131-Filter Your Financial Advice Through the Lens of Scale

Radical Personal Finance

Joshua J. Sheats, MSFS, CFP, CLU, ChFC, CASL, RHU, REBC, CAP

Self-improvement, Business, Education, Investing

4.2 • 1.9K Ratings

🗓️ 8 January 2015

⏱️ 47 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

I read a lot of financial advice from many different perspectices. I also frequently am asked about financial advice. "Is this a good idea?" "What do you think about this investment idea?"

Over the years, I have noticed that I have developed a filter that many people don't have: I view all financial advice through a filtering lens of scale.

When I hear advice, I don't immediately accept is a blanket statement; rather, I think, "what type of household profile would this be appropriate for?"

When I talk to someone who's asking for financial advice, I try to ascertain where they are in their financial journey so I can give them the most appropriate advice.

Having this filter helps me to give advice that matters. It also helps me to coach myself more effectively by identifying where I am in my own journey so that I can focus on the things that are most appropriate for me.

In today's show I share with you many examples, including:

Buying large commercial real estate can be a great investment. But is it right for you? Should you be buying low-dollar mobile homes instead?
Investing in low-dollar real estate can be great. But is it right for you? Should you be buying larger commercial projects instead?
Investing in stocks of publicly traded companies can be a great plan. But is it right for you? Should you be investing in the tools of your trade or business so that you can be more effective at work?
Investing in the tools of your trade or business can be a great idea. But is it right for you? Has it reached the point of diminishing returns and now you'd be better served by investing in the stocks of publicly traded companies to get you closer to your financial goals?
Etc.

Enjoy the show!

Joshua

Transcript

Click on a timestamp to play from that location

0:00.0	Today I'd like to give you a lens for your mental glasses and we're going to call this
0:05.4	lens scale. I'd like you to view the world, especially the world of financial
0:11.4	advice, through the world of financial advice through the lens of scale. Welcome to the Radical Personal Finance Podcast. My name is Joshua Sheets and today is Wednesday, January 7, 2015.
0:39.0	Thank you for being here. This is the show where each and every day I come to you and try to give
0:45.1	you the information that you need to successfully pass through the maze that is
0:50.9	the field of financial advice.
0:53.0	Hopefully going to help you avoid the landmines and find the real targets,
0:59.0	the real good stuff that can help you. One of the things that I want to talk about today is basically applying a concept that I think
1:11.0	of as a concept of scale to your mental filters as you are looking at the world
1:17.4	of financial advice and consuming financial media and I haven't really ever heard
1:21.8	anyone talk about this so this may be one of the ideas that's unique to me.
1:25.0	It's just something that's come to me is, as I've thought about trying to answer the question that I can ask often of how do I find a good financial advisor and I realize that I kind of do this myself as I apply a filter of scale to everything that I consume.
1:48.4	Let me explain. When people ask me how to find a good financial advisor I immediately ask back, well what do you want a
1:52.2	financial advisor to do for you? What do you need?
1:56.9	Because the term financial advisor is an extremely ambiguous term. That can include a lot. That could include on one end. I was
2:06.0	thinking of this morning I was very briefly having some internet problems with
2:10.7	my internet and so I was using the opportunity just to real quick,
2:14.8	do some quick shopping around and see if I could get a better deal
2:17.0	on my internet service.
2:18.3	And I was thinking, why am I doing this?
2:19.6	Why am I sitting down and just taking 15, 20 minutes
2:22.4	to make a couple of
	...

Please login to see the full transcript.

Previous episode | Next episode

Disclaimer: The podcast and artwork embedded on this page are from Joshua J. Sheats, MSFS, CFP, CLU, ChFC, CASL, RHU, REBC, CAP, and are the property of its owner and not affiliated with or endorsed by Tapesearch.

Generated transcripts are the property of Joshua J. Sheats, MSFS, CFP, CLU, ChFC, CASL, RHU, REBC, CAP and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.