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Episode Summary
Today on The Wealthy Wellthy Podcast I interview Eric Brotman. Eric is a Certified Financial Planner (CFP®), Accredited Estate Planner (AEP®), Certified Private Wealth Advisor (CPWA®) and the CEO of BFG Financial Advisors, an independent firm assisting clients with wealth creation, preservation, and distribution. He is also the host of the “Don’t Retire… Graduate!” podcast, a show dedicated to teaching listeners how to advance into retirement rather than retreating into it.
In this conversation, Eric and I cover wealth and financial planning on many fronts. We talked about how to prevent yourself from outliving your money, what steps should be taken at each phase of life to lead to financial independence. We share similar views on income and wealth, one does not equal the other. Eric shares that debt is the number one impediment on financial independence and how wealth is not as reliant on math as it is on financial literacy. Are you looking to retire (graduate) early? Eric and I discuss the F.I.R.E. methodology, which stands for Financial Independence Retire Early, and that achieving financial independence doesn’t require being “good with numbers.” It’s never too early (or late) to start planning your financial future, so if you’re ready to start building your freedom plan, you’ll want to check out this episode.
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You can also click on the timestamps below to jump to those specific points in the conversation.
What We Covered
- [1:51] – Eric tells a little about himself
- [4:04] – We talk about the F.I.R.E Movement
- [6:13] – The seasons of life
- [8:16] – When work becomes passion
- [9:52] – Why isn’t everyone utilizing the F.I.R.E. method?
- [15:14] – Big mistakes commonly seen by Eric
- [19:12] – Will money work itself out?
- [22:05] – Why isn’t financial literacy being taught in school?
- [26:22] – Almost every client that comes to Eric has debt
- [30:26] – The first step for anyone struggling with debt
- [33:46] – Income and wealth are not the same thing
- [37:00] – The more valuable aspect is time
- [41:17] – Eric’s mythbusting
Tweetables
[Tweet “It’s self-actualization, it means so much more than how many toys do you have when you die.“]
[Tweet “I don’t like to put anyone on a budget, I just like them to live on less than 100% of their income.“]
[Tweet “One size fits all, fits no one.“]
[Tweet “There’s no collateral for these educations that are overpriced“]
[Tweet “Most of it is not math, it’s behavior.“]
Links Mentioned
Learn More About Eric’s Business
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