If you could put a number on what you would need monthly to live a good enough life, would you have it ready? The financial ejection seat is less about having a large emergency fund and more about understanding your sufficiency. Dig deeper into the types of spending there are and hone in on your sufficiency number. This is the true vaccine for lifestyle addiction.
WHAT WAS COVERED
- 00:00 – Show begins.
- 00:35 – Paul welcomes listeners.
- 02:00 – Getting vaccinated against lifestyle addiction.
- 07:30 – The kinds of spending.
- 12:30 – The “market” of sufficiency.
- 15:50 – Cory and his car…
- 20:55 – A message from Sound Financial Group (Commercial).
- 21:55 – Capital at work.
- 26:00 – The financial ejection seat is knowing your sufficiency.
- 31:05 – Action items.
- 35:15 – Episode ends, thank you for listening.
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Contains a sample of “King” by Zayde Wølf courtesy of Lyric House.
——————————————————————————————————————————- Paul 0:01 Cory 0:34 Paul 0:35 Cory 0:59 Paul 1:16 Cory 1:27 Paul 1:40 Cory 1:55 Paul 2:01 Cory 4:38 Paul 4:42 Cory 5:23 Paul 5:57 Cory 7:52 Paul 8:13 Cory 8:17 Paul 8:34 Cory 9:51 Paul 10:08 Cory 12:38 Paul 13:30 Cory 13:56 Paul 14:18 Cory 15:55 Paul 16:43 Cory 17:10 Paul 18:53 Cory 19:31 Paul 19:35 Cory 23:32 Paul 23:44 Cory 24:40 Paul 24:45 Cory 27:48 Paul 28:20 Unknown Speaker 28:26 Paul 28:30 Cory 28:31 Paul 28:46 Cory 33:03 Paul 33:49 Transcribed by https://otter.ai Transcribed by https://otter.ai This Material is Intended for General Public Use. By providing this material, we are not undertaking to provide investment advice for any specific individual or situation, or to otherwise act in a fiduciary capacity. Please contact one of our financial professionals for guidance and information specific to your individual situation. Sound Financial Inc. dba Sound Financial Group is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and, unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance. Insurance products and services are offered and sold through Sound Financial Inc. dba Sound Financial Group and individually licensed and appointed agents in all appropriate jurisdictions. This podcast is meant for general informational purposes and is not to be construed as tax, legal, or investment advice. You should consult a financial professional regarding your individual situation. Guest speakers are not affiliated with Sound Financial Inc. dba Sound Financial Group unless otherwise stated, and their opinions are their own. Opinions, estimates, forecasts, and statements of financial market trends are based on current market conditions and are subject to change without notice. Past performance is not a guarantee of future results. Each week, the Your Business Your Wealth podcast helps you Design and Build a Good Life™. No one has a Good Life by default, only by design. Visit us here for more details: yourbusinessyourwealth.com © 2020 Sound Financial Inc. yourbusinessyourwealth.com ———————————————————————————————————————————
Full Episode Transcription
Welcome to your business your wealth. We’re your hosts, Paul Adams and Corey Shepard teach founders and entrepreneurs how to build wealth beyond their business balance sheets.
Hello, and welcome to your business your
wealth. My name is Paul Adams, co founder of sound Financial Group joined today by Corey Shepard, who is our president, fearless leader. All around nice guy and man who for some reason all throughout COVID never seemed to end up with a bad set of hair. So glad you could be here, Cory.
That’s because my wife who’s trained extensively in various medical procedures use that mind and brain research YouTube videos and started cutting my hair. So I have a professional stylist in house. It’s been amazing. I didn’t tell you this. Cory. I
was this close to shaving my head. But I was worried that perhaps the large butterfly tattoo I have that covers my scalp would throw people off on the pot.
There are people out on the podcast decided. Yeah, so that’s not to say that there weren’t some hairy moments like, Oh, this is this this guard is shorter than than I thought I was like,
oh, okay, well, it’s free so I can complain about that much. And look at the bright side, Leisha wasn’t blindfolded, being directed by other team members of sound Financial Group overs are ever they’ll always be that and if anyone listening has not seen that episode,
please go find it now. just pause this one. And go and listen to that. And then come back.
Well, and today guys, we’re gonna be talking about getting vaccinated against lifestyle addiction. Now, it’s, it’s a little strange we are where we are now. You know, we’ve have the vaccine out for months, a huge amount of our older and most vulnerable Americans have been vaccinated. And we’re all getting ready to soon be able to kick the doors open and go back out into our lives, we hope in a very similar way to the way we enjoyed them before. And yet, what is talked about a lot in the media is like people are investing more people are doing this, and people are doing that. But we’re missing something key. And that is that there’s things that we used to do that we would say, oh, that absolutely has to stay in my life or my life would be terrible without it. And it never live without that never live without and it’s been a year. It’s been hairier, and we’ve done fine. And so it gives us a unique look at breaking something that our friend Jim McGovern talks about as lifestyle addiction. And this is that that thing that you we all see in our lives. When we think about like, oh, where should I be spending money or not spending money, it’s very difficult to pull back. And it’s not just a personal psychological phenomenon. This is the thing I would have you think about? It’s also this social phenomenon. You know, Cory, you know, you and I both gone through different things that we’ve done, to work to live radically within our means. And as we’ve done that, and especially in the process of doing it, you get all kinds of inquiries. Like, I remember when we moved from our McMansion that’s that, you know, very large book, cookie cutter house we used to have before we decided to live our new lifestyle. And I remember we were talking to our housekeeper and we literally said, Hey, you know, we we, you know, we got a new house, we’re gonna be moving. It’s only a couple of miles away. And it’s about half this size, but you’ve been working for us for years and never increased your rate. So if you’re okay if it let’s just keep your pay the same and all of that and then just have you start cleaning our new house after the remodels done it’ll be, you know, a couple months. And it took her about a week or two. And then she came back when it was just my wife and her one on one. She goes Is everything okay? She has an accent and I’m terrible at accent so I won’t even say what accent it is.
So it’s better to do the accent. No, don’t even do that.
It’s like a raffle for people they can they can decide what accident might be. Is something wrong with Paul’s job, or Paul’s business. And my wife was shocked to get literally having just had the conversation with her the prior week about we Want to pay you the same, we want you to continue to work with us. We’re just making a choice to live deeper within our means. And even our one of effectively an employee, a vendor, somebody we pay money to said, is everything, okay? And I think there’s something in the back of our heads that gnaws at us whenever we make a change like that.
And I was gonna say that people, you know, might be saying, hey, I’ve survived this last year, I wouldn’t say I’m fine living the way we live. And anyway, I’ll get that you’re, you’re gonna have a chance to turn things back up. But consider all the different areas that you might say, Oh, I don’t have to turn that up as far as it was before. And where could you find some pieces that you can really capture that financial win from the year that we’ve, that we’ve had,
indeed, and and what this we’re going to be able to talk about today is just this idea of how you can build your financial independence, you can vaccinate yourself from some of these, they’re very compelling narratives that are just floating around out there in the marketplace that seduce us into transacting with people to giving our money away. And when we’re giving our money away, in the book, your money or your life, I love what they put it down to which is just doing the math down to the hour that if I pay my landscaper $100 How many? You know what, like, what fraction of my time was that worth? Now, that might not even be a full hour for many of our listeners. We just got the windows replaced in the house. And so I could look at that and look at all the new windows and go Okay, that was this many hours of my life’s energy spent away from my family in order to get that thing done. And so it’s it’s a great question to be in is when we have a chance, something anything in life, a move a pandemic, a, you know, maybe just a really hard winter for some of you in different parts of the country that might limit some of the things you could do or you have to be inventive, to keep your family entertained. Those are all opportunities to not just look at maybe what we’re doing every day with our personal fitness, etc. But also what we’re doing with our money. So we want to introduce you to just a few distinctions of what kind of spending you might have in your life. I would call them sufficiency, surplus, and super Fluence. Now we haven’t talked about these in quite a while, but it’s pretty simple Cory you want to just first start talking about super Fluence, then I’ll hit sufficiency and then we’ll back into surplus for everybody.
Oh, we’re gonna do a pincer move. Yeah, so super Fluence is. I’m on a yacht money. I mean, you got your nautical themed pashmina Afghan cruising around on your, you know, 40 foot, it’s, you know, you’re
you’re pointing but 100 foot for superflous
Oh, no. Let me let me finish. Oh, I’m sorry. If you’re 40 foot dinghy. You know, you’re like go fast boat to get to the chopper pad to them fly to your, your, you know, the real boat? Yeah. The real boat?
Yeah, right. That two cores point Super fluences that amount of money that you read about for the person that took their company public and as $100 million. Okay. Then on the other end of the scale, you have sufficiency, and sufficiency. So think of superfluids as the capacity to acquire any luxury you could think of now, every you know, every luxury you’d care to have. But then you’ve got sufficiency. sufficiency is the other end of the scale. But sufficiency people sometimes interpret to mean like, Oh, it’s it’s scarce or it’s not enough, like sufficiency is what is the amount of money that you need to make as a household to have a good life, annual income may come from the vestments, it might come from work, but what’s that amount of money, that’s a good life for you and your family. No luxuries priced in. But gives you the ability to still have a good life inside of it. So for some of you, and well, I can share with you a little bit what it was like for me and my wife was to start with like, you know, enough health care, enough stuff in a safe neighborhood. You know, good enough education for the kids. Clothing that’s suitable all good enough,
like good enough is a great phrase in there. The philosopher john Dewey says that which we’ll do like you look at it like That had to do. It’s not everything you want more, but it’s nothing that you absolutely don’t want.
either or, or my, or my ranch or cousin of Wyoming doesn’t say that will do. He says it’ll do. It’ll do, it’ll do so. But that’s it, it’ll do it, we can have a good life inside of it. You know, we we don’t necessarily have to have, you know, the new car, maybe you don’t even have to have two cars at your sufficiency level. Now, as you’re listening and thinking about this, everybody sufficiency is different. We have clients where their sufficiency number is $20,000 a month. And we have other clients who live amazingly within their means. And despite making good income, spend 20 $500 a month now that’s, you know, no kids. Oh, yeah, yeah. But you’d be amazed, like, I was talking to one of our clients who has that, you know, kind of life right now, like really saves a good chunk of his income, etc. And he the way he put it, he says, I’m just really blessed by the fact that most of what I enjoy is the outdoors. And because I spend so much time outdoors, it doesn’t cost much. And I thought, well, that is a neat distinction. So after thinking about sufficiency, you get in a surplus. Now surplus is some luxuries that you sort of care about. like you’d like to have, like, you know, like, I like having my kayak and my RV. But we could do without those things. But for now, we like them, and we keep having them. But if it ever came to a sufficiency situation, which we’re going to talk about in a minute, I will be perfectly fine. My family would be perfectly fine. We’ve already talked about it. Now, when we think about how much is enough, or wanting to know what our sufficiency would be, I want you to try to stretch your mind from think about sufficiency being I spend the amount of money that gives me the chance to have a good life with, you know, none of the luxuries like no, I’m not flying first class, I’m not necessarily going to big fancy dinners, things like that. Who out there in the world, anywhere has an interest in you exploring, understanding or living at your sufficiency level of income. No, just I want you to as Corey is gonna say what he says Next, I want you to just reflect on who is it that would want you to do that that’s out in the world, other than you. Go ahead. They’re thinking about that. Yeah, I
was. I wanted to give them a second to ponder. But what occurred to me, as you were saying that for the first time is not a single living soul has a vested interest in US exploring sufficiency. Now, some people are some actors or companies have a interest in us not like they have a vested interest against it. But no one else everyone else just like doesn’t even care the people walking by us on the street people we know, it’s just not a concern of theirs for no reason good or bad. It just doesn’t even occurred to anyone else. And then you’ve, then that’s the best case scenario. The worst case scenario is lots of institutions actively trying to keep us from going in that direction.
Yep, exactly. And let’s give you just a few examples that that just come up in everyday life. Does. Do any restaurants have an interest in you living your sufficiency, all No, nothing against restaurants. But if you were thinking about your sufficiency, it probably involves making nice meals at home, and doesn’t involve eating out every night of the week. That is be a surplus thing,
right? And I like what you said it’s nothing against them. It’s just it’s just not their interest. Because why? How could it be when their mission is to sell whatever they’re, they’re selling, and that’s good for for them, and they’ll need to do that to hit their sufficiency or, or surplus, which is which is fine. We just need to understand
what it means for for us. And and to understand that when we’re in this conversation. You know, you listening, Cory and I talking and hopefully you guys sending us emails about any insight this produced for you. By but you and your spouse, you and your family are and this is the other way to look at the other side. It’s a little brutal. You’re the only ones that win. And not only do they not have an interest in you living a sufficiency, something Cory said there was key which was they don’t even have an interest in you understanding what your sufficiency number is. Now, what I want to encourage you guys to do rebel, like this is the new punk rock. Now it’s like, I don’t, we don’t need to have like big spiky hair and tattoos on our neck. But if you have big spiky hair and tattoos on your neck and you’re listening this podcast, I’m a fan, and I like your spiky hair. But if you don’t listen to my podcast, man, I don’t like it that much. So if what you want is to be able to know what it takes for you to have a good life on and what income it minimally takes to be able to execute on that. Nobody else in your life cares about that. Korea, we didn’t talk about this ahead of time, do you have any problem with us talking about you know, when we were attracting and training advisors back when we used to have an office full of advisors, and what we did around their spending and and try to teach them these principles.
Not only I’m okay with that, I’d love to start out with a story about me buying my first car before I got there. Yeah, so working at a big, big box, financial institutions start making just enough money to have some extra money and like, Oh, it’s time to get a new car. Now, my my truck was actively sending smoke out of the steering column. So it wasn’t like I was just like, oh, let’s just start spending. But in doing that search, I did end up spending more money on a car than I ought to have spent at that time, definitely more proportionally than I would now by a longshot. Yet, when I brought that car back to the office and started showing folks around which you think about this, where it’s hard to get,
I’m so sorry to interrupt, Cory. But this just hit me only because of course Cory and I know each other’s finances. But that car would be the equivalent of you buying like a Rolls Royce mother, it was like a new Mazda, like it would have to be a quarter million dollar plus car to equal the proportion of your income that you were deploying on the other car when you bought it in terms of latest purchase price.
I suspect that’d be the case. It’d be fun to actually do that. That math is great. Yeah. And so, but we’ve talked recently about how hard it is to actually have people you’re transacting with are in the public, see your car, like you’re going to meet for lunch, who sees your car, your parking somewhere out. So I had thinking back to that I had to actively get them down to the parking garage to see this car. And a lot of people did. And all they said was, Hey, nice job. And they all knew my finances too, because we all had our leaderboards and things like they could figure out about how much I was making. But all I got was uh Oh, nice work the good job. Nothing about like, are you putting enough away for your future? Did you did you actually get disability insurance to protect your family, let alone talk to any of our clients about it. That’s a whole other story. Or make me cry if I keep talking too long with that. But so then, so then I Me, me, Paul, and join him at sound Financial Group. And it’s embarrassing, because I have a nicer car than the founder of the of the company. And then when it’s time for me to get a new car, because that one started having some some problems. I have a thing about cars breaking trust, once they break trust are dead. They’re dead to me. But But I talked, I sat down with Paula said I had a problem. I’m going to need to get a new car. But I’m worried about what that’s going to do to our culture. When I show up with a brand new brand new car, we had to figure out a narrative and kind of a line in the sand to draw about what that should should look like. Totally different culture. And then to your point, Paul, and that ended up hurting us financially.
It did it over the short term. Yeah. Yeah. Yes. Great point is. So and this happens in a lot of organizations just speaks how everybody else has an interest in you being able to spend more, because financial firm owners from across the country who I get a chance to meet at conferences, etc. It’s a consistent thing that said is, man as soon as they start making money, get them to buy new, nice car, get them to buy a big, nice house, encourage them to do those things. Because it will keep them motivated because you’ve increased their overhead so much. That’s a new
minimum amount of revenue that they will do every month.
That that’s it. And now, I want to give you how bad that was as a young man, when I first started working for a company that rhymes with more Northwestern Mutual. More Western, neutral and working there. I left After 18 months 20 years of age with like 40,000 of credit card debt, and being cheered on by my sales manager about how I was quote unquote, investing in my business. And, and it was a great lesson just getting out of that and making good decisions afterward. It really influenced me forever, but it hurt Korean I, because our advisors had more freedom and autonomy, to not have to grind 55 hours a week because they didn’t produce this situation where they had this high cost of living. And so nobody has an interest in you understanding what your sufficiency is. And we’re gonna take a real quick commercial break here from sound Financial Group. And then when we come back, we’re going to talk about how that impacts capital at work and what you can do right after this podcast to make a difference for you and your family in your future. Paul Adams here at sound Financial Group. Are you curious what you can accomplish with our help? You’re hearing joining the show. Our philosophy is helping you increase your effectiveness with money. And now we have a way to help you take another step on your financial journey. We have designed to financial inquiry call for you and the 1000s of other listeners of your business your wealth. This is a complimentary 15 minute conversation, where one of our team members will ask you some key questions, understand your concerns. And if appropriate, schedule a time for further conversation with an advisor. If you look at the episode description, you’ll see a link to schedule a call at a time that’s the least invasive for you. And even if now’s not the right time for us to work together, we’ll point you toward resources to help you in your financial journey. We always look forward to connecting with our listeners. And we look forward to talking with you soon. Welcome back. And now we’re talking about capital at work. So just quick distinction, we get this question a lot like when you say capital at work, Paul, does that mean my net worth? No, no. Your capital at work is the amount of money that you have in assets. And we define an asset is anything that puts money in your pocket now, or could put money in your pocket later, without changing your lifestyle. So this does not count my house does not count my RV doesn’t count your boat. It doesn’t count your Tesla, like all those things are at their assets to a bank if you’re pledging them for collateral, but in terms of you being able to build financial independence, they are not part of your capital at work to produce a lifestyle for you. Now, we’ve been talking about sufficiency, surplus and super Fluence. But let’s talk about what a big deal this makes. And really what I think can be nearly everybody’s kind of ejection seat that they can utilize to give their families more financial confidence and peace during, you know, weird times, which we’ve had a weird last 18 months for sure. And it ain’t gonna be the last time unless you get hit by a truck tomorrow. So we’re gonna have a bunch more of these, if you’re in your 40s. Like, every decade, there’s some weird stuff and you got a lot of decades left. So let’s just take a family who figures out that one of the things that they could do when they do their sufficiency, math, this doesn’t mean I get, I can’t emphasize this enough. This doesn’t mean you have to live a sufficiency lifestyle. It just means you should identify what your sufficiency lifestyle is.
Right, like surplus could be your goal, but you don’t have to shoot for sufficiency. But think about what you need to do to make sure that you can’t go any lower since efficiency, we got to lock that in,
as the floor. Indeed and, and, and you can quickly also cultivate contentment in your own life to not get seduced by the next new thing that comes out, that’s going to take your capital away from you, or I should say, cause you to freely give away your capital for something and you can shield yourself against that because you know, what it takes for you to have a good life. So if we just take a family, and let’s say their their current spending is $20,000 a month, and they go through this exercise now there’s probably not much they want for, you know, that’d be a household may making half a million dollars a year paying some taxes, setting aside some money, and then spending $20,000 A month after tax very normal. And that $20,000 a month that they’re setting aside gives them a pretty good life. There’s no real compromises that they’re that they care about. There’s probably a decent amount of luxuries in their life. And it’s good not buying 100
foot yacht with that money but basically anything else that that they want, they can have
the exactly right but for that person, it’s gonna take $6 million of capital at work to be able to get there to be able to replace that level of lifestyle and that’s only going to produce the $20,000 a month. Not The taxes. Okay, so just to frame that properly, but it’s a good rubric to be able to use and you can, when you get close, you can dial it in tighter, okay, guys, like people get lost in the details and trying to get up close to it when they are real far from it. So just get into, like, you don’t need to worry about whether or not the last, you know, 10 steps to the top of the mountain or something you scramble up or their stairs, because you’re still 15 miles away. Just keep marching for now. Yeah, so that sufficiency for that same family, if they went and did all the math, they said, Wow, just take my family like we could either. If we really needed to get to sufficiency tomorrow, we can either get rid of the house, sell it live in the RV, or get rid of the RV, and just cut that out of our lifestyle. Both of those things drop our, our impact of our life. And yes, are we making a compromise? Yeah, that I wouldn’t rather make. But if I was in a situation that I just needed to stop working disability, something else, we have disability, income insurance, all that. But if something strange happened, I’ve got the ejection seat in the ejection seat is knowing my sufficiency, and then being aware that my capital at work could handle it if we needed to. So if the same family’s sufficiency budget, as they’ve done it, they work, they’re like we could get by on 10 grand a month, if we needed to. Well, then that means two things. One, once they have 3 million of capital work, I would say they don’t have definite financial independence because they’re not living off of their passive income. But you might say they have financial independence on the bench. It’s up next at bat. Now they can continue growing their 3 million to get up to 6 million to replace their surplus. Or if something changes tremendously in their life. Maybe their industry gets regulated away in the new administration, whatever they do for a living, maybe there’s a big economic calamity that destroys their industry, a key partner leaves a lawsuit wipes out their business, whatever it is, and suddenly, you maybe it’s just ages and pushes you out of corporate America, whatever those things are. Now suddenly you sit back and go, No, I’ve got enough that if we drop it to sufficiency, we’re real good shape. And imagine what that conversation is like for your spouse. So but all all of that is an awareness of how close we are to financial independence, is it in the wings, because what we want to do first is pursue sufficiency, know what our sufficiency is, build our sufficiency doesn’t mean we have to live that lifestyle immediately. And then Cory was saying while we were on break, the most important thing, Cory about going from sufficiency to surplus is what?
Well, you, you don’t have to have sufficiency as a target, we talk about it a lot. And you might think, oh, so we’re just all hoping to have the very minimum that we can be happy with. No, we can all want to live a life of surplus. But consider how valuable it is to know that sufficiency is locked in, that you’re behaving in a way that you’re not compromising that so that no matter what happens, if you’re gonna fall, that’s as far as you fall, and you still have a minimal good life. I think that’s really important.
Like a great example would be let’s say you had financial independence in the wings, and I’ll just pick this example about from our
book. Yeah, by the way to get
your business your wealth,
right. Well, this, there’s a story we tell him a book of someone Paul was interviewing with, and are interviewing for a job at our firm. And he was it, man, I’m praying. It wasn’t billionaires 100 million. No, no, no, he’s
a legit billionaire. And he was interviewing with the CEO of a firm that I used to write RFP and SVP for. And he came in and he had long story short sold, a big internet company was wrapped up the AOL Time Warner thing, legit billionaire back in 2005 to 2007, hired a whole bunch of real high speed MBAs and certified financial analysts and bought a bunch of commercial real estate. And you might imagine how that went in 2009. He went from being a legitimate three comma billionaire to, well, he would have liked, he didn’t know he just didn’t, he didn’t know you could go past zero, you could fall so fast that you couldn’t even say hello to zero on your way by as you go in the negative. And when asked, Can I ask when you were at the height of your wealth? How big of a deal would $50 million have been to just set $50 million aside to secure your sufficiency forever? And the guy’s like, Oh, I could have written a $15 million check. If you asked for it on a Monday I could have had the liquid funds ready by Friday. And he said well, what would that be? worth to you now. And, and the guy’s eyes just filled with tears. And he said a fifth of that would change everything for us. And that’s the difference. Ya gotta protect our sufficiency, sufficiency. First, never jeopardize sufficiency to build surplus, what you don’t want to do is be on that place or near that place where sufficiency is in the wings, independence is in the wings, and you go great, I’m gonna take a million dollars and buy cryptocurrency or I’m gonna take half a million dollars and put in GameStop, because I’m going to the moon with my diamond hands, which I do like the diamond hand means I don’t want to be honest with you guys. I think they’re hilarious. But you could blow your financial independence. Because you press too hard on the gas, you pursued surplus too hard. Or maybe you’re shooting for what your version of superfluids would be. All while jeopardizing sufficiency. So sufficiency, first, protect your sufficiency and build the surplus. So what can you guys do today? Well, one of the first things you do is have your spouse, have your partner, just listen to this episode, and then have an intentional conversation about it. And just build out what would your sufficiency budget be? You know, we, we all do fire drills and commercial buildings, you know, back when we used to go into commercial buildings. And this is your file drill for your balance sheet? is if you needed to what would sufficiency look like? And how would you be happy there, it will actually help you break lifestyle addiction just to do that, because you’ll understand all the places you’re spending that maybe you don’t even care about. Now, you know, like when I discovered, and by the way, we review our finances a lot, both in the business and on the personal side, at least monthly, we still find stuff that we’ve been paying for for over a year that we didn’t use, and we just missed it somehow. Yeah. So you discover those things, you weed him out of the budget, the things that don’t matter. And you’re able to point at sufficiency of the point at a number of capital that you need to replace. Now, this is not about the tax planning and investment planning. How do you do that? Well, just know what it takes income wise for you to have sufficiency, then later, you can listen to some of other other episodes, you could call us if you want help with it. Or you could just read a book on money and have an understanding how much capital it takes to be able to produce that sufficiency income that you want. But the thing nobody talks about, is you understanding what you need to have, minimally a good life. We’re all pursuing a good life, many of us have even done the math of what it takes to get there. Now, Cory actually has a great review. We’re going to read you today and in a call out because whoever wrote this review, did not email us the review to get a free copy of our new book, your business your wealth. So Cory, could you read that off and give give our listener instructions because the Yeah, they didn’t use their real name, we don’t know their name.
All we know is that you are j 139 as the username. Now they might be listening because here’s the review. My wife and I have been listening to this podcast for a couple of years now. The amount of knowledge we’ve taken away from it feels like an absolute steal. And better than any course I’ve heard of so far. Thank you guys so much PS, it’s also very entertaining. So j h 139. please email us at info at SF g way comm with your address, so we can send you a copy of our book and anybody that wants to give an honest review doesn’t have to be as glowing as that one is that just honest, you can do that send us a screenshot of the review to info at SSG Wade COMM And we’d love to send you a copy of one of our books.
Guys, we’re we’re glad that you could be with us today for this inquiry, to think about what it takes to secure your sufficiency set yourself up for surplus to build the escape hatch from the lifestyle we might all enjoy it today to break the lifestyle addiction and put yourself on the path to financial independence, which no one has an interest in but you. And the reason we’re telling you about it is we just want you to be financially independent alongside all of us. Because your ability to be able to do that. Well change your life and the life of your family for ever when you pick up that freedom and autonomy even if you still work. Being able to be financially free is an amazing, amazing place and the closer you get to it and the better you understand it. Really, the more the juices of life show up. So with that we hope that this episode has been a contribution to you. Being able to design is going to build the good life
Unknown Speaker 28:26
Transcribed by https://otter.ai
Transcribed by https://otter.ai
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