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003: Basic Truths About Wealth with Adam Van Wie

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Manage episode 419709878 series 3553731
Content provided by Joey Loss, CFP® and Joey Loss. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by Joey Loss, CFP® and Joey Loss or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://player.fm/legal.

“One of the classic examples is ‘if you want to be wealthy, you have to cut out your Starbucks habit.’ It's just an oversimplification of a much larger problem and the reality is, no one ever got rich by quitting Starbucks.”

Fellow Financial Planner Adam Van Wie sits down with our host Joey Loss to debunk the ‘Starbucks myth’ (and so many more) and shares a treasure trove of wisdom for those looking to future-proof their finances! Together, Adam and Joey peel back the layers of financial planning, discussing how it’s not about mere cost-cutting, but aligning your spending with deeply held values for a truly fulfilling life.

The recent global upheaval has us all reexamining our spending habits, often forcing us to make choices that veer off course from the future we’ve planned for ourselves. Adam underscores the importance of financial advisors as navigators, helping to steer through the choppy waters of impulsive, often meaningless spending and align financial decisions with life goals. Joey and Adam carve through the noise of social media's financial "hacks" and highlight why a proactive approach to cash flow and tax strategy is more than just smart—it's essential.

Adam and Joey speak to the newer investors making their first bold strides in the investment world. They explore why a dash of conservatism in investment choices can be a golden move for short-term objectives and why life insurance is a keystone in the architecture of a sound financial plan!

Key Topics:

  • How Adam got into Financial Planning (01:45)
  • “Money is Just a Tool, Not the Object of Wealth Planning.” (5:22)
  • Avoiding Buyer’s Remorse (14:20)
  • “Most Financial Arguments, Especially on Twitter, Are Just People with Different Time Horizons Talking Over One Another.” (16:32)
  • “You Can’t Consistently Outspend Your Income And Build Wealth At The Same Time.” (18:50)
  • Why Time Horizons are so Important in Financial Planning (22:23)
  • Pre-Tax Versus Roth IRA (29:13)
  • How Young People Can Better Prioritize Their Finances (32:41)
  • Investing When You Have Little Money (37:04)
  • The Importance of Life Insurance (39:02)
  • Why Young People Should Consider Speaking With a Financial Planner Early On (42:19)

Resources:

This podcast is brought to you by Joey Loss, CFP®, and Flow Financial, his financial planning firm for families and business owners, with specialties in business planning and equity compensation planning.
You can find show notes and transcripts of the conversations here: Flow Financial - Wealth Unplugged
Follow Joey & Flow on Social Media:

Please review the podcast disclaimer here

  continue reading

7 episodes

Artwork
iconShare
 
Manage episode 419709878 series 3553731
Content provided by Joey Loss, CFP® and Joey Loss. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by Joey Loss, CFP® and Joey Loss or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://player.fm/legal.

“One of the classic examples is ‘if you want to be wealthy, you have to cut out your Starbucks habit.’ It's just an oversimplification of a much larger problem and the reality is, no one ever got rich by quitting Starbucks.”

Fellow Financial Planner Adam Van Wie sits down with our host Joey Loss to debunk the ‘Starbucks myth’ (and so many more) and shares a treasure trove of wisdom for those looking to future-proof their finances! Together, Adam and Joey peel back the layers of financial planning, discussing how it’s not about mere cost-cutting, but aligning your spending with deeply held values for a truly fulfilling life.

The recent global upheaval has us all reexamining our spending habits, often forcing us to make choices that veer off course from the future we’ve planned for ourselves. Adam underscores the importance of financial advisors as navigators, helping to steer through the choppy waters of impulsive, often meaningless spending and align financial decisions with life goals. Joey and Adam carve through the noise of social media's financial "hacks" and highlight why a proactive approach to cash flow and tax strategy is more than just smart—it's essential.

Adam and Joey speak to the newer investors making their first bold strides in the investment world. They explore why a dash of conservatism in investment choices can be a golden move for short-term objectives and why life insurance is a keystone in the architecture of a sound financial plan!

Key Topics:

  • How Adam got into Financial Planning (01:45)
  • “Money is Just a Tool, Not the Object of Wealth Planning.” (5:22)
  • Avoiding Buyer’s Remorse (14:20)
  • “Most Financial Arguments, Especially on Twitter, Are Just People with Different Time Horizons Talking Over One Another.” (16:32)
  • “You Can’t Consistently Outspend Your Income And Build Wealth At The Same Time.” (18:50)
  • Why Time Horizons are so Important in Financial Planning (22:23)
  • Pre-Tax Versus Roth IRA (29:13)
  • How Young People Can Better Prioritize Their Finances (32:41)
  • Investing When You Have Little Money (37:04)
  • The Importance of Life Insurance (39:02)
  • Why Young People Should Consider Speaking With a Financial Planner Early On (42:19)

Resources:

This podcast is brought to you by Joey Loss, CFP®, and Flow Financial, his financial planning firm for families and business owners, with specialties in business planning and equity compensation planning.
You can find show notes and transcripts of the conversations here: Flow Financial - Wealth Unplugged
Follow Joey & Flow on Social Media:

Please review the podcast disclaimer here

  continue reading

7 episodes

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