Financial Plans Should be Unique! 18 Variables That Could Dramatically Affect Your Plans RPF0056

Radical Personal Finance

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

Finance, Retirement, Insurance, Business, Money, Education, Self-improvement, Financial, Independence, Growth, Advice, Investing, Family, Personal, Radical, Christian, Faith

4.4 • 1.9K Ratings

🗓️ 8 September 2014

⏱️ 60 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Today, we tackle head on the myth that financial plans should be the same for all people. They simply shouldn’t. But we’ve probably all swallowed that line to some degree or another. I was inspired by Friday’s show at how many unique variables and plans could be developed. So I sat down and made a list […]

Transcript

Click on a timestamp to play from that location

0:00.0	Radical Personal Finance, Episode 56.
0:04.2	A Financial Planner fights back and lobbies for actually customizing financial plans. Welcome, welcome welcome to Monday Show Radicals. I thank you for being here. Today Monday September the 8th 2014 my name is
0:35.3	Joshua Sheets I am your host and your Sherpa today and yes the financial planner mentioned in the intro is indeed me or I am he. And today
0:48.2	we're going to talk about why financial plans should actually be customized. I appreciate your being here.
1:00.0	I'm excited about today's show and today's show is going to build exactly off a Friday show
1:06.9	which was episode 55 and let me give you a quick background on Friday show and then let me encourage you to go listen to it before this one
1:13.2	and you'll see how they are going to connect together. Friday show was a Q&A and there was a
1:18.4	reader named listener named John who had written me an email and basically the gist of his email was he said
1:24.7	Joshua I've got a million dollars basically and I'm about 35 years old and I
1:29.3	hate my job and I want to retire early, can I? And this leader, this listener, excuse me, had gone around and consulted with various financial
1:38.8	advisors, had talked with different people and was getting this broad diverse number of opinions and they didn't
1:46.6	know what to do.
1:47.9	And so I sat down and I took the information and I was part of the show, as a central piece of the show in addition to kind of
1:54.4	pointing out some flaws in his thinking or some some just kind of fallacies or
1:59.1	misunderstandings in his thinking in the emails I pointed out and I sat down and I wrote out five financial
2:04.1	plans, all of which would allow him to retire early today.
2:08.2	And these were five wildly diverse plans, and they actually wound up being six wildly diverse financial plans
2:14.4	that I just completely made up and all six of them worked for him to retire
2:20.2	today but among those six, choosing among them, there was a broad degree of
2:26.6	variability and there was nothing magic about the number six. I just sat down and I
2:32.4	just I had intended to write five
2:34.2	and I wanted writing six I could have written 26 or 2006 because that frankly
	...

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.