Continually learn and stay curious
Consider the entire financial picture and avoid relying on one-size-fits-all solutions

Chapters

00:00 Introduction and Personal Experiences with Finance
02:30 The Influence of Personal Experiences on Financial Decision-Making
08:32 Challenging Existing Beliefs and Seeking Knowledge
13:22 Continuous Learning and Staying Curious
19:45 Question of the Day and Conclusion

In this episode, Ryan and Alex discuss five wealth objectives that everyone has but are often not properly planned for. These objectives include creating the highest possible cashflow, creating the lowest possible tax, never running out of money, meeting legacy objectives, and minimizing risk. They emphasize the importance of planning for these objectives in a comprehensive and efficient manner, rather than solely focusing on a target net worth or rate of return. The hosts also highlight the significance of budgeting as a tool for financial freedom and stress the need to tailor financial plans to individual circumstances. If you would like to learn more about Quantified Financial Partners, please visit our website www.beerandmoney.net

Takeaways

The five wealth objectives that everyone has are creating the highest possible cashflow, creating the lowest possible tax, never running out of money, meeting legacy objectives, and minimizing risk.
Many people do not plan for these objectives in a comprehensive and efficient manner, instead focusing on a target net worth or rate of return.
Budgeting can be a tool for financial freedom, allowing individuals to allocate a portion of their income towards their goals and enjoy the rest.
Financial plans should be tailored to individual circumstances, taking into account factors such as risk tolerance, income sources, and legacy objectives.

Chapters

00:00 Introduction
00:55 Five Wealth Objectives
04:28 Creating the Lowest Possible Tax
04:35 Never Running Out of Money
04:43 Meeting Legacy Objectives
05:49 Minimizing Risk
08:16 Focusing on the Wrong Things
12:11 Budgeting as Freedom
13:20 Spending Time Where You Want
15:09 The Single Point of Failure
19:18 The Average Rate of Return Fallacy
21:31 Tailoring the Plan to the Individual
21:40 Question of the Day
22:15 Conclusion

In this episode, Ryan Burklo discusses the single biggest factor that contributes to financial success: managing cashflow. He highlights the flawed cashflow management system that most people have, where income increases are often accompanied by lifestyle inflation. Using a 30-year time horizon and a 5% average income increase, Ryan demonstrates how a 1% difference in lifestyle inflation can significantly impact wealth accumulation. By managing cashflow and keeping lifestyle inflation in check, individuals can save and invest more, leading to a substantial increase in their nest egg over time.

If you would like to learn more about Quantified Financial Partners, please visit our website www.beerandmoney.net

Takeaways

Managing cashflow is the single biggest factor for financial success.
Most people have a flawed cashflow management system that leads to lifestyle inflation.
A 1% difference in lifestyle inflation can have a significant impact on wealth accumulation over time.
By monitoring and managing cashflow, individuals can save and invest more, leading to a larger nest egg.

Chapters

00:00 Introduction: The Single Biggest Factor for Financial Success
00:31 The Flawed Cashflow Management System
01:25 The Impact of Income and Lifestyle
05:21 The Power of Saving and Investing
07:01 The Role of Lifestyle Inflation
08:01 Managing Cashflow with a Wealth Building Account
09:55 The Impact of a 1% Difference in Lifestyle
11:04 The Key Ingredient for Financial Success
11:56 Conclusion: The Importance of Monitoring and Managing Lifestyle