In this episode of the Ditch the Suits podcast, Steve Campbell and Travis Maus discuss why net worth is the wrong number to track for financial freedom.

They emphasize that financial freedom is not just about money, but also about living a fulfilling life free from stress and anxiety. They explore why people stress about the volatility of their net worth and the value of their future estate.

Travis explains that people's fixation on net worth is rooted in social pressure and the misconception that it determines their worth and flexibility.

They also discuss the difference between price and value and the importance of understanding the true value of assets.

Travis provides insights on how to reframe the conversation around net worth and focus on what really matters, such as educating children about finance, investing for the long term, and preparing heirs to manage wealth responsibly.

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Join our Skool Community at https://www.skool.com/ditch-the-suits-9234. You can interact with us, ask questions and get additional resources.

Thanks to our sponsor, S.E.E.D. Planning Group! S.E.E.D. is a fee-only financial planning firm with a fiduciary obligation to put your best interest first. Schedule your free discovery meeting at www.seedpg.com

You can watch all episodes, as well as other great content produced by NQR Media through their YouTube channel at https://youtube.com/@NQRMedia

📧 For more information or to get in touch with us, visit https://www.ditchthesuits.com

👍🏼 You can also follow us on Facebook, Instagram and Twitter at @nqrmedia

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About Your Co-Hosts:

Travis Maus has been in financial services for over fifteen years. He is a Senior Wealth Manager and Chief Executive Officer at S.E.E.D. Planning Group.

Steve Campbell has over a decade of experience in the industry and serves as Chief Brand Officer at S.E.E.D. Planning Group.

Chapter Markers

Chapter Markers

00:00 - Introduction: Why Net Worth is the Wrong Number to Track

01:02 - Financial Freedom Beyond Money

03:10 - The Impact of Social Pressure on Net Worth

05:27 - Understanding the Difference Between Price and Value

09:18 - Reframing the Conversation: What Really Matters

In this episode of the Ditch the Suits podcast, Steve Campbell and Travis Maus discuss the question of whether you really need a million dollars to retire.

They explore the concept of financial freedom and how it is not just about money but also about living a fulfilling life. They challenge the idea of setting arbitrary financial goals and emphasize the importance of understanding one's own unique needs and circumstances.

The conversation highlights the societal pressure to compare oneself to others and the need to have a better conversation around what truly matters.

The four main takeaways from the episode are: stop comparing yourself to others on the internet, understand your resources and how they can work for you, focus on cash flow and liabilities, and prioritize financial planning over investment decisions.

__________________________________________________________

Join our Skool Community at https://www.skool.com/ditch-the-suits-9234. You can interact with us, ask questions and get additional resources.

Thanks to our sponsor, S.E.E.D. Planning Group! S.E.E.D. is a fee-only financial planning firm with a fiduciary obligation to put your best interest first. Schedule your free discovery meeting at www.seedpg.com

You can watch all episodes, as well as other great content produced by NQR Media through their YouTube channel at https://youtube.com/@NQRMedia

📧 For more information or to get in touch with us, visit https://www.ditchthesuits.com

👍🏼 You can also follow us on Facebook, Instagram and Twitter at @nqrmedia

______________________________________________________________

About Your Co-Hosts:

Travis Maus has been in financial services for over fifteen years. He is a Senior Wealth Manager and Chief Executive Officer at S.E.E.D. Planning Group.

Steve Campbell has over a decade of experience in the industry and serves as Chief Brand Officer at S.E.E.D. Planning Group.

Chapter Markers

00:00 - Introduction: Do You Really Need a Million Dollars to Retire?

09:21 - Chapter 1: Stop Comparing Yourself to Others on the Internet

13:56 - Chapter 2: Understanding Your Resources and How They Can Work for You

19:19 - Chapter 3: Focus on Cash Flow and Liabilities

27:35 - Chapter 4: Prioritize Financial Planning Over Investment Decisions

In this episode, Steve and Travis discuss the impact of the media on our perception of current events and how it can influence our financial decisions. They highlight the framing techniques used by the media to shape our understanding of issues and the biases that can be present. They also provide examples of how the media has portrayed presidential candidates in the past and the negative tone often used in news coverage. The hosts emphasize the importance of being aware of these influences and taking a rational approach to financial decision-making.

Episode References:

1. State University of New York - https://courses.lumenlearning.com/atd-monroecc-americangovernment/chapter/the-impact-of-the-media/
2. Harvard Kennedy School – Shorenstein Center - https://shorensteincenter.org/patterson-2020-election-coverage/
3. Brookings Edu - https://www.brookings.edu/articles/is-the-economic-news-becoming-more-negative-and-does-it-matter-for-consumers/

________________________________________________________________

Join our Skool Community at https://www.skool.com/ditch-the-suits-9234. You can interact with us, ask questions and get additional resources.

Thanks to our sponsor, S.E.E.D. Planning Group! S.E.E.D. is a fee-only financial planning firm with a fiduciary obligation to put your best interest first. Schedule your free discovery meeting at www.seedpg.com

You can watch all episodes, as well as other great content produced by NQR Media through their YouTube channel at https://youtube.com/@NQRMedia

📧 For more information or to get in touch with us, visit https://www.ditchthesuits.com

👍🏼 You can also follow us on Facebook, Instagram and Twitter at @nqrmedia

______________________________________________________________

About Your Co-Hosts:

Travis Maus has been in financial services for over fifteen years. He is a Senior Wealth Manager and Chief Executive Officer at S.E.E.D. Planning Group.

Steve Campbell has over a decade of experience in the industry and serves as Chief Brand Officer at S.E.E.D. Planning Group.