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Elementality for Financial Advisors | Elements Financial Vitals System™
Talking With Your Clients: A New Way to Look at Budgeting
Aug 8, 2023
This podcast discusses the importance of examining client spending habits, the challenges faced by seven-figure earners in managing their finances, the phenomenon of scaling up spending as income increases, and insights on budgeting and saving for long-term financial success.
23:19
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Quick takeaways
- Budgeting is not the main way to save; automated savings and establishing a healthy savings rate are key.
- The more you spend, the bigger your net worth needs to be to sustain your lifestyle; consider the impact of spending on long-term financial security and retirement planning.
Deep dives
The Myth of Budgeting
The speaker argues that budgeting is not the main way to save your financial self. It is compared to a crash diet and not a sustainable practice. While tracking and having some accountability with your budget is important, the focus should be on automated savings and establishing a healthy savings rate.
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Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode