Jul 22, 2021
The work of Bill Schultheis has had a profound effect on us here
at the Rational Reminder Podcast, and eventually having him join us
on the show is truly an honour! Bill is the author of
the Coffeehouse Investor series and is currently
the Principal and Senior Advisor at Soundmark, in Kirkland,
Washington. Throughout his career Bill has dedicated himself to
helping his clients make the choices that best serve them and their
particular needs, and his approach has continued to grow and
improve over the decades he has been in the game. We have a
wonderful conversation with Bill, charting his course from his
early days on Wall Street, to writing his first book and starting
Soundmark, to where is today. Bill gives us some great insider
insight into the important concepts from his books and also talks
about current issues in the financial world, like the impact of
cryptocurrencies. Towards the end of our conversation, we get even
more philosophical with our guest sharing some thoughts on what
constitutes a 'rich life', and the importance of listening to your
heart when it comes to your big decisions. So for this and much
more from an inspiring and sensible voice, be sure to join us
Key Points From This Episode:
- Bill's upbringing on a farm in Washington with a large family.
- The route that Bill took to publishing his first book as a way
to share the wisdom of indexing. [0:06:40.7]
- The beginnings of Soundmark and the first clients that Bill
started helping. [0:10:13.4]
- Bill's most recent book and the three ground rules it lays out
for readers. [0:12:36.3]
- Unpacking the 'coffeehouse investor' model portfolio.
- How Bill approaches and explains diversification to his
- Thoughts on presenting data and challenging strongly held views
from clients. [0:23:14.1]
- The impact of cryptocurrencies and commission-free trading on
- Comparing the commonly held investing approaches of now and the
- The approaches to wealth building that Bill recommends to
younger people. [0:30:52.7]
- How a persistent attitude served Bill when looking for a
publisher for his book. [0:33:07.4]
- The basic strengths and weaknesses of index funds.
- Bill's idea of a 'rich life' and what this means to him.
- How to 'dial in your power settings' with your financial
planning and common mistakes to avoid.
- Listening to your heart and finding the financial and
professional life that feels right.
- How dissatisfaction can lead to unhealthy spending habits!
- Bill's thoughts on the FIRE concept; pros and cons of adopting
the philosophy. [0:50:31.4]
- The impact that The Millionaire Next Door has had on
Bill's life and work. [0:51:48.2]
- How Bill defines success and the value he places on kindness.