IPB 056: No, You’re Not Rich…But You Could Be

 

After taking another week off from recording a podcast we're back and we're taking another slight detour from diving into the minutiae of life insurance. Not to worry, today's episode is related to life insurance but the relationship is tangential.

Something we've seen repeatedly over the last several years is a notion that taking baby steps with your finances and in particular your saving habits is something to be praised. Now, we're always in favor of consuming less and saving more. So don't get any ideas that we're knocking a philosophy that seeks to improve financial behavior.

Our problem isn't with the philosophy of consuming less.

We just think that most of us are pansies when it comes to saving a greater portion of our income.  So many people pay lip service to how they wanna change their financial future and they're willing to do anything to make it happen.

That's good, no criticism for that way of thinking. But…

If you're like most people we talk to you need to stop cutting your bad habits i.e. spending money on a bunch of crap in small bits. Start cutting with a chainsaw instead of a scalpel. Progress will come much faster and your time to financial independence (my definition: unearned income is greater than your expenses) can be bent to your will.

For many of us, our behavior doesn't align with the “willing to do anything” language. And lest you think I'm suggesting you pursue some sort of scheme that shortcuts your way to riches, I'm not. Prisons are full of people who were looking for a shortcut.

I'm not suggesting you chase returns or convoluted investment ideas. In fact, I'm an advocate of doing neither.

Listen to the episode to find out more!

 


Leave a Reply

  • RSS RSS

  • Archives

  • Categories