In this episode, Ryan Burklo and Alex Collins discuss the importance of expanding financial knowledge beyond personal experiences. They highlight the influence of personal experiences on financial decision-making and the need to seek advice from professionals with broader expertise. The conversation emphasizes the significance of continuous learning and staying curious to challenge and update existing beliefs. They also stress the importance of looking at the entire financial picture and avoiding silo decision-making. The three main takeaways are: 1) Work with someone who has extensive financial knowledge and experience, 2) Continually learn and stay curious, and 3) Consider the entire financial picture and avoid relying on one-size-fits-all solutions.

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

Takeaways

Work with someone who has extensive financial knowledge and experience Continually learn and stay curious Consider the entire financial picture and avoid relying on one-size-fits-all solutions

Chapters

00:00 Introduction and Personal Experiences with Finance 02:30 The Influence of Personal Experiences on Financial Decision-Making 08:32 Challenging Existing Beliefs and Seeking Knowledge 13:22 Continuous Learning and Staying Curious 19:45 Question of the Day and Conclusion

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

In this episode, Ryan Burklo discusses the single biggest factor that contributes to financial success: managing cashflow. He highlights the flawed cashflow management system that most people have, where income increases are often accompanied by lifestyle inflation. Using a 30-year time horizon and a 5% average income increase, Ryan demonstrates how a 1% difference in lifestyle inflation can significantly impact wealth accumulation. By managing cashflow and keeping lifestyle inflation in check, individuals can save and invest more, leading to a substantial increase in their nest egg over time. 

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

Takeaways

Managing cashflow is the single biggest factor for financial success. Most people have a flawed cashflow management system that leads to lifestyle inflation. A 1% difference in lifestyle inflation can have a significant impact on wealth accumulation over time. By monitoring and managing cashflow, individuals can save and invest more, leading to a larger nest egg.

Chapters

00:00 Introduction: The Single Biggest Factor for Financial Success 00:31 The Flawed Cashflow Management System 01:25 The Impact of Income and Lifestyle 05:21 The Power of Saving and Investing 07:01 The Role of Lifestyle Inflation 08:01 Managing Cashflow with a Wealth Building Account 09:55 The Impact of a 1% Difference in Lifestyle 11:04 The Key Ingredient for Financial Success 11:56 Conclusion: The Importance of Monitoring and Managing Lifestyle

In this episode, Ryan Burklo discusses investment portfolios and the importance of diversification and asset classes. He introduces a tool for analyzing the performance of different asset classes over a 50-year period. Burklo highlights the potential growth of portfolios invested in asset classes such as US small value stocks. He emphasizes the challenge of predicting which asset class will perform the best in any given year and the need for a diversified portfolio. Burklo encourages listeners to analyze their own portfolios and consider the asset classes they are invested in. 

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

Takeaways

Diversification across different asset classes is crucial for long-term investment success. Asset classes such as US small value stocks have shown significant growth over time. Attempting to predict the best-performing asset class in any given year is nearly impossible. Investors should regularly analyze their portfolios to ensure they are properly diversified.

Chapters

00:00 Introduction and Overview 01:26 Tool for Analyzing Asset Classes 03:17 The Importance of Diversification 04:17 Exploring Different Asset Classes 05:15 The Challenge of Predicting Asset Class Performance 06:19 Understanding Portfolio Diversification 07:52 Analyzing Your Own Portfolio 08:22 Conclusion and Call to Action

In this episode, Ryan Burklo and Alex Collins discuss alternative investments and whether or not they are suitable for individual investors. They define alternative investments as those that do not fall into traditional categories like stocks, bonds, and cash. The hosts explain the concepts of correlation and standard deviation and how they relate to risk and diversification. They emphasize the importance of having a solid financial foundation, including an emergency fund, income protection, and liquidity, before considering alternative investments. The episode concludes with a reminder to prioritize balance sheet management before making investment choices.

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

Takeaways

Alternative investments are investment vehicles that do not fall into traditional categories like stocks, bonds, and cash. Understanding correlation and standard deviation is crucial for assessing the risk and diversification potential of alternative investments. Before investing in alternative investments, it is important to have a solid financial foundation, including an emergency fund, income protection, and liquidity. Net worth and accredited investor status may impact access to certain alternative investments.

Chapters

00:00 Introduction and Beer of the Day 00:36 Definition of Alternative Investments 04:07 Correlation and Standard Deviation 05:26 Benefits of Negative Correlation 07:10 Understanding Risk and Standard Deviation 09:18 Considerations Before Investing in Alternative Investments 10:25 Importance of Emergency Fund 11:10 Protection of Income 12:01 Liquidity and Access to Money 13:48 Net Worth and Accredited Investor Status 15:06 Alternative Investments and Balance Sheet 21:42 Access to Alternative Investments 23:33 Question of the Day and Conclusion

In this episode, Ryan Burklo discusses the four factors that impact financial success: the amount of wealth, location of wealth, true liquidity ratio, and taxes. He emphasizes the importance of considering these factors when planning for retirement and making financial decisions. Ryan also highlights the significance of controlling cash flow and spending money on things that are valued. By understanding and optimizing these factors, individuals can improve their financial well-being and achieve their desired lifestyle.

Takeaways

The amount of wealth is important for financial flexibility, but it is not the only factor that impacts financial success. The location of wealth, such as tax-deferred accounts and real estate, can have significant implications for retirement income and taxation. True liquidity, which involves having access to money without high taxes and fees, provides flexibility and peace of mind in retirement. Understanding and managing taxes is crucial for optimizing financial outcomes and minimizing tax liabilities. Controlling cash flow and spending money on things that are valued is essential for long-term financial success.

Chapters

00:00 Introduction 00:27 Factors that Impact Financial Success 01:25 Impact #1: Amount of Wealth 03:19 Impact #3: True Liquidity Ratio 04:46 Impact #4: Taxes 20:12 Conclusion

In this episode, Ryan Burklo interviews Katie Ludwick, an estate planning attorney, about estate planning. They discuss the potential changes to the federal estate tax, the Washington state estate tax, and the importance of proactive planning. They also explore estate planning techniques for minimizing taxes and ensuring liquidity. The conversation highlights the pitfalls of online estate planning services and emphasizes the need for personalized advice from an attorney. They conclude by stressing the importance of estate planning for young adults. The conversation emphasizes the importance of estate planning and the potential consequences of not having a plan in place. It highlights the need for holistic financial planning and the importance of communication between different professionals involved in the planning process. The conversation also discusses the dangers of following misguided advice and the importance of reviewing estate planning documents during significant life events. Ultimately, the focus is on planning for the future and ensuring that loved ones are not burdened with unnecessary complications.

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

If you would like to reach out to Katie Ludwick, you can visit her website at https://ludwicklawgroup.com

Takeaways

Stay informed about potential changes to the federal estate tax and consult with an estate planning attorney to determine the best course of action. Be aware of the Washington state estate tax and consider strategies to minimize its impact, such as creating trusts or making charitable donations. Ensure liquidity in your estate plan to cover taxes, debts, and other expenses by considering life insurance and other financial tools. Avoid relying solely on online estate planning services, as they may not provide the personalized advice and attention to detail necessary for a comprehensive plan. Start estate planning early, even for young adults, to ensure that your wishes are carried out and to alleviate stress for your loved ones in the event of incapacity or death.

Chapters

00:00 Introduction and Beer Talk 03:07 Federal Estate Tax Changes 07:30 Washington State Estate Tax 10:14 Estate Planning Questions 11:44 Estate Planning Techniques for Washington State 19:11 Importance of Liquidity in Estate Planning 23:09 Online Estate Planning vs. Working with an Attorney 28:19 Difference Between a Will and a Trust 32:34 Importance of Estate Planning for Young Adults 39:14 The Importance of Estate Planning 40:30 The Need for Holistic Financial Planning 41:35 The Shift Towards Holistic Planning 42:41 The Consequences of Communication Gaps 43:23 The Danger of Misguided Advice 44:27 When to Review Estate Planning Documents 46:10 Planning for the Future of Your Loved Ones

In this episode, Ryan Burklo and Alex Collins discuss the metrics for analyzing financial health. They introduce the concept of top line being vanity, bottom line being sanity, and cash flow being reality. They emphasize the importance of measuring free cash flow, liquidity, and income protection to determine financial security. The hosts also challenge the traditional focus on rate of return as a metric and highlight the significance of control in financial decision-making. The episode concludes with a question for listeners to reflect on their own financial health metrics.

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

Chapters

00:00 Introduction and Welcome 00:36 Metrics for Financial Health 04:02 Applying the Concept to Personal Finance 09:42 Metric 1: Free Cash Flow 14:42 Metric 2: Liquidity 24:49 Rate of Return as a Metric 27:01 The Importance of Control 27:57 Question of the Day 28:39 Closing Remarks

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