About this episode
Quote of the Day A journey of a thousand miles begins with one step …Lao Tzu Upcoming Podcasts & Events Webinar w Scott Estill -former IRS Senior Trial Attorney -webinar to over 500 people -How to Plan for Tax Increases in 2022 -What’s included in the December 2020 stimulus Bill -Tax Reduction Strategies for 2021 *remember there is a difference between planning and tax prep Webinar w Mike Coval -Investor Strategies for Any Market -Mike is author of “A Trader on Wall Street” with decades of experience -Stocks, Options, Futures or Commodities -How to Eliminate 95% of all Risk in your trading -How to Create Consistent Income Monthly with Covered Calls -Trades that only take a Few Minutes each day or week Asset Protection & Wealth Creation Summit -Mastermind Community Members (free of course) get 2 VIP Tickets -Don Pendleton and Kendal Blunck….longest running financial edu co. -3 days of topics covering…asset, tax, estate, real estate, grants, stock -additional topics like IRAs, Residential Assisted Living, and more -Literally the top Experts in the World in one place Today’s Thought Creating a Stable Foundation of Financial Security and Wealth is KEY This is a great one, because i need this thought as much as each of you do. I’ve made a whole lot of money in my life. I’ve looked back and it almost kills me how much money I have “spent” vs “invested” in my life. But the journey of a thousand miles begins with a single step and I have been focusing on taking the necessary steps to hit some HUGE targets over the last couple years. Like you, I’ve spent money on things that impress others and create short term happiness. I’ve enjoyed the big houses, cars, travel, custom suits watches and tons and tons of fun things that money can buy. But when it is all said and done, it is important to remember that financial security, fulfillment and happiness (in my opinion) will always be tied to your ability to provide for you and your family and also create impact and impact (again in my opinion) is a whole lot easier with wealth that without it. So many problems in this world revolve around money, so it’s time you really doubled down on what you want to accomplish…YOU So I want you to think about a couple key things… Are you seeking Income or Net Worth (true wealth) -income is right now…net worth is long term What is financial security for you….? What are your numbers? 1-Financial Security- safety net of 6-12 months income/emergency 2-Financial Independence- replace your job with investments/self security 3-Financial Freedom- lifestyle from your investments/cash to retire My mentors have always taught me that the key to success financially is to have a couple of core values: -Gameplan -Scorecard -Accountibility -Progress Daily/Weekly *progress is the key…(like life) its not about the end goal each day. Do not overestimate what you can do in the short term ….and Do not underestimate what you can do long term Like the quote today...you MUST create a plan and start to execute becausesuccess comes over timebut only happens withaction in the moment. So here are some simple strategies to get you going today: -set up auto deducts in your bank account weekly -set up separate savings and tax accounts -pay yourself first -create a budget…mint (free easy tools) -set up triggers and reminders -find ways to isolate “no touchy money” -find a financial mentor -associate with like minded people -learn to look at everything as “investment or expense” -train your mind to focus on and seek what you desire -daily reminders *Remember, that it is important to create a plan but also to stick to a plan…which means that it is important to determine what fits inside your UT and also inside your area of interest. Don’t just chase the cheddar…money. It is my hope that you will begin to prioritize and work with what will take you closer to your goals through financial planning and discipline. Thanks for listening George Wright III