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Financial Don’ts with Phillip Ramsey and Bryan Dewhurst

Episode 49:

So much of financial planning is about managing risk. That’s why it is so important to understand the financial “don’ts” as much as understanding the things you should do when it comes to making decisions about your money.

That’s what we’re exploring here in Episode #49; some financial “don’ts” that we hope you can avoid. Some of the big don’ts focus on relationships—marriage relationships and business relationships—as well as who to take advice from. Not all advice is equal, and we’re digging into that hot topic.

We also discuss some don’ts around taxes and investing. What should you invest your time and money in? It can be somewhat subjective, but there are some ground rules you should definitely follow.

This is some real talk about mistakes to avoid and advice on how to recover when you stumble into some don’ts.

What You Will Learn in this Episode:

  • Why you don’t have to feel guilty about investing in your marriage
  • What to do when you are in a bad business partnership
  • How to avoid analysis paralysis
  • Why investing in things you don’t understand is so risky
  • Why a tax break alone is not a good enough reason to make an investment
  • When to ask for help with managing your finances
  • Do not buy a timeshare. Just don’t
  • How to measure the value of buying “toys” like boats and RVs
“Divorce can be so difficult, emotionally and financially. Marriages often break up around money and some of this might be avoided if pre-marriage counseling included some real tools for understanding finances.” – Bryan Dewhurst Click To Tweet “Chose business partners well. You might be able to go faster by yourself, but with the right partner you can go much further.” – Phillip Ramsey Click To Tweet “There is such a thing as too much advice. You should definitely seek out several opinions, but there comes a point when too much advice from too many sources is counter-productive.” – Bryan Dewhurst Click To Tweet “Don’t invest in something you don’t understand. I cannot emphasize this enough.” – Phillip Ramsey Click To Tweet “We’re not here to advocate going big right out of the gate. There are ways to test investment strategies so you can understand them well without a huge amount of risk.” – Bryan Dewhurst Click To Tweet “A tax break by itself is not a good reason to make an investment. A tax break won’t keep you from losing your shirt on a bad investment.” – Phillip Ramsey Click To Tweet “There’s a difference between a tax benefit and an investment.” – Bryan Dewhurst Click To Tweet “There is no silver bullet. It’s either a system that produced cash flow over time or an investment in which you fully understand the risks.” – Phillip Ramsey Click To Tweet “Don’t put your money into something that seems too good to be true. There are lots of sophisticated hustles and schemes out there. Due diligence is key in any investment.” – Bryan Dewhurst Click To Tweet