PODCAST EPISODE 285 – Does Your Bank Offer a Wealth Coordination Account?


0:12 – The episode starts
2:59 – The biggest quandary of the credit union.
5:37 – Taking pictures of bank signs.
8:08 – The problem with budgeting and saving.
12:46 – The residue model vs. the catalytic model.
14:25 – The importance of having a wealth coordination account.
17:05 – Taking back the use of financial products.
22:10 – What does it mean to be an asset?
24:50 – Practical example of how this might work.
27: 34 – Where money gets lost in the sauce of life.

[Tweet “The biggest quandary that credit unions have is that they want people to save, but they have an overwhelming incentive to spend a lot of money. #YourBusinessYourWealth”]

[Tweet “The wealth coordination account is a cash-like account that can be either written checks from or transferred money easily from. It is the staging ground for asset acquisition. #YourBusinessYourWealth”]

[Tweet “There are three major purposes to the wealth coordination account. The first is to not have the money sit there forever. #YourBusinessYourWealth”]


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[Tweet “Dave Ramsey has created a financial empire by giving people financial advice as a non-licensed professional. Check with a tax or legal advisor before implementing any of this. #YourBusinessYourWealth”]


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Full Episode Transcription



Hello, and welcome to the sound finance group Podcast. I’m Paul Adams CEO and founder I’m joined by Corey. Almost in a blue shirt again this week Shepherd.


Were there in a blue shirt or not like, almost I don’t.


I didn’t pry it, I think what we could do is like a hyperspeed reel of all 300 episodes, and I bet in an ordinate amount of time you’re wearing blue, blue blur. Yeah, it’s just a blue blur. And it’s not bad that you’re wearing blue. In fact, it’s a blessing that you’re never blue. And that’s why our audience loves to have you on the show. And today, what we’re going to talk about on the show, is what you can do to have your money not turn blue, because it’s not circulating. Not my best metaphor ever bear with us, we’re gonna get there.


Let’s work on it. We’ll get back to you. By the end of the episode, we’ll see if Cory has some improvement on that narrative. But the idea being is that for most people listening to show you do what most people have done, especially if you’re high income. And that is that you’re kind of living your lifestyle, and some money builds up on the side. And as money builds up on the side, maybe it’s savings or something else, it eventually gets to a point where you say, Okay, I’m gonna buy something, and you know, might be $50,000, it’s built up and somebody presents you with an annuity. Or as I just saw the other day, a client had a quarter million dollars built up. In fact, this is some of the stuff that we used in the annuity episode was reviewing annuity he acquired years ago, that he got, literally because he had an extra quarter million dollars and a financial person that he has social interaction with said, oh, you should put your money into this. So it wasn’t building up money with an aim of what he had in the future, it was surplus on the side. And then after their surplus gets to a certain time, it seems as though it would be imprudent to not put it in anything.


And we have a cultural narrative around this, even if it’s, even if it’s, you know, buying a new suit, or a nice new watch, or some earrings, or that pair of shoes you’ve been looking at for a while, or a $250,000 or positive some financial product. Money gets hot, it burns a hole in our pocket. Isn’t that the phrase that we use? And we’re going to talk about a few other cultural phrases like we build up this narrative around what happens with money? Yes, yeah.


And it’s the banks that tell us all the time, hey, you put money savings account, here’s an incentive to put money in your savings account. And one conversation I had years ago with the CEO of one of the largest credit unions in the entire country. And this wasn’t off the record. But it was something that was while we were not recording. And being that he really cares about their members, right, no shareholders, just members of the credit union. And he said, the biggest quandary we have is we’d like people to save, we would, except savings are a cost item for us. How we make money as people borrowing. And that it kind of framed up for me, it’s like, Oh, of course, the way that they make money is by charging us fees on accounts that we have. And by lending money, either to us or to other people. So they have an overwhelming incentive for us to spend a lot of money. And I think what you’re gonna see is how that blends into those cultural narratives that Cory is talking about.


Now. And that’s, that’s not bad for banks to lend money, it goes all the way back to George Bailey. And it’s a wonderful life, getting all the deposits from everyone in town and Lenin and back out so they can build this new house and build this, this thing. It’s a great thing to have access to, as long as you’re doing it inside of your aims and a model that is a game you’re playing not default into someone else’s game.


But let’s think about what that default position looks like. If you think about the products that are marketed to us, it will be your 401 K and Ira contribution. And five to nine plans is what you do. And maybe you would also buy some mutual funds that were advertised in between the golf tournaments on whatever news network you’re watching. That’s fine, or that’s by default


savings, you know, or a savings account or Yeah,


yep. And if you found yourself just kind of maybe either automatically just putting money into financial tools, like monthly bank drafts, or you’re fine, you’re in this kind of model we’re talking about we’re surplus builds up and then an opportunity presents itself and money gets deployed, as opposed to setting your path well in advance, and then not make distributions by default, but make investments by design and when gonna walk you through a little bit of that. Now to start, one of the first things to think about is when you ask Americans, what do most people do when they build up savings. And if you ask a large roomful of people, what we find out is that they would spend it, and not in some militia, I’d go out and spend it, but it’s like, oh, yeah, if I have savings, then of course, I’m gonna spend


eventually, that’s what it’s for. And it’s in our language, do we save up for things? In fact, we’re good, we learn to save up. Savings equals spending? I don’t know why. Just is it


just it turned out that way. So now, if we look, let’s see, um, took some pictures when I was speaking at event 2017. And on this main platform, I was going to be pretty well, excoriating these financial institutions. And when I did hear some of the pictures I saw on the wall, well, the first one, I was thinking, Oh, here, I’m going to be saying terrible things about these banks and everything else on this keynote. And then I see this picture, and I took a picture of immediately I’m like, maybe my talk needs to change from a mentally prepared, stay up till 2am and get all my phrasing correct on this new topic. And then I went around and started taking more pictures. Now for those of you listening on the podcast, that way, like, I tell people this story a lot like Paul was on a conference, and he jumps into a bank to get some cash while he’s traveling. And of course, Paul being Paul, he just starts taking pictures. And now we’ve used it. We’ve had this conversation with hundreds of people and used it 1000s of times, it’s it’s a


well, yes. And for those listening, there’s a woman taking a sip of coffee, this is this is my year, just start saving more. And that’s the one where I thought I might have to change the talk for tomorrow, until I saw these other signs. Now keep in mind, this is after dark in Southern California, I’m walking around a bank with my face taking pictures, and people are starting to look to me a little cockeyed. But like, Yeah, that’s true. Yeah, that’s true. So what are people saving for the sign says 38%, for travel 24% for a home, then I looked at the next time 56% are saving for an emergency. And then the next 120 9% for a car 23% For kids education. And these are all perfectly designed wall signs. And another one is what are people saving for 26% for home improvements? And I think if you add it all up, you get like 280%. So this must have been a multiple choice thing.


Yeah, saving for more than one thing. Yeah. But it is funny that here the bank, the institution is advertising where you could spend your savings now from what we said earlier? Of course they are. Because what are the odds of you saving up all the cash that you need for your home improvement? No, you save up the first 5000 And then you borrow the other 50? And that’s what they’re looking for. So let’s just think about when people try to budget to solve these problems,


what can I say one? Oh, yeah, that? Well, we’ll just to recap, and especially if you can’t see them, it might not be as obvious. Every one of these things with the exception of the emergency fund category, or a consumer spending decision. And the emergency fund is put some money together just in case you need to take it all out. But none of them are putting money aside to create your financial freedom in the future. Exactly. That category. And so the bank is not that is getting left off of the side planting a seed to grow for the future. That’s what we’re, that’s what we notice.


That’s yeah, great observation. And what people try to do is this, okay, I know I need to save more. So what I’m going to do is I’m going to budget that here’s the problem of budgeting, if you’ve ever taught a 16 year old to drive or if you remember being young driving, and the driving instructor said watch the curb watch curb watch curb, do not hit the curb. Everybody’s at least rubbing that curve. But the reason is because the person trying to instruct you is putting your focus on the thing that you should avoid, which is going to drive you near it. Now let’s look at one of the most popular budgeting spreadsheets on the internet. And how they all fundamentally calculate is here’s my income. Here’s my spending. And what I’m going to save the net is the residue, the leftover, your spending is the catalyst in this model. And the problem of your spending being the capitalist in this model is that it doesn’t give you control over your wealth deployment. We’re going to give you a trick to do that before we’re done. But that


as the leftover is going to have is, that’s always going to be the case.


Now, you can put that in any area of life, if you are trying to prioritize time with your kids that better go in your calendar first before the work trips. Or if you’re going to have a date night with your spouse, you put that on the calendar year in advance and let the rest of life fill around because it well, but it won’t with our money, if all we’re doing is setting aside what’s left over.


So the other problem, the one other problem is any institution, government organization, PTA, or sports club, what happens to the amount that you’re budgeted? For it’s an expense, it gets spent? Yeah, it’s still in the budget, you’re going to spend it. So there’s no structure for it, ever possibly working out better for your savings than whatever the the minimum now, it’s, it’s there.


Exactly. So we have to, in some ways, the same way they’ve worked on our minds, whether we like it or not via narratives, to have us deal with our money, the way we’ve been dealing with it, take that control back, we need to change the order of operations, we need to almost usable judo for ourselves in the way that we accumulate capital. So this is an example on the left hand side is the default model most people are in, which is household income minus expenses, what’s leftover savings. But if we want our asset building to become catalytic, meaning it is the thing that drives the action, then what we have to do is set the amount of money that we’re sending the asset building first, and the rest of life will fill in behind. Now, if you want to experiment this for yourself, you can do that by simply going back and recalling a time that you had, I don’t know a transmission that had to be redone. Just picture some $3,000 expense that you didn’t expect one month, you’ve had that happen. And yeah, Cory, despite all the planning stuff still comes up. Right? Now be honest, I’m calling your carpet in front of everybody. Do you miss your mortgage payment that month? No, no, and neither did anybody else. Listen to this that month that came up. And so what I offer is our clients that have followed this path of being catalytic, where what we’re going to do is take our gross income, we, with our aims, our choice, what we want out of the future is, as a customer as a financial human being, we’re going to say this is the amount I’m putting toward asset building, then I’m going to pay my bills with what’s left, and I might still have a little more leftover. And what that looks like is this. It’s that residue model versus the catalytic model. Now the question becomes, as you hear this, there might be some eye rolls out there like Cory, Cory will get emails, nobody sends me messages after the show. So Cory gets a message in my little story here and says, Well, all you’re doing is telling us to pay ourselves first. I’ve read that, too. Yeah. And I’m not saying that that’s untrue. But where do they have us put our money into a savings account. And the difference is, it doesn’t make you feel any more wealthy. Because that money is almost never set aside for asset building. If you’re not buying assets, you won’t feel like you’re getting wealthier, I promise you build it all up in cash, you won’t, you’ll feel more scared and less wealthy with a lot of money in cash.


They actually will say, for me, and for maybe some other people, it actually makes me feel too wealthy. Like, I put that cash away in a savings account. And then I’ve spent it three times in my head with all the different things I’m going to do with it is mental accounting takes over, I buy, you know, couple a nicer bottle of wine, or instead of a, you know, by the glass over a big bottle of wine at that dinner, and a little bit of extra Oh, and we’re the store with the kids. Yeah, they could have a little tree because it’s all swimming around. They’re really close to our spending money of me tricking myself into thinking I have less money than I have for all the best reasons that this can help as well.


Exactly right. And that’s why you’re gonna see in a moment everyone we do not suggest you make this wealth, what we call a wealth coordination account. You don’t want to commingle it with your emergency fund. your emergency fund is there so you and your spouse feel confident as like, we can we can get by we got six months of expenses in cash, we got some other accessible money that could get us a year. If you don’t know how to do that, then definitely reach out to us. We’ll show you how [email protected] And right before we tell you this is a good time. I don’t do this enough. So I am going to do it hard right now. That is, take a minute to subscribe. Take a moment like this video, it really it makes such a huge difference for us we can tell the difference in the amount of plays we get based upon comments based on subscribers, and based upon the amount of likes we get. So even if you’re not sure you’re gonna love our content, subscribe for a few weeks, Korea will grow on you. And if I’m not on camera that much, you might even become a fan of the show. Be sure to subscribe, be sure to like and be sure to take notes on this next section.


Every time someone subscribes YouTube goes to Dave Ramsey’s house and kills one of his bushes. So, you know, we really, really recommend it.


They go to Jim Cramer’s house, and they knock one potted plant off the balcony of his high rise apartment. That’s, that’s what we get done here at sound financial group. So while we’re doing that, let’s talk about the wealth coordination account, Corey. So the wealth coordination account is what we suggest our clients have, this does not have to be anything fancy. This could be an existing, we suggest it be a cash like account that you can either write checks from or transfer money easily from, because this is the staging ground for asset acquisition. Like as, as one example I want to give just for you is imagine all the times somebody says oh, I want to get into real estate. When we all I really liked to get in rental real estate like okay, what do you do with your money, I’m putting $500 a month into this American funds. And I’m maxing out my 401 K. But where’s the space for the downpayment money for this rental property, you wanted to be a part of your life? That’s now by the way, that doesn’t mean it’s a bad thing. People should do a lot more research before they buy a rental property. We suggest books for people so they know what they’re getting into. But in reality, if you don’t have the cash position to go do something like that, it could be one of those things that you just say you’re going to do for years and years on end and doesn’t actually get done. Cory sorry, I stepped on you there.


I know, I was gonna say that. For anyone listening who was saying, Wait, didn’t you just tell us like savings accounts? Awful. You shouldn’t use that? No, that’s not what we’re, we’re saying. We’re taking back the use of these products with structure like we need financial products. We’re not going to just bury it in your backyard until you’re ready to use it. So we are going to make use of the financial structures that we have. But systems and strategy, totally change what that tool is just like, you know, Carlos Alcatraz in flip flops is going to beat me with any tennis racket in the world. Every single day. It doesn’t mean that the tool doesn’t matter as much as the strategy.


That’s right. Yes. But there was you did remind me of something. When you mentioned about baring your money in a hole, Cory, it’s a funny joke. We’ll just give it to people right in the middle of the show here. So there’s good old boy, he’s at a gas pump pumping away and this TV reporter comes up to him and there had been some crime in the neighborhood recently. And they said to him, What would you do if somebody broke in your house with a weapon intent on harming you and your family? And he looks down? He says, Well, I suppose I’ll call 8114. It’s like, you mean 911? He says, now I’m gonna have to dig a hole that was just our comedy break here at the sound financial group podcast. So now, the wealth coordination account. Corey, it sounds like he was gonna dig me a little bit. I better give him a moment.


No, I just, I don’t I never know what these are gonna be. We don’t review the jokes at a time. It makes it more intriguing for everybody see my face? But but that was that was a great academic break. Oh, yes. Well, thank you, well, coordination account, any kind of, we used to say a checking account because you needed a checkbook to get the money move around. But now, most electronic accounts, whether it’s checking or savings, you can usually get it get it done for moving the money around. So So and go ahead.


Well, I was gonna say we’re just gonna give you a little example here. So for those of you listening, we got a little picture up here $400,000 income household. And they’ve set up this separate wealth coordination account. Now the bank won’t call it that. years ago, we had clients coming back from banks a little confused. I said, I want a wealth coronation account, and they didn’t know what I was talking about, like just get a checking account, it’s fine. But our purpose is to not have the money sit there forever. You definitely don’t want to be taken advantage of on interest rates, but it’s not to sit there forever. What we want to do is handle certain purposes with our money. So in this simple example, the household is just setting aside 20% of gross income, but there are three major purposes to the wealth coordination account, purpose. This one is the first financial commitment you make every month to put money in the wealth coordination account by whatever amount you and your family with your advisor predetermined.


And if that sounds scary, that’s why this is a cash account, like the physicality of this is invaluable. And we move kind of fast with folks when we’re building this strategy. For that reason, it’s just a cash account, it’s better to just pick a number and go and see if it works. Because the worst case scenario, while you’re figuring it out, is you just have to back a little bit back in your other account. That’s, that’s why we have it be this cash account, you can just go for it, and feel it, figure it out as you as you go and do that experimentation. And most


clients start with more than what they thought they could do. And they don’t have to touch it. Because what’s different about this building up, because you’ve mentally wired yourself, I’m going to go buy an asset with this, it feels differently building up than say your emergency fund does. So our second purpose is to buy assets. Now, when we think about buying assets, we really have to think about how do we define one, if you kind of picture that big room I was talking about speaking to earlier in the show. And I asked that same room, everybody quietly, just write down on a piece of paper and handed to the front what you think an asset is, I would bet you in a room of 100 people, I would have at least 99 answers that were different than one another. Yeah. And that will only because one guy was in the bathroom and didn’t send one in. That’s how diverse people are. So we’re going to give you what we call an operable definition, this isn’t the same definition your bank uses. But from our conversation earlier, you don’t necessarily want to use the bank’s definitions to drive your wealth building. So something is an asset, when you can buy it, and it puts money in your pocket now, or has the ability to put money in your pocket later, without changing your lifestyle. I’m gonna say one more time for by just listening. Anything that puts money in your pocket now or has the ability to put money in your pocket later, without changing your lifestyle. Now is a bit of a rude awakening to many people. What that means is your primary residence, your primary residence, regardless of its value, I don’t care if it’s worth $15 million, and you own it outright, it is not an asset. Now, just the heat,


on the other hand is who’s consuming the utility of that object. If you’re living in a house, you’re consuming the utility of it, you’re paying all the expenses, it’s not growing for you. But just as a counterpoint. You put someone else’s clothes in the closet, you have a tenant in there, they’re paying all the the expenses of that property. Well that just comparing those two, obviously, they look very, very different. And that’s what we’re wrapping here.


In fact that $15 million home even if you owned it outright, we did calculations This is pre COVID. So it’s higher now. It’d be a quarter million dollars year of upkeep. Just taxes keeping the yard trimmed everything else. And speaking of taxes and wealth erosion you guys can hear Cory his neighbor’s house is burning down right now. But that man will not let it interfere with him recording this podcast and and I think it’s admirable Cory. Okay.


And just one more thing on the house because it’s, you know, I think it’s, it can be tough for people again, American Dream Homeownership, yes, we’re, we’re for all of those things if it’s right for your financial situation, but that even if you bought your primary home at the perfect time, and it skyrocketed in value, and you’re sitting on, like real math 20% of returning a year, after you’ve covered all the expenses and taking everything into account, like you’ve been taken, that’s okay, but to get that value out, without owing someone else some money like a home equity line, you got to sell the thing. It’s got to go through they’re creating liability, or selling it. That’s why the lifestyle is a consideration here because money isn’t just math, it’s math has human behavior. And when our behavior, our wishes, wants and preferences, our lifestyle is in involved in the equation that changes it. It’s not as a cold, hard, asset creating value for us anymore.


Which reminds me for those of you that kind of clicked in on that idea of humans with money and math are different. There’s a great white paper on that written by the venerable Corey Shepard, you can go to SF G like sound financial group way.com. And you’ll see one of the forms on there, you can click a button and get that white paper sent to you. I highly, highly recommend it. Alright, so let’s give people a practical example of how this might work. So $80,000 You’re going in, what can assets we can buy Well, the first thing we put on was a vacation home. And to which you say but Paul, you just said my primary residence, not an asset. Let’s go to corps utility test, who’s getting the utility, the vacation. And we could still go and use this a a month, a year or two weeks every year if we want. But if it’s rented out the rest of the time, and it’s putting cashflow on the balance sheet, check asset number one definition. Number two, is that if we sell it, we don’t have a change in lifestyle. As long as I don’t keep an extra car in that garage or extra clothes in the closets. I’ve got no lifestyle change. If I just rent the house next door the year after I sell it.


We’re still going somewhere on vacation. Yeah, exactly. Right. So vacation home does count as an asset. But in fact, I should, I don’t know, I don’t, I can’t figure out how to move my little window. But right underneath where our little faces right now it says vacational other things, collectibles. That could be like the collectible Corvette and the garages could be stamps, it could be artwork, as long as it’s not part of your lifestyle, because if you are in the Corvette collecting, but you have one Corvette, and all your social interactions are around that Corvette with the rallies and everything else, you have it Yeah, not an asset. But if you have two of them, where you could sell one, then you could count one as an asset, and not change your lifestyle. So that’s, that gives you an idea of a couple different ways to test that metric. Of course, real estate can be an asset. Certain types of life insurance, as you guys heard on the show before can be an asset mutual funds, a bunch of traditional products like 401, K, Ira, Roth, all that ownership and another business and investing back in your own human life value that might be getting a master’s or being a part of a coaching program or something that’s going to make you better possibly increase your income, also an asset. But then the third purpose of this account, which we didn’t get to, which is it needs to be a place that this money can reside, much like Corey was talking about earlier, it’s just very easy. You could be in a position where let’s say, we’ve all had this happen, we some low windfall, we sold the vehicle got a little tiny inheritance or something. And let’s just say there’s an extra 40 $50,000 in the checking account, it is so easy to just be at the dinner table, kind of sit back after a big dinner and go oh, you know, we’ve been thinking about going to Hawaii, maybe we should just go ahead and do it this year, we’ve been taught or have you been talking about getting a new car, I mean, we could easily do that right now. And it’s not bad. But some of that money gets lost in the sauce of life. In fact, let me give you another example where we get money lost in the sauce of life, for many of you listen to this, you out earn the Social Security limit of about $160,000 a year. Now, when you exceed that at your employer, you get a bout a 7% Pay bump because they’re not holding so security out of your pay anymore. But for many people because they don’t have a wealth coordination account where they can notice their check is different and crank up their contribution, their wealth coronation account. That’s an example of where many of you listening have already lost money every year. And that’s also life to the tune of 10s of 1000s of dollars if you’re making 400 grand a year. And it’s just right through the fingers. I mean, there’s a huge benefit to be a high income earner. And it’s also an enormous obligation to be a good steward. So the third place is we land that money back in the wealth coordination account. So if we are going to spend some it’s a separate decision, like okay, let’s peel off 10 grand and consume it, we’ll leave the other 30 grand in the account. But this is where we really destroy the idea of retirement. For those of you that have met with us or clients, you know, we don’t like the idea of retirement, we’d prefer people build definite financial independence for the sake of a work optional lifestyle. So how do we get there if we don’t want to retire? We reach definite financial independence. Now for this family. It’s pretty easy to do the math they were making 400 a year, they’re setting aside 80 into their wealth coordination account. So somewhere in their life, they’re consuming 320 a year. somewhere that’s


mortgage taxes, vacation going hard. And target.


Yeah. Yeah, it’s crazy. Like all these little things build up and this person has decided on lifestyle, it’s going the way it’s going. But what they need is passive income of 320. But when they hit that when their assets can produce that, we make the distinction. That doesn’t mean it’s like, walk away, and I’m gone. I know for many of you listening, the reason you’re as financially successful as you are is because you have a great passion for what you do. And it’s not as if you want to get really, really good at it and then just like well, I’m not going to bring any more value to the world. And that’s why many of you listening don’t want to pursue retirement because that’s what it means. That’s what it’s meant for many many years in our language. Instead, what we want to do is financial independence for the sake of a work optional lifestyle. Here’s how that works practically. Once our passive income is high enough from our assets, we can live off the passive income and then what else Ever the earnings are in this case 400,000 100% of it can be saved. Because we can live off of the assets. Now sit with that for a moment. If all your assets are producing the passive income, retirement no longer feels like standing at the door of like this aircraft where you’re gonna jump out with your parachute, you’re sort of leaning forward like this. Like, that’s what everybody’s thinking in the back of their head when they parachute. But we, we don’t get a sense of that when people retire, because who wants to tell you when you think they’re at their crowning achievement, and they’re scared as all get out? Scared is fresh. They’re not going to tell you who they tell us someone like Cory and I, because they’re reaching the epitome compared to most of the working people. So they’re not going to how do you like, Hey, you just made it, like somebody sold their company for $20 million. Nobody’s there to listen to their complaint or their fears. Same thing with retirement. So in this case, because we now have this option, just keep running our business, keep working. And what we can do is just save 100% of our money. So now, when it comes time to quote unquote, retire, I’m not retiring. I am embracing my work, optional lifestyle created by the financial independence, of this simple structure of a wealth coordination account. Corey Corie, anything you want to leave folks with?


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