In this episode, Ryan and Alex discuss five wealth objectives that everyone has but are often not properly planned for. These objectives include creating the highest possible cashflow, creating the lowest possible tax, never running out of money, meeting legacy objectives, and minimizing risk. They emphasize the importance of planning for these objectives in a comprehensive and efficient manner, rather than solely focusing on a target net worth or rate of return. The hosts also highlight the significance of budgeting as a tool for financial freedom and stress the need to tailor financial plans to individual circumstances. If you would like to learn more about Quantified Financial Partners, please visit our website www.beerandmoney.net

Takeaways

The five wealth objectives that everyone has are creating the highest possible cashflow, creating the lowest possible tax, never running out of money, meeting legacy objectives, and minimizing risk.
Many people do not plan for these objectives in a comprehensive and efficient manner, instead focusing on a target net worth or rate of return.
Budgeting can be a tool for financial freedom, allowing individuals to allocate a portion of their income towards their goals and enjoy the rest.
Financial plans should be tailored to individual circumstances, taking into account factors such as risk tolerance, income sources, and legacy objectives.

Chapters

00:00 Introduction
00:55 Five Wealth Objectives
04:28 Creating the Lowest Possible Tax
04:35 Never Running Out of Money
04:43 Meeting Legacy Objectives
05:49 Minimizing Risk
08:16 Focusing on the Wrong Things
12:11 Budgeting as Freedom
13:20 Spending Time Where You Want
15:09 The Single Point of Failure
19:18 The Average Rate of Return Fallacy
21:31 Tailoring the Plan to the Individual
21:40 Question of the Day
22:15 Conclusion