Three Types Of Money: Lifestyle, Accumulated and Transferred
Financially, we assume things to be true that are not, simply because others told us they were true. David talks about really BAD advice that he recently heard on a nationally syndicated radio show who featured a “financial expert”.
“It’s not the rate of return or where your money is that matters, but rather how your money works”
David talks about the three types of money.
1. Lifestyle Money: Lifestyle Money represents what you have to spend to maintain your standard of living: your home, the car you drive, etc.
2. Accumulated Money: Accumulated Money represents what your current savings and investment dollars. This is where most people focus their time managing their money
3. Transferred Money: People’s failure to accumulate wealth is directly related to this type of money. Too many people are focused on higher rates of return on their investments, when the real problem is people are transferring their money away unknowingly and unnecessarily. What relief do you have to recapture some of these transfers? Listen in as David discusses this very important topic.
David talks about the major wealth transfers: Taxes, Qualified Retirement Plans, Financial Planning, Disability, Credit Cards, Tax Refunds, How You Pay Your Mortgage, Purchasing Cars, Investments.
With the right strategy, many of these transfers can be eliminated or greatly reduced. The key to lasting financial security isn’t about finding an investment that offers you a higher rate of return but rather the secret lies in eliminating wealth transfers.
Tune in to this must hear show!