SFB007 - Savings Is The Key

Welcome you to Sound Financial Bites, where we bring you bite sized pieces of financial knowledge to help you design and build a good life. In the seventh episode, Paul Adams, CEO and President of Sound Financial Group, shares with us the importance of savings and why paying yourself first is key to your financial success.

What Was Covered

• 03:00 - Revisit the 1st episode, which discusses the importance of setting up a wealth coordination account.
• 03:09 - Your savings will always be lacking if you are letting income and spending come first.
• 03:44 - Paul shares the importance of STOP PAYING EVERYONE ELSE FIRST!
• 04:42 - This person in your old age is going to have to deal with all the decisions you have made today.
• 05:03 - If you get behind the curve, it is nearly impossible to catch up.
• 05:26 - The first thing you do is choose how much you are going to pay yourself.
• 06:16 - Paul shares with us the key to saving money.
• 09:03 - We have a biological need to shake our tail feathers, as a peacock would.
• 09:27 - Paul shares an article on SFG’s website called ‘Why Americans Can’t Build Wealth’.
• 10:00 - We are drawn to do things that work against our interests.
• 13:41 - What is Marginal Propensity to Save and Why it is important?
• 14:28 - Paul shares one big tip of the day in regards to saving for your family’s financial future.
• 14:40 - Paul gives some insights on two books.

Tweetables

"Save 1/2 of every new dollar that comes in."

"Stop letting your savings be a residual number at the bottom of that budget sheet."

"You are paying EVERYONE ELSE FIRST."

For full show notes and PDF of the full transcription, visit: https://www.sfgwa.com/blog/sfb007-savings-is-the-key