470-The Danger of a Financial Plan Built on Extremely Low Spending Projections
Radical Personal Finance
Joshua J. Sheats, MSFS, CFP, CLU, ChFC, CASL, RHU, REBC, CAP
4.2 • 1.9K Ratings
🗓️ 20 July 2017
⏱️ 36 minutes
🧾️ Download transcript
Summary
There's been an interesting switch in the world of personal finance wherein some people are building financial plans based on extremely low spending projections. In essence, some people assume that if they can live on an extremely low budget per year today, they can build a long-term financial plan predicated on maintaining that spending forever.
I think this is a dangerous assumption. And, in today's show, I explain why.
Joshua
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Transcript
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| 0:00.0 | Today's episode of Radical Personal Finance is brought to you by Wonder Capital, an online |
| 0:04.8 | investment platform that allows individuals like you to invest into commercial solar energy |
| 0:11.9 | projects all across the United States. |
| 0:14.0 | You may earn up to 8.5% annually while adding diversification to your portfolio and doing |
| 0:19.6 | your part to help promote solar energy. |
| 0:24.3 | One of the interesting things that I have observed in pondering and watching the marketing |
| 0:29.6 | of financial advice is how there's a great deal of marketing done at both ends of the |
| 0:36.4 | spending spectrum. On the one hand we've all seen marketing towards people saying |
| 0:42.2 | look at the great luxurious lifestyle that you can live marketing towards |
| 0:44.0 | life people, |
| 0:45.0 | life life style that you can live. Lifestyles of the rich and famous. |
| 0:47.0 | Come and check out an episode of Cribbs, etc. |
| 0:50.0 | But on the flip side, today,'s a tremendous press towards marketing the lower expense side of life. |
| 0:59.0 | I think there's a tremendous danger in that marketing that we need to talk about. Welcome to Radical Personal Finance, the show dedicated to providing you with the knowledge, skills, |
| 1:24.8 | Insight and Encouragement. |
| 1:26.1 | You need to live a rich and meaningful life now while building a plan for financial freedom |
| 1:29.6 | in 10 years or less. |
| 1:30.8 | My name is Joshua and I am your host. You know what I market every day in |
| 1:36.0 | that front little intro ten years or less. Let's talk about the danger of low financial expectations. |
| 1:45.0 | I often have paid attention to how the lifestyles of financial freedom are marketed. |
| 1:59.0 | And on the one hand, I'm sure we can all relate to how financial freedom has often been marketed in the past. |
| 2:06.0 | Usually it looks something like a large palatial home. |
... |
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