Freedom Focus Podcast

10 Wealth Wisdoms To Live By (Part 1)

August 20, 2020 Brittany Davis Season 1 Episode 3
Freedom Focus Podcast
10 Wealth Wisdoms To Live By (Part 1)
Chapters
Freedom Focus Podcast
10 Wealth Wisdoms To Live By (Part 1)
Aug 20, 2020 Season 1 Episode 3
Brittany Davis

2020 has been eye-opening for many people financially. Lack of access to financial education and planning has been brought to the forefront. I was inspired to share 10 wealth wisdom for if and when we get out of this chaotic state of affairs. What can you do to kick-start your financial transformation? Stay tuned.


If you have any interest in this field, check out the links below. Feel free to email me with any questions you have. 

Resources:





My Cashflow Cure
MY CASHFLOW CURE is an easy step-by-step system that helps in reaching those financial goals.

Show Notes Transcript

2020 has been eye-opening for many people financially. Lack of access to financial education and planning has been brought to the forefront. I was inspired to share 10 wealth wisdom for if and when we get out of this chaotic state of affairs. What can you do to kick-start your financial transformation? Stay tuned.


If you have any interest in this field, check out the links below. Feel free to email me with any questions you have. 

Resources:





My Cashflow Cure
MY CASHFLOW CURE is an easy step-by-step system that helps in reaching those financial goals.

Brittany (00:02):

Welcome to the freedom focus podcast. I'm your host, Brittany Davis, Brittany Davis. Your favorite financial counselor. Stay tuned as we explore strategies, tips and advice on being financially free to live our best life. So grab your tea or your coffee, sit back and enjoy the show

Brittany (00:31):

What is up, You guys. I know it has been forever and a day since my last recording of a podcast episode. So thank you so much for tuning in. Um, I promise to improve and get more consistent, but the reason for my absence is because I've been working on a project. So I've had good reason to be out. I am getting ready to launch a you'll find it out. I'm not going to reveal it to you, but, um, since June, you know, so much has happened and not necessarily for the best in this country. And I don't want to get bogged down by that. The purpose of this episode is to inspire and encourage and, um, give you some type of hope in your, in your life, in your financial life as well. The title pretty much of this episode is about 10 wealth wisdoms that you can carry forward after this pandemic is over, or you can start it during the pandemic, whichever works best for you, but that's the premise of this episode. So stay tuned to hear more.

Brittany (02:10):

So these 10

Brittany (02:12):

Wealth wisdoms will be broken into a two part series. I won't reveal them all in this one episode because I know the thought of going through 10 points is a bit daunting, but, uh, it will be broken up into two parts. So of course, 2020, we all know has been very eyeopening for so many people, financially, lack of access to financial education and planning has been brought to the forefront. So, you know, maybe you didn't think about saving for an emergency or, um, having just a cushion of money between each paycheck that you could live off of in case something were to happen to where you couldn't work anymore. And now that we have COVID-19 going on and the pandemic and people being laid off and the work environment being so different, it has brought financial situations and financial education and planning to the forefront of everybody's minds.

Brittany (03:26):

You know, a lot of people weren't thinking about these situations because they weren't real, you know, they didn't apply to them. So, um, but like I said, the purpose of this episode is to inspire you, not to discourage you or make you feel guilty about it because 70% of America thinks this way. So you're not alone and you don't feel bad. The system has been set up, I believe for you to be in this exact position. You know, if you've ever done research and I encourage you to Google it, but if you've ever done research on the wealth shift, these things tend to happen. When there's a downturn in the economy where people lose their stake in their businesses, they lose their homes. And then people with all this extra money, all this extra wealth can come along and purchase it up for their benefit.

Brittany (04:25):

So I won't go into that. And that's a tangent. We can save that for another episode, but the purpose of this episode is to give you 10 wealth wisdoms of your own that you can carry forward after this point. So let's get started. The first one is to be mindful of how you spend your time. So break out your phone right now, especially those of you that have an iPhone. And I think it's in the settings, a portion of your phone. If you can go there and figure out how much time you're spending on social media in a week, in a week's time, if it's 40 hours a week, you are literally spending a full time jobs worth of hours on social media. And you may not have realized it. Many people aren't mindful of how much time they're spending on social media and on their phones in general.

Brittany (05:34):

And I've been guilty of it. I'll admit I spend too much time on my phone and on social and I make the excuse that, Oh, it's a part of my job to be on social media, but I don't need to spend nearly as much time as I do on there, but like money, your and your attention must be protected. Living in this information. Age means there are more distractions than ever that deter us from reaching our highest potential. So watching someone else live their best life has become a form of entertainment. But for those who want to achieve goals, this can be devastating and discouraging. It can be depressing as well. Um, and you don't want to fall into that trap because you're sitting there and you're watching someone else live their life and it's taking you away from your own. And from you being appreciative of the things that you have.

Brittany (06:48):

So, uh, yeah, precious time and money is wasted. Keeping up with whomever is trending at the moment and feelings of self doubt and defeat can be triggered when comparing your life to someone's highlight reel because that's what social media is a highlight reel. So make sure you spend your time doing things that add value to your life because of all of the resources, including money, time is our most limited access. And 2020 has shown us that you cannot get that time back. Your life can be over in an instant. So make sure you're being mindful of how you spend your time.

Brittany (07:37):

The second point is about having a financial mission statement. So if you have a vision for your life, if you want to be financially free and able to dictate your time, the way that you want, then having a financial mission statement is a requirement. If you've ever heard of this statement, let the mission be greater than you. Then you understand that having a deeper understanding, a deeper motive of why you want to achieve financial freedom will keep you motivated through the tough and often boring times of building wealth, essentially because it's a, it's a boring process process. It takes time and it can be boring depending on depending on the route that you take. So having a financial mission statement is that thing is that vision that you have for your life. I want you take it a step further and imagine what the first day of your financial freedom looks like.

Brittany (08:53):

Who's there with you. How will you spend your time now that you're free and work is optional, and you've done the deed of building your own financial independence. How will that feel for you? That's why it's so important to have a financial mission statement and a vision written down, making it tangible will bring it closer to your reality. So make that a priority in your wealth planning process and in your wealth building process is having a vision and a financial mission statement, but that's the single most step in the wealth building process for a lot of people is mapping out a plan for their money, right? And it's probably the most important step of all of the strategies that I mentioned today because the majority of people fail to be intentional with their money. It explains why Friday, when you get paid, do you have money?

Brittany (10:08):

And then by the, by the time Monday rolls around, you're broke AF right, the paycheck to paycheck cycle that we all know about. So when you have a plan for building wealth, you understand that your goals, your priority out, right, outweigh that thing that you want to buy, that shoe sale, that Bath and Body Works sale that's so tempting to buy even more candles that in you already have 10 that you haven't used. I see you. It makes you conscious of that. If that purchase, isn't a part of your plan and it can be a part of your plan. That's not to say that you can't make something that you love or part of your, your cashflow or your budget plan. But if it will knock you off course, then you know, it's not worth it. So if you say that you want to build up to a million dollars in savings and retirement savings, then how will you get there?

Brittany (11:13):

What steps will you take? What investments will you make to make that a reality for you and your finances? That's something that you have to think about. And sometimes it involves getting help from a professional and having someone manage your money, but make sure in any of those situations that you understand what you're getting into, because that's the worst thing to have someone that understands money better than you take that money away from you that you've earned and you've worked hard for. So that's the next step is map out a plan for your money and be intentional about the decisions on how you behave with your money and your spending triggers be aware of that, because it can make all the difference in you getting from point A to point B, how will you get there? Map out a plan. Getting to that investment that you want, or that $1 million that you want will involve saving.

Brittany (12:23):

So, so many people realize that they need to save for a rainy day or an emergency fund, but they don't realize that they also need to save for investments. So being intentional on building wealth also means saving for it. The popular advice tells people to save three to six months worth of expenses. And new advice tells you also to max out your retirement accounts and while that's good advice, no one really mentions that people should save for investments that impact their cashflow TODAY. This could mean saving to pay off higher high interest in that it's an investment because the interest that you're paying towards that debt, that 25% interest rate on credit cards is going to eat away at any gains that you have in investments. So you want to make sure that you pay off that high interest at first, but building in saving for business, that's an investment.

Brittany (13:35):

So don't say just to buy a house, so to speak, save to and invest in a rental property. Let those investments buy those toys that you want. Don't save to buy the toy first, and then invest later, save to buy the investment first and get your priorities in order and always save by investments. Okay, so the last and fifth wealth wisdom of today is to make behavioral changes. You have to address the root of the issues in your spending and money management behavior. If you have a habit of carrying a balance on your credit cards from month to month, it means that you might have a overspending problem and need to stop using said credit card for your spending, and just depend on a debit card. You have to make that change in your behavior and put in the necessary parameters to ensure that you do that.

Brittany (14:45):

That's why I believe in automation. I think that if you have a habit of, let's say overspending on your credit card, I think a good idea for you might be to use a reloadable debit card for your general or variable expenses. You know, like your groceries or clothing, shopping, things like that. I advise my clients to use a reloadable debit card for those expenses, because once the money is gone, it's gone. And I also advise my clients to set their bills to be paid off on an automatic basis so that you don't have to worry about being late on your bills. And, um, one resource that I'll mention here is an app called Prism. It allows you to pay your bills automatically every month, and it gives you a reminder of when your bills are due. So check that out. I'll make sure to link that below, but yeah, you have to make the behavioral changes to reach your goals.

Brittany (15:51):

If you know that you have certain spending triggers, like a certain thing just makes you spend more. I don't know, a sale makes you spend more than you ordinarily would. I know a lot of people who, you know, just because there's a sale, they think that they have to buy, right? And they probably didn't have the intention of buying whatever they're purchasing. But because there is a sale, you know, you, you gotta get the sale and take advantage, right? No, you don't because a lot of times those items just collecting, you never ended up using it if you're being honest. So make sure you make those behavioral changes and you're aware of your spending triggers and things that make you spend and take action on things that you could do to change the situation. Like I said, the actions that you could take right now is to not use your credit card.

Brittany (16:52):

If that's, if that's a spending trigger for you and you overspend use a reloadable debit card instead, and only put so much on that card. So make the mental shift, make the behavioral change, do what you have to do. It's simple, but at the same time, it can be difficult for some people. But if you set the parameters and put rules in place, so to speak, then you can get it done. So if you weren't paying attention or my five wealth wisdoms of today got lost in translation, I'll just recap them for you. It's be mindful of how you're spending your time, have a financial mission statement, map out a plan for your money, save for a rainy day and for investments and make behavioral changes. Tough times are what teaches us those hard lessons when we make, make it through them. And 2020 is definitely one of those tough lessons for our society.

Brittany (18:14):

It definitely is. So now I'm not ignoring, like I mentioned, at the start of the episode, I'm not ignoring this extreme wealth divide that we have in this country. Believe me, I'm fully aware of this problem, but still the doesn't dismiss us from the responsibilities that we have for managing our resources, our resources, being our time, our health, our energy, and, and our money. We are the appointed stewards of all of those resources. So regardless of external circumstances, we have to be responsible and knowledgeable and conscious of how we're handling those resources. So all of these things are within our control. And if we don't manage what we are really have wisely, we can't be disappointed when things don't show for us, meaning we don't have anything to show for it as a result of getting all this money. And if you think about all of the money that you've earned in your lifetime, from the first job that you've ever had, since you were of working age, all of the money that you've earned, how much of the have you captured? How much of that have you saved or invested and flipped essentially? Think about that.

Brittany (19:51):

What are you doing with your limited resources? Is the question let's talk about it. Stay tuned for the next episode as we cover the next five wealth wisdoms to live by. Have an amazing week.

Brittany (20:10):

Hey, you still there? If so, that means you like what you hear and you want to learn more. Check us out on Instagram at The Brittany Davis, online at brittanydavis.com and here on the freedom focus podcast, stay tuned for the next episode. And I look forward to speaking to you all next time.