About this episode
This week I want to talk to you about something that’s near and dear to everyone’s heart. MONEY. I can’t give you specific advice or a great stock tip, but I can talk to you about some FINANCIAL SECURITY PRINCIPLES I’ve used over the years to build a significant amount of wealth. Let’s start with some basics… First, you must create a SAVER’S MINDSET. LOCK THIS IN. If you can’t save money when you don’t have much, you won’t save money when you have a lot of it. Saving money is a HABIT. So, the The very first thing you must decide is if you are A SAVER OR A SPENDER? Part of this includes AUDITING how you spend your money. Do you know how much you spend on Starbucks, Amazon, DoorDash, streaming services, and other discretionary things each month? Next, what is your attitude toward DEBT? The cost to borrow money on a depreciating asset is EXPENSIVE. It can make sense to LEVERAGE MONEY on an appreciating asset, but you’ve also got to pay really close attention to how much and how often you do that as well. Also ask yourself HOW LONG COULD YOU SURVIVE if all your income immediately stopped? Six months? Six years? At some point, you won’t work anymore, and NOW is when you make plans for when that happens, because at some point that will be a reality for all of us. The BOTTOM LINE on your bottom line is this. YOU DON’T BECOME WEALTHY BY MISTAKE. You become wealthy through the right habits COMPOUNDED over time. Become disciplined and zealous about how you handle your DOLLARS AND CENTS. It’s the only thing that makes SENSE if you want to become wealthy over time. Learn more about your ad choices. Visit megaphone.fm/adchoices