Episode 239 - The Best Way To Be Your Best

In this episode, Ryan Burklo and Alex Collins discuss the importance of knowing who you don't want to be in order to become the person you want to be. They explore the default path that many people follow and the need to break free from societal expectations. The conversation delves into the definition of success and the trap of focusing too much on money. They emphasize the importance of reevaluating goals and creating lasting memories with loved ones. The episode concludes with a question for listeners to consider and an invitation to reach out with their thoughts and topics of interest.

If you would like to learn more about Quantified Financial Partners, please visit our website www.beerandmoney.net

Takeaways

Knowing who you don't want to be can help you define and attain your goals.
Focusing on the positive aspects of life and relationships is more fulfilling than chasing material possessions.
Reevaluating goals and priorities is essential at any stage of life.
Creating lasting memories with loved ones should be a priority.

Chapters

00:00 Introduction
00:38 The Default Path
01:34 Becoming the Person You Want to Be
02:10 Beer Discussion
03:10 Defining Success
04:15 Reevaluating Goals
05:12 The Trap of Money
06:05 Focusing on the Positive
08:12 Knowing What You Don't Want
10:39 Creating Lasting Memories
13:06 Defining Success and Goals
15:02 Figuring Out What You Want
19:24 Who Do You Want to Be
22:47 Recap of Reasons
23:11 Question of the Day
24:10 Closing Remarks

In this episode, Ryan Burklo and Alex Collins discuss the importance of tracking cash flow and steps to attain financial goals. They emphasize the need to understand abstract goals and how expenses play a role in achieving them. The hosts also highlight the use of technology in tracking expenses and recommend the Living Balance Sheet app. They discuss the importance of intentional decision-making when it comes to saving and investing money. Finally, they touch on the significance of protecting income, maintaining liquidity, and living debt-free.

If you would like to learn more about Quantified Financial Partners, please visit our website www.beerandmoney.net

If you would like to learn more about the Living Balance Sheet, please visit their website https://www.thelivingbalancesheet.com/

Takeaways

Understanding abstract goals and how expenses contribute to achieving them is crucial for financial success.
Technology, such as the Living Balance Sheet app, can help track expenses and provide insights into spending habits.
Intentional decision-making is key when it comes to saving and investing money.
Protecting income, maintaining liquidity, and living debt-free are important steps in attaining financial goals.

Chapters

00:00 Introduction
00:33 Abstract Goals and Expenses
04:17 Tracking Expenses with Technology
09:54 Deciding Where to Put Extra Money
13:52 Steps to Attain Financial Goals

In this episode, Ryan Burklo and Alex Collins discuss the impact of fixed interest rates on financial decisions. They explore how low interest rates can make people feel trapped in their current situations, whether it's buying a new home or making big purchases like cars. The hosts provide three solutions for homeowners, including renting, buying down the interest rate, or managing cashflow. They also discuss the importance of looking at the bigger picture when it comes to interest rates and financial moves. Finally, they emphasize the need to focus on long-term goals and not get caught up in short-term fluctuations.

If you would like to learn more about Quantified Financial Partners, please visit our website www.beerandmoney.net

Takeaways

Low interest rates can make people feel trapped in their current situations.
Homeowners have options like renting, buying down the interest rate, or managing cashflow.
When it comes to car loans, consider the interest rate and the potential return on your cash.
Focus on the bigger picture and long-term goals when making financial decisions.

Chapters

00:00 Introduction and Beer Choices
01:48 Feeling Trapped by Low Interest Rates
06:51 Options for Homeowners
09:35 Managing Cashflow for Mortgages and Car Loans
17:37 The Bigger Picture: Retirement and Financial Freedom
23:01 Question of the Day and Conclusion

In this episode, Ryan and Alex discuss why you don't plan for your finances the way that you should. 

The beer of the day is Nothing But Hazy by Black Raven Brewing. If you would like to learn more about this beer, please visit their website https://blackravenbrewing.com/pages/on-tap

If you would like to learn more about Quantified Financial Partners, please visit our website www.beerandmoney.net

In this episode, Ryan Burklo discusses the formula for vision and how it applies to personal finance. He shares his experience with the 75 Hard program and how it has pushed him to think differently about himself and his finances. The formula for vision consists of having a target or goal, a belief in your ability to achieve it, a plan, and a willingness to explore multiple pathways. Ryan emphasizes the importance of understanding your true definition of wealth and being flexible in adapting your plan when life throws unexpected challenges. He encourages listeners to reach out with questions and topics they would like to hear more about.

To learn more about Quantified Financial Partners, please visit our website www.beerandmoney.net

Takeaways

Personal growth and mindset are crucial in financial planning.
The formula for vision includes having a target or goal, a belief in your ability to achieve it, a plan, and a willingness to explore multiple pathways.
Defining wealth based on your own values and priorities is essential.
Believing in your ability to achieve your goals is a key factor in success.
Being open to exploring different paths and adapting your plan is necessary when facing challenges.
Reach out for guidance and support in your financial journey.

Chapters

00:00 Introduction and Personal Growth
01:26 The Formula for Vision
03:17 Defining Wealth and Goals
04:23 Belief in Achieving Goals
05:55 Willingness to Explore Multiple Pathways
06:12 Modifying the Plan
06:42 Conclusion and Call to Action

Summary

In this episode, Ryan Burklo and Alex Collins discuss the number one problem for most people with their personal finances: cash flow. They explore the default cash flow management system that most people use, where income goes directly into a checking account and expenses are paid from there. They highlight the importance of interrupting the spending circuit and building a reserve to cover one-time expenses. They also discuss the power of saving rates and how incremental changes and systematic savings can lead to significant wealth accumulation over time.

If you would like to learn more about Quantified Financial Partners, please visit our website www.beerandmoney.net

Takeaways

Cash flow is the number one problem for most people with their personal finances.
The default cash flow management system involves income going into a checking account and expenses being paid from there.
Interrupting the spending circuit and building a reserve are key strategies for improving cash flow.
Incremental changes and systematic savings can lead to significant wealth accumulation over time.

Chapters

00:00 Introduction
03:10 The Problem: Cash Flow
06:13 Default Cash Flow Management
08:14 Interrupting the Spending Circuit
10:23 Building a Reserve
12:14 The Power of Saving Rates
15:02 Incremental Changes and Systematic Savings
17:31 Question of the Day

In this episode, Ryan Burklo discusses how going for a walk can help improve your finances. He shares his personal experience of struggling to find time for communication with his spouse and how they decided to go for a walk every morning to spend quality time together. This simple routine allowed them to have conversations about their day, their children, and eventually led to discussions about their finances. They realized the need to get their finances in order and started working on it. Ryan emphasizes the importance of making health and finances a priority and finding time to have conversations with your spouse to come together as a team.

If you would like to learn more about Quantified Financial Partners, please visit our website www.beerandmoney.net

Takeaways

Going for a walk can provide an opportunity for quality time and communication with your spouse.
Regular conversations during walks can lead to discussions about important topics like finances.
Prioritizing health and finances can lead to a better overall quality of life.
Finding time and making it a priority is essential for improving your financial situation.

Chapters

00:00 Struggling to Find Time for Communication
01:27 The Power of Going for a Walk
02:24 Realizing the Need to Get Finances in Order
03:53 Making Health and Finances a Priority
04:32 Finding Time and Prioritizing
05:08 Identifying Priorities and Automating Finances
06:25 Having Conversations and Coming Together as a Team
07:24 Continuing to Work on Being on the Same Page

Summary

In this episode, Ryan Burklo and Alex Collins continue their discussion on turning assets into income in retirement. They emphasize the importance of understanding this process early on, even if retirement is still far away. The conversation covers various tax reduction strategies, including the use of investment dollars and annuitization of assets. They also highlight the need for balance and flexibility in retirement planning, as well as the limitations and considerations of different strategies. The episode concludes with a discussion on the 4% rule and the importance of understanding the difference between distribution rate and rate of return.

If you would like to learn more about Quantified Financial Partners, please visit our website www.beerandmoney.net

If you would like to learn more about the beer of the day, Lucille by Georgetown Brewery, please visit their website https://georgetownbeer.com/beer/details/lucille

Takeaways

Understanding how to turn assets into income is crucial for retirement planning.
Tax reduction strategies can help maximize income and minimize taxes in retirement.
Balancing different types of assets and considering liquidity and legacy value is important.
The 4% rule is a rule of thumb for retirement income, but it's not a guarantee.

Chapters

00:00 Introduction and Purpose of the Series
01:09 Challenges of Turning Assets into Income
03:07 Overview of Taxes and Strategies
06:44 Tax Reduction Strategy: Investment Dollars
07:42 Tax Reduction Strategy: Annuity of an Asset
09:43 Considerations and Limitations of Annuity Strategy
12:20 Comparison of Different Asset Amounts
14:06 Alternative Strategy: Utilizing Fixed Account
16:07 Importance of Balance and Flexibility in Retirement Planning
16:37 Question of the Day
17:33 Understanding the 4% Rule
18:13 Conclusion and Final Thoughts

In this episode, Ryan Burklo and Alex Collins discuss how money is taxed in retirement. They emphasize the importance of considering both current and future taxation when making financial plans. They provide a historical overview of federal income tax brackets and highlight the impact of major events on tax rates. The hosts also explain the difference between marginal and effective tax rates. They introduce the concept of the amortization of an asset strategy and compare the outcomes of interest-only and principal-and-interest approaches. The episode concludes with key takeaways and a question for listeners to consider.

The beer of the day is Enchantments Hazy IPA from Icicle Brewery. If you would like to learn more about this beer, please visit their website https://iciclebrewing.com/beers/enchantments-hazy-ipa-apex/

If you would like to learn more about Quantified Financial Partners, please visit our website www.beerandmoney.net

Takeaways

Consider both current and future taxation when making financial plans.
Understand the historical context of federal income tax brackets and how they have changed over time.
Differentiate between marginal and effective tax rates.
Explore strategies like the amortization of an asset to optimize tax efficiency in retirement.
Diversify your assets to have flexibility and access to different tax strategies.

Chapters

00:00 Introduction and Mindset
03:10 Understanding Taxes in Retirement
05:03 History of Federal Income Tax Brackets
10:21 The Introduction of 401(k) and Tax-Deferred Accounts
13:01 Marginal vs. Effective Tax Rates
15:08 Amortization of an Asset Strategy
19:36 Scenario Comparison: Interest Only vs. Principal and Interest
22:40 Scenario Comparison with Reduced Asset Value
26:17 Takeaways and Question of the Day

Summary

In this episode, Ryan Burklo and Alex Collins discuss the concept of true liquidity and its importance in retirement planning. They explain that true liquidity goes beyond cash reserves and savings, and involves considering what assets will be accessible and how to turn them into income during retirement. They highlight the risks of relying solely on market-based assets for income in retirement and the potential for compounding losses. The hosts introduce the concept of true liquidity as a way to mitigate these risks by having a separate bucket of money that is not correlated with the market. They provide examples and calculations to illustrate the impact of true liquidity on retirement outcomes. They emphasize the need to start building true liquidity before retirement to ensure flexibility and avoid relying on market performance during critical years.

If you would like to learn more about Quantified Financial Partners, please visit our website www.beerandmoney.net

Takeaways

True liquidity goes beyond cash reserves and savings and involves considering what assets will be accessible and how to turn them into income during retirement.
Relying solely on market-based assets for income in retirement can lead to compounding losses and increase the risk of running out of money.
True liquidity can be achieved by having a separate bucket of money that is not correlated with the market, providing stability and flexibility in retirement.
Building true liquidity should be started before retirement to ensure flexibility and avoid relying on market performance during critical years.

Chapters

00:00 Introduction
00:36 Misunderstanding of Liquidity
02:31 Planning for Retirement
03:12 Explanation of True Liquidity
07:14 Effects of Market Losses in Retirement
08:11 Concept of True Liquidity
10:07 Example of Market Performance
13:35 Importance of Pre-Retirement Liquidity
19:13 Building True Liquidity
21:24 Question of the Day