Outro

James is going to talk about the three things you need in order to live a financially successful life. There is so much complication when it comes to money, but we can really simplify it down to boundaries, balance, and accountability.

Boundaries can feel like a limitation, but they can actually be deeply freeing if done correctly. We need a financial balance. Over emphasizing one thing and neglecting everything else will create an unbalanced financial life. We need accountability and conversations with others to create boundaries and balance.

Episode Highlights:

[02:23] Boundaries: In order to have a financially successful life we need to have boundaries. These boundaries are dependent on your situation in the state you live in. There aren't really hard and fast rules.

[03:08] Ideally you give yourself a boundary and draw your lifestyle cap, and then the rest of the money can go into savings and investing.

[04:26] Creating a frame around us allows us to be safe and have the confidence to enjoy what we have.

[06:54] Balance: Don't overemphasize any one thing. Spending all of your resources in one direction can leave you in a situation where you're unprepared, or you haven't saved enough.

[08:11] Don't be overfocused on one thing like debt reduction and neglect other things like your 401K or other sensible financial actions.

[08:57] All of our goals are saved simultaneously even though they occur sequentially. This creates a challenge when balancing our finances.

[10:39] Accountability: It can't happen in a vacuum. When establishing boundaries you need accountability.

[12:05] Begin your journey of accountability by having conversations with your spouse or even checking in with your kids.

[14:07] The most valuable piece of your financial community is having a financial advisor to help you create and keep a plan to do what you need to win financially.

Resources & Links Related to this Episode

• Wealthquest Get Started

• Living a Rich Life: The No-Regrets Guide to Building and Spending Wealth

• Episode 19 Build Your Money Community