When most people think about assets that will build wealth, they think about the stock market and real estate.
While stocks and real estate are great investments, they are not even close to your greatest asset; yourself.
In this episode, I discuss why your human capital, aka “your ability to earn an income,” is by far the greatest asset in your financial tool belt and how you can unleash it.
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Topics covered in today's episode.
Why passive income is a myth
An example of how scalable income works
The simple path to wealth lies in keeping your expenses constant, increasing your income, and investing the difference
How scalable income helped me save my first $100,000
The road to saving $1 million
The goal of generational wealth
The cost of working two jobs
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Topics discussed in today's episode:
COVID-19 as an accelerant of change in the economy.
The importance of diversifying your income streams
Two types of side hustle to diversify your income
Are you a stock or a bond?
Working from home has torn down the final barrier to part-time entrepreneurship
Why a digital business works best as a side hustle
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Personal finance does not always need to be complicated!
When you boil it down; most personal finance problems can be solved through a combination of;
Making more money.
Cutting back your current spending.
That's why I call these the "two levers of financial independence." In this episode, we dive into each with examples.
In today's episode, I share "My debt story."
How I ended up $50,000 in debt.
What it was like living in debt.
How I paid it off.
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Download your free copy of our debt repayment calculator here: https://dogged-mover-9757.ck.page/02f14c2ca1
Today we are discussing all things related to "Emergency funds"
Why we need them.
How to use them.
How to build them.
Here is the link to the emergency fund savings calculator: https://dogged-mover-9757.ck.page/bb7c6b5e10
Here is the link to a brief course on "How to build a financial emergency fund": https://sso.teachable.com/secure/423017/checkout/2673312/how-to-build-a-financial-emergency-fund
This course is normally $10, but you get it for free by copying and pasting this coupon code at checkout: EMERG342100
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Topics covered in today's episode
My Definition of "Financial Freedom"
The math behind the Financial Independence, Retire Early (FIRE) movement.
Why the spirit and the math of FIRE are at odds with each other
How I plan on using my human and financial capital to move towards Financial Freedom and eventually Financial Independence.
In this episode, I share with you my specific definition of financial freedom and how writing down a specific definition of what financial success looks like to me has made it easier for me to make that goal become a reality.
Your task after listening to this episode is to write down your specific definition of financial freedom.
You can know everything there is to know about paying off debt, saving, and investing or anything to do with money, but it means nothing if you don’t have the right mindset.
When I say the right mindset, you simply need to believe that you can be successful with money. If you don’t have hope that things can get better than they are today, you will be far less likely to be financially successful.
I believe that the most crucial factor in developing the right money mindset is to have a powerful “why.”
Check out the YouTube video on finding "your why": https://www.youtube.com/watch?v=p6Y7GeF3L7I