Should You Protect Sufficiency First?
Paul Adams
Helping clients Design and Build a Good Life - Founder/CEO/Podcaster/Entrepreneur
EPISODE SUMMARY
In this episode of Your Business, Your Wealth, Paul and Cory discuss building and protecting your sufficiency. Sufficiency is defined as having enough income to be able to live a good life, not necessarily a luxurious one. Paul and Cory stress the importance of understanding your sufficiency number and its impact on your lifestyle. Finally, they share tools and resources for calculating sufficiency as well as ways to put yourself in a position for long-term definite financial independence.
WHAT WAS COVERED
02:11 – Introducing today’s topic, should you be building sufficiency first?
02:26 – Gell-Mann Amnesia explained
04:25 – This Week In Planning
09:02 – Sufficiency defined
12:23 – The importance of understanding sufficiency
15:45 – Paul interrupts the podcast to provide the audience with a special offer
17:14 – Creating a sufficiency budget to identify your sufficiency income number
20:41 – Tools and resources available to those looking to protect their sufficiency
21:23 – Key takeaways from this episode
22:16 – The Horizon
25:17 – Paul encourages the audience to share this episode with one person to further the conversation
TWEETABLES
This episode is about ‘Where does the good life start?’ That’s sufficiency. Sufficiency is when you’ve got enough income to be able to live a good life.
How many middle class families have $350,000 set aside for one kid, let alone to split between two.
The IRS did not create the 401(k) max as a number for you. They created it as a number for them.
Sufficiency will come back around, one way or the other, but many won’t even be able to maintain sufficiency because of how long they lived in surplus before they had financial independence.
With your sufficiency, you can still build for surplus. But most importantly, you can put yourself in a position that, for your long-term definite financial independence, you can be in a position to set aside enough money to secure your sufficiency.
To listen to the full episode, and read show notes, which includes a FREE PDF of the transcription, visit: https://sfgwa.com/ep162.