Freedom Focus Podcast

10 Wealth Wisdoms To Live By (Part 2)

October 05, 2020 Brittany Davis Season 1 Episode 4
Freedom Focus Podcast
10 Wealth Wisdoms To Live By (Part 2)
Chapters
Freedom Focus Podcast
10 Wealth Wisdoms To Live By (Part 2)
Oct 05, 2020 Season 1 Episode 4
Brittany Davis

In this episode, we continue with the 10 Wealth Wisdoms To Live By. Be sure to listen to Part 1, but each one can be listened to independently.  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.

Resources:



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

Show Notes Transcript

In this episode, we continue with the 10 Wealth Wisdoms To Live By. Be sure to listen to Part 1, but each one can be listened to independently.  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.

Resources:



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

Brittany:

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. What's up everyone. And welcome back to another episode of the freedom focus podcast. I know it's been a long time and I promise you when I started this podcast, the intention was not to be a bimonthly podcast. Okay. Have a bimonthly release of episodes that wasn't the intention, but there's been as with everything about this year, there's been so much going on , um, with my family and , um, with the launch of my business, there's still no excuse, but I just gotta, I gotta let you guys in on the things that's been going on. So , um, my husband and I experienced two deaths within the same week in our family. And so going about seeing everyone and trying to maintain social distance and, you know, wear the mask and make sure you're protected. It's presented its own set of challenges, as well as dealing with the grief of loss. Um, we've had a situation where our storage unit was broken into. It's been just way too much happening in a short amount of time, but I am so glad to be back here working in, you know, engaging with my audience in another episode. I'm so thankful for the opportunities that I have had this year that have been good for me and my business. So, you know, I won't complain, but in this episode, we're just going to continue on with the 10 wealth wisdoms. I know in the first episode we had went over , um, the first five, the first five wealth wisdoms to live by. And in this episode, we're going to finish off with the numbers one through five through 10 . And I think it's where we're at. I think that is, I think we went from one to four on the last one, either way. I'll repeat number five if I need to. So , um, so let's jump right into it. The fifth wealth wisdom that I have here for you to live by is to never stop learning just as you would set aside money to invest set aside, time to learn about investing, right? You want to continue learning all that you can about better managing your cashflow and about what you're going to be investing in. Because we all know investing in that compound interest and time and money value, all of that works together to build wealth, essentially for you. Now you could invest in traditional means of, you know, the stock market mutual funds, things of that nature, but there are, there are a number of other ways that you can invest as well. You can invest in yourself by educating yourself, going to school, or you're going to invest by purchasing a franchise or starting a business. Investing is a relative term, right? It applies to any context that you use the word in, so don't be intimidated by it. But I think it's vitally important to learn about your chosen investment vehicle, because it greatly reduces the risk of avoidable losses. So you may have some losses in a lot of cases, but being educated, being prepared and knowing about your investments before you can jump into it and you put money and time into it, it saves you a lot of heartache and headache that comes with, you know , learning the process anyway. So make sure you're educated and you have some type of foundational knowledge of investments before you jump right in the second thing or the sixth . Number six of the wealth wisdom to live by is getting a raise. Won't solve the problem, meaning having more money won't always solve the problem. And the reason I say that is because there are people out there who make hundreds of thousands per year in a salary, and they're still having cashflow problems. They still have debt or dealing with that. They need to have paid off. And the reason for that is because when people receive an increase in income, they tend to increase their expenses. So you go and you upgrade your car, you get a new car for your new res you , um, I believe I went over this in another episode or previous episode, where to go and you upgrade everything in the, in your life that you can upgrade. You upgrade your cable, your internet, upgrade your house, of course, as, as your car. And those things come with bills a lot of times. And so when you have that, that raise or that increase in income and you increase your expenses right along with it, a lot of times it leaves you feeling like you don't have money. Again, again, you roll back into the paycheck to paycheck cycle. And so getting a raise, that's why I say getting a raised , won't always solve the problem. If you have a cashflow problem, you're always spending above your means. So you have to get that in check before you can improve any area of your finances. You have to know when to stop yourself. You have to know to save for investments and leave room for savings and paying yourself first. And then, you know, having fun at that point with what's left over. So that's number six, getting a raise won't solve the problem. Number seven is get help where possible. So if you are taking an honest assessment of your financial behavior this far in my reveal that you are not able or disciplined to stay on the path to wealth saving most of your income and growing your investments can be a boring process in the beginning. Of course. So in these cases, I recommend hiring a coach or a financial advisor. They can help you devise a plan and help you stay accountable. A financial coach such as myself will make sure that you don't forget about your goals and your vision for your life. So think of me as your personal trainer of your finances, not of your fitness, but of your finances. You know, when you go to a personal trainer, a lot of times you're in a situation where you want to lose some weight, you want to improve your health, your stamina , um , your strength, just different areas of your physical health that you want to improve will prompt you to go see a personal trainer in this case. So many people don't really seek out the help of a financial coach. And I don't know, it's just lack of awareness of financial coaches or trust as well, because, you know, if you know the whole Bernie Madoff situation, even though he wasn't an advisor , I don't think, but people tend to not trust , um, financial professionals. So , um, I'm glad that organizations like the CFP board and AFC PE, are working to improve that reputation of financial services by creating just an accountability system for professionals in the field. And so the , the same applies here for when you seek help from advisor or a coach, they hold you accountable to those things that you want when your emotions are high, and you're ready to make a purchase that you know, you don't need, or it doesn't fit into your plan. That's where a coach can come in and remind you of why you started on the journey, why you sought them in the first place. They'll keep you on track and help you meet your goals in that regard. But one of the greatest value adds a coach can provide you is peace of mind. And knowing that you have someone there to guide you as you start the journey. So this might be new to you. You have no interest in your finances. You hardly ever take the time to look at your budget or your cash flow statements or your financial statements in general. You don't want you ignore it. So a coach will help you on the journey, get started and share with you the knowledge that they have with all of these , all of the technical knowledge that you need to learn yourself in order to improve your finances. So that's number seven, number seven, kid help where possible before we continue in this episode of the podcast, here's a quick note from our sponsor. Many people want to get their finances under control, but don't know where to start. Personal finances can be challenging. It's tough to stick to a goal, especially when there are bills to pay. Then there's the overwhelming information. Just a quick Google search will bring up millions of results. Thankfully, there's a better way to take back control and save time in the process. My cashflow cure is an easy step by step system that helps in eliminating personal debt, building savings in reaching those financial goals, without learning any financial lingo or talking to a suffyadvisor. My cashflow cure creates money confidence. So there's no need to track every dollar or build a complex spreadsheet. Want to learn more? Just go to my cashflow cure.com/yes. Again, that's my cashflow cure.com forward slash yes. And get your financial house in order. So number eight is my favorite or one of my favorite strategies , um , is automating your finances. So automating your finances can make getting involved with your, with your , with your money on an intimate level difficult because you're not really touching it. Once you set it, it's a forget it type of thing, set it and forget it type of thing. But when you implement automation in your, in your wealth building strategy, it decreases your chances of deviating from your plan and increases your success. So if you know, your behavioral tendencies is to pull money out of your checking account and spending, spend it all in a weekend , um, automating that money to go to a savings account that you can barely touch will help you prevent that behavior from happening, happening again. So automating simply, it simply means putting your fixed bills on a, an autopay , uh , saving your money before you see it. So having your payroll department send that money that you're saving to a separate account, it'll automating that process. Um, also increases your chances of success and dedicating , um, consistent time and effort into developing your investment . So going back to always increasing and always learning in the area of investments that goes back to that. So make use of apps that are on the market. One in particular, that I'm a huge fan of is prism, which is an app that you can automate your bill pay. So automate your bill, pay for your utility bill, your insurance, your credit cards, anything that they have available on that app, any bills in particular, which they have a lot, they have, they have their bills divided up by category. So it'll be helpful for you. So you won't have to think about this one less thing that you have to think about, and you can focus on managing your spending and your saving. So, yeah. So that's number eight, automate your finances. I mentioned this in a previous episode before, it's one of my favorite strategies and I highly highly recommended. Number nine is stop saying that money isn't important. So I'm guilty of this. I used to be one of those people that say that money wasn't important, but what I fail to realize is most of my time when I was working full time, most of my time is spent working for money. The brutal truth I had to face was I wasn't happy with the day in and day out of a 40 hour work week at a job I didn't love. And I didn't want to admit it to myself. I knew very little at the beginning of my journey, I knew very little about money management or how to make money work for me. Um, and you know, if I was able to do that, I would have been able to free myself from , you know , the 40 hour work week status quo. So the lesson in this is money is important Because Time is important. If you value your time and you don't want to spend your life working for money, you have to learn how to manage it effectively, grow it, how to create it for yourself, because this is the system that we live in. Unfortunately, you know, it's easier to change yourself than to change outside circumstances. And so, you know, that's not to say that you can't change the world, but you have to start with yourself. That's the first place that you have to start is getting smart about money management, because money is a tool that must be used to your benefit and, or in turn, it will use you So Dumb, spin your life. Not, you know, thinking that money is an important thing because it is because you spend pretty much the huge chunk of your life working for it, unless you, you know, learn about it and become an avid investor and get money to working for you. And so the last of the 10 wealth wisdoms is give back. Now this may seem counterintuitive to some people. Um, when I say give the money that you create and that you build in the wealth that you build , give it back, but it's probably the second most important wealth strategy on this list. After making a plan, the logic behind generosity and giving back is as you helped improve the lives of others, they into in turn can grow to a point to give back to you. Um, meaning it's truly a gift that keeps on giving. If you have someone that is struggling and you, I don't know, you give them a job or you pay for their financial advisory. However, you may choose to give back to someone. And then they actually applied the help that you're giving them and they improve their financial situation they're in their life. And at that point, they can contribute back into the economy by being a consumer, being someone who is able to participate in the economy. Because a lot of times, you know, if people don't have money to spend, they're not going to be able to contribute to the economy in the market and helping it grow. So that's what I say. You know, giving back as it has a profound impact on your inner wellbeing as well, that motivates you to grow your wealth so that you can greatly impact the lives of others. More greatly impact the lives of others. You know, we are, our lives are interconnected. We depend on each other , um , all of us. So it's vitally important that you make giving back a part of your wealth building strategy. As we close out this episode of the freedom focus podcast, I want to ask you a few questions with all that's happened in this country with COVID-19 and the election and the pandemic, and a lot of people being laid off from their jobs. I want to know if you are among those that have struggled with your finances, are you struggling to pay your bills each month? Are you struggling to save? Are you struggling just to pay off debt? Maybe you still have your job, but you're struggling to pay off debt. And that's been one of your goals for years now. I want you to check out my cashflow cure. My cashflow cure is my $37 course. That will help you with all of those things that I mentioned earlier. It'll help you stop living paycheck to paycheck and get you on a path to paying down debt and saving for investment . So if that sounds something that it likes something that interests you. I want you to go to my cash flow , cure.com forward slash yes. And sign up again. That's my cash flow, cure.com forward slash yes. Check it out and let me know what you think until next time I look forward to speaking to you all . Hey, you still there. If say that means you like what you hear and you want to learn more. Check us out on Instagram at Brittany Davis , online at Brittany Davis dot 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.