Are You Down with #EWB, Yeah You Know Me! - E14
Michael and Brady dive into the concept of becoming an Extraordinary Wealth Builder (EWB). They discuss the importance of saving intentionally and breaking down the steps to achieve financial greatness. This episode highlights the personal savings landscape in America, presents a comparison between average savers and EWBs, and offers practical steps to enhance savings strategies. Key topics covered include setting savings targets, creating awareness, automating savings, diversifying savings across short, mid, and long-term goals, and emphasizing the importance of purposeful financial planning.
Key Takeaways:
• What does it mean to be an extraordinary wealth builder (EWB) rather than just an average saver?
• How can automating and diversifying your savings contribute to financial success?
• Why is it important to focus on the amount you save rather than just relying on market returns for financial growth?
Key Timestamps:
(00:00) - The Basics of Becoming an EWB
(01:27) - Challenges and Common Questions
(03:02) - Current Savings Landscape
(05:50) - Setting Higher Savings Goals
(09:50) - Practical Steps to Save More
(15:57) - Short, Mid, and Long-Term Savings
(25:35) - Comparing Average vs. Extraordinary Savers
Key Topics Discussed:
Financial Fortitude, Genesis Wealth Planning, Brady Hemmerle, Michael Acosta, financial wellness, wealth building, financial psychology, financial advisor, finance therapist, student loan debt, finance guidance for high earners, business owner finances, extraordinary wealth builder(EWB), Bureau of Economic Analysis, emergency fund, balance sheet, high yield savings accounts, financial diet plan, tax deferred retirement account, Roth IRA, 401k, 403b, traditional IRA, non retirement investment account, social security, CFP Board, return on investment, early withdrawal penalties
Mentions:
Website: https://www.genesiswealthplanning.com/
Michael’s LinkedIn: https://www.linkedin.com/in/michaelracosta/
Brady’s LinkedIn: https://www.linkedin.com/in/brady-hemmerle-cfp%C2%AE-75043013a/
Financial Health Checkup: https://www.livingbalancesheet.com/lbsVision/lite/michaelracosta
This podcast is for informational purposes only and is not to be construed as tax, legal, or investment advice. Although the information has been gathered from sources believed to be reliable, please note that individual situations can vary. Therefore, the information should be relied upon only when coordinated with individual professional advice. Guest speakers and their firms are not affiliated with or endorsed by PAS, Guardian, or (INSERT DBA or AGENCY NAME) and opinions stated are their own. Guardian, its subsidiaries, agents, and employees do not provide tax, legal, or accounting advice. Consult your tax, legal, or accounting professional regarding your individual situation. All investments and investment strategies contain risk and may lose value.
Michael Acosta is a Registered Representative and Financial Advisor of Park Avenue Securities LLC (PAS). OSJ: 6115 PARK SOUTH DRIVE, SUITE 200, CHARLOTTE NC, 28210, 704-5528507. Securities products and advisory services offered through PAS, member FINRA, SIPC. Financial Representative of The Guardian Life Insurance Company of America® (Guardian), New York, NY. PAS is a wholly owned subsidiary of Guardian. (INSERT DBA or AGENCY NAME) is not an affiliate or subsidiary of PAS or Guardian. CA Insurance License # 0M50974. 6991809.8. Expiration 12/26.
