April 3, 2024 • 18 mins
In this episode, Lachlan Stuart discusses the importance of financial wellbeing and shares his personal journey towards improving his own financial situation. He emphasizes the key components of financial wellbeing, such as cashflow, savings, and investments.
Lachlan provides a framework of financial checkpoints, ranging from financial dependency to financial abundance, and encourages listeners to determine their own financial goals. He also highlights the importance of having a growth mindset when it comes to money and offers practical tips for learning and improving financial literacy.
Takeaways
- Financial wellbeing is an important aspect of overall wellbeing, and it includes components such as cashflow, savings, and investments.
- It's important to determine your own financial goals and work towards achieving them.
- Having a growth mindset when it comes to money is crucial for learning and improving financial literacy.
- Investing 15-30 minutes a day into learning about personal finance can help remove financial stress from your life.
- There are resources available, such as books and podcasts, that can help improve financial literacy and provide guidance on financial planning and investing.
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Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 0 (00:00):
financial wellbeing.
Stop ignoring this.
This is from a recentnewsletter I put out and I've
linked it below if you want tosee the images and references to
this episode.
But I want to talk about money.
It is something that a lot ofpeople avoid and over the years
as I've had this podcast, Ifirst started utilizing it to
improve my communication.
(00:20):
Then I was learning from peoplefrom all walks of life, but at
this point I believe, off theback of our workshop over the
last weekend, a lot of feedbackwas to have conversations around
different areas.
Now I don't sit here claimingto be a financial expert, but
what I wish I got to learn manyyears ago was from people like
(00:42):
myself, or those of you who arelistening, who could share
things that they were looking ator interested in to improve
wealth.
Right Financial wellbeing, muchlike your mental wellbeing and
your physical wellbeing, has keycomponents, so I would look at
it like cashflow, savings,investments, et cetera, and so
that's what really inspired thisnewsletter and today's podcast.
(01:06):
So I hope you guys get valuefrom it and wherever you're
listening to this on whetherit's YouTube, spotify, apple,
wherever else you get yourpodcasts I would love to have a
discussion thread below aroundthings that maybe I've missed or
points that you'd like to addto it, because this is a
conversation and it's somethingthat we will be discussing a lot
more within our man that Cancommunity that you guys can head
(01:29):
over and join.
The link is below for just 20bucks a month.
It's a very simple one, butjust more to continue these
conversation.
So let's talk money.
It's the thing that apparentlymakes the world go around.
If you want to live a good life, you must have a lot of it
right Wrong.
I thought that for a very longtime, and what I'm about to talk
(01:51):
to you about will help you gaina greater understanding and
also create definitions andideas around what money looks
like for you and what wealthlooks like for you and success.
So do you feel uncomfortablewhen money is mentioned, whether
you get asked how much do youearn or you are waiting on a
price for something, sittingthere sweating about it going.
(02:13):
I hope I can afford this.
The truth is, money and sexseem to be taboo topics of
conversation for most.
I want to provide a newunderstanding for you and share
what I've personally done.
Not for financial advice, as Isaid.
I just wish more people sharedthings they did when I was stuck
so I could start doing my ownresearch to see what may work
(02:36):
for me.
The key if you takeresponsibility, invest 15
minutes a day into learning, youcan remove financial stress
from your life, and I'm going toattach some helpful books at
the end that will allow you tostart this journey.
So we're going to discusslevels of financial freedom, why
people avoid money, financialbasics.
(02:58):
I used to dislike money becauseI had none.
I would tell myself people withmoney rip others off.
Money doesn't buy happiness.
People with money lose family.
They sacrifice everything toachieve it.
What I realized was money wasjust a resource like food, water
or a car.
It can serve needs, but itsvalue comes through what you can
(03:19):
do with it.
I still remember the day Icommitted to making some money.
I had this shift that I wantedto have a great life and that I
deserved it.
A million bucks seemed like thegood number.
I remember sitting therethinking, yep, that's the one
that's going to make me asuccess that will solve all of
my issues.
I was so sick and tired ofstruggling and I was so stoked
(03:40):
to think, if I can do this,everything else in my life is
going to be a million timeseasier.
Literally, it was the decisionthat changed everything, and
what I'm about to share was whatI wish I knew.
Money is a resource.
It's an exchange of value.
It allows you to exchange itfor what you've got.
Some men feel the needs to makelots, others are happy with
(04:02):
little, and there is no right orwrong, and I want that to sink
in for you as you're listeningto this.
You may be comparing and youmay have set the number that you
feel you need to live, basedoff of what society tells you,
or a random number, but thingsthat you need to think about,
and I'm going to go through atable in a moment and, if you
haven't looked at it, definitelyclick on the newsletter below
(04:24):
to see the photo, and I'llactually post it on Instagram,
but it doesn't need to becomplicated, right?
It's really about knowing whatyou want.
As with everything in our life,I like to find a framework that
provides direction and clarityfor what I can focus on, and
it's something that I use withmy clients as well.
Then I adapt it along the wayto utilize it to suit my needs,
(04:45):
so I would encourage you to dothe same.
So here are a few financialcheckpoints that I've stumbled
across and, as I mentioned, goto the newsletter if you want
these written down.
The first one is financialdependency.
So, if you're in that position,your reliance on others for
financial support, includingfamily and government assistance
(05:06):
.
The second one is financialsurvival Living paycheck to
paycheck, struggling to coverbasic expenses with little to no
savings.
The third one financialstability.
It's your ability to meetliving expenses with
discretionary income for savingsand entertainment, and it's
like your beginning of consciousbudgeting being intentional.
(05:28):
The next one is debt freedom no, non-mortgage debts.
What a space to be in.
I've never been a person whoreally likes debt.
So more income can be allocatedtowards savings, investments
and financial goals.
The next one financial security.
So savings and investmentscover basic living expenses for
a significant period withoutemployment income and a
(05:53):
financial safety net isestablished.
Financial independence incomefrom savings and investments
suffice to cover all of yourliving expenses indefinitely
without the need for employment.
That for me, was a light bulbmoment and that for me, is where
I desire to be.
And when we look at I mightcover this later in the
(06:16):
newsletter, but I'm going roguehere, going off script but when
we think about that.
We can either continue to haveto increase our investments, so
what our return on investmentswill be to cover a higher cost
of living, or or we can bringour cost of living down to meet
where we are at and you get todecide what that looks like for
you, based on what you or howyou want your life to look.
(06:39):
The one after financialindependence is financial
freedom.
Wealth allows for a luxuriouslifestyle and the ability to
afford high quality experiencesand support charitable causes
freely.
Look, I like the sound of that,but I also personally don't
believe I have the know-how,drive and ambition to achieve
(06:59):
that.
I love too many things outsideof work from my training and
family life, et cetera to wantto do that Now.
Having said that, maybe in thefuture, as I achieve other goals
, I'll be like oh, it's possiblefor me and it's not too far out
of reach.
So we'll reconsider that astime progresses, but for now, as
I'm recording this, that'swhere I'm at Final one financial
(07:20):
abundance Wealth generationexceeds all personal needs and
desires, enabling legacybuilding and significant
philanthropic efforts Cool.
So after I found the checkpointsabove, I recognized pretty
quickly that I didn't need $1million to live a great life and
chances are you don't either.
I looked at the list and onespecifically jumped out at me,
(07:43):
as I mentioned, and that wasfinancial independence.
I loved the idea of having mymoney work for me so that I can
have choice.
Not because I don't want towork I really enjoy the man that
Can project and what I do forwork but I wanted to be able to
have choice without thefinancial stress, and I'm sure a
lot of you can relate to that.
So yours may be different aswell, and that's completely fine
(08:06):
, but we're all different andthe thing is knowing there is no
right or wrong.
You work to what you want.
Every decision requires adifferent sacrifice and
something that I was thinkingabout today and this is not in
the newsletter, but I waschatting with a client and he
was asking okay, well, if Idesire financial independence
(08:27):
and I have my idea of what thatlooks like and a rough number
how do I then startbrainstorming what else could
fall into that?
And one of the easiest things Ithought of was literally
getting chat GPT, writing inchat GPT, exactly what you've
just thought of.
So I would love to achievefinancial independence in 10
(08:48):
years time.
My current salary is X.
I'm looking at some investmentopportunities.
Could you list some and help meso I can start researching more
and speaking to financialadvisors, et cetera, but I would
love to do this in four hours aweek or whatever it may be.
Could you please list down 10to 20 questions that I should
start thinking about and answer,and for me, that would be
(09:10):
something then that I would takeinto my daily journaling to
start thinking about a littlebit more, because the more you
think about things, you can seeproblems that potentially you
didn't consider.
You may see or providesolutions a lot quicker to those
things.
So you can fast track yoursuccess or maybe give it if you
need to.
So you must make your decisionand be comfortable with the
(09:31):
outcome of that decision.
So make sure once again you'retalking to people about this,
speak to people who have thoseresults, read books on it.
There's so much research thatgoes into obviously making money
.
That's why a lot of peoplenever do it.
But, as I said, a great littletip is just that 15 minutes a
day for a sustained period oftime.
So if you're like I was, you'rebound to have some poor beliefs
(09:53):
around yourself and money Falsemoney.
Beliefs can be like I don'thave time to make money, I don't
have money to invest, I havetoo many expenses.
What if I lose my money?
Money will make me evil.
They're an example of some.
I'm sure you can add to thatlist If it crosses your mind.
You don't have a money problem.
You have a mindset problem.
So I want you to read lastweek's newsletter, which I've
(10:15):
linked there as well, for moreon overcoming that with your
mindset.
But to the point of mindset,you must have a growth mindset.
This means you believe that youcan learn or acquire anything
you desire to achieve.
The truth is, you won't alwayshave time, you won't always have
the money to invest and youwill lose money.
That's guaranteed.
(10:36):
That is why most men remainstuck is because they don't want
to fail, and your relationshipwith failure has to change,
because failure provides lessonsand feedback in order for you
to make continued progress.
So if you want a differentoutcome, you need the different
inputs or new inputs, andthere's never going to be that
perfect time.
(10:56):
So when you view creating wealthwith a growth mindset, you
understand that the best actionis to, yes, start.
This will highlight what youactually know about money and
what you need to learn.
So things you need todifferentiate here.
And once again on thenewsletter, I have a fixed money
mindset and a growth moneymindset, so I'm not going to
(11:18):
read all of them just because Iwant to be mindful of time, but
I'm going to read the top twofrom the fixed money mindset.
I'm going to read the top twofrom the growth money mindset.
So, fixed money mindsetscarcity and limitation the
belief that there is a finiteamount of wealth they can
achieve which limits theirfinancial goals.
Secondly, avoidance offinancial risk due to fear or
(11:43):
fear of loss or failure avoidingopportunities.
That requires financial risk,even if they offer potential
rewards.
Now let's go to growth mindset.
So first one see opportunitiesfor abundance, believing in the
potential growth and thatactions can significantly impact
your financial wellbeing.
Second, one embrace challenges,viewing financial obstacles as
(12:07):
the opportunities to learn anddevelop stronger money
management skills.
There is two key differenceshere and if you don't have a
growth mindset, you're going toreally struggle to improve any
area of your life, not justfinances.
Working on having a growthmindset, especially with money,
opens you up to more opportunityhands down.
(12:27):
It doesn't take away the workthat will need to be done.
It's not as easy as a lot ofpeople are saying on the
internet.
You have to learn and,depending on where you're, your
journey is going to be differentfor everyone.
But my initial thoughts sorry,my initial thought is can you
imagine a life without financialstress?
I want you to think about whatthat would feel like, knowing
(12:48):
that you wouldn't have to stressevery time a bill came in, and
how would that change your life?
How would that change your moodand your relationships?
It's possible for all of us,but there is a price.
Relationships it's possible forall of us, but there is a price
.
That is why I believe ingetting clear on what checkpoint
suits you and the life that youwant.
As I mentioned before, for methat was financial independence.
(13:09):
From there, you can get clearon what the number is to achieve
that.
So, for example, I've got alittle diagram here about
financial independence, becauseannual expenses totaling up all
your expenses for the year, theexample is $52,000.
So therefore, your investmentsmust be returning $52,000 a year
so you can live without needingan income.
(13:32):
Once you've got an idea of that, you can then go cool.
My next step is to researchways to achieve that and from
the answers to that question,you're going to provide or
create some new questions thatyou need to once again find
answers for.
Don't make it complicated.
There are books, podcasts,financial advisors who can help
(13:52):
set you up the roadmap.
From there you will have theaction step to move towards your
financial goals and I rarelytalk about money within the man
at Camp project, but it's beensomething I've been upskilling
in for years.
I own an investment property,crypto stocks and two businesses
.
I have made plenty of mistakes,lost thousands of dollars, but
(14:12):
I'm continuing to learn.
I know what my financial numberis to live a great life, and I
have a plan to get there, and soI want to talk about it a
little bit more so that those ofyou who aren't doing that will
start thinking about that moreas well.
I'm going to continue to sharewhat I learned on the journey to
taking control of my financialfuture, because not only has
(14:35):
learning to improve my financiallife improved my wealth, but
it's also starting to improveother areas of my life, because,
as I speak about a lot withyour mindset, with your health,
with your relationships, whatyou learn there can be
transferred into other areas ofyour life, which is really cool.
So some key areas to startlearning about are these Number
(14:56):
one planning, so budgeting,financial goal setting and risk
management.
Number two saving, so youremergency fund and short-term
goals.
Number three investing, assetallocation and compounding.
They say the compoundinginterest is one of the wonders
of the world and it's a bloodybeautiful thing.
(15:16):
So there is.
I guess the key from here for me, for you guys, is to be patient
and just invest 15 to 30minutes a day into learning
about everything I've discussedabove.
Once you start with thoseinitial questions, you can start
finding books on specificthings or podcasts or people to
follow on social media tocontinue upskilling and asking,
(15:36):
I guess finding more information.
So there's no reason why youcan't take control of your
finances.
Thanks for listening this week.
Make sure you subscribe and ifyou want to see the charts and
ideas that I compile on theweekly newsletter link is there
and I'd love to see yousubscribe that comes out every
Sunday morning, australianEastern Standard Time.
Some books for you to read, andthese are linked once again in
(16:00):
the show notes the Psychology ofMoney, timeless Lessons of
Wealth and Greed and Happiness.
Then we've got.
Sorry, I said the Psychology ofMoney, I'll put it in there
twice Whoops, but the BarefootInvestor.
For those of you who are inAustralia Rich Dad, poor Dad,
some that come to mind so makesure you check those out.
They've had a significantimpact on my life and I'm sure
(16:24):
they will for you.
Make sure you hit subscribe,share this if you got value from
it.
I look forward to you engagingin the comments below.
Cheers.
financial wellbeing.
Stop ignoring this.
This is from a recentnewsletter I put out and I've
linked it below if you want tosee the images and references to
this episode.
But I want to talk about money.
It is something that a lot ofpeople avoid and over the years
as I've had this podcast, Ifirst started utilizing it to
improve my communication.
(00:20):
Then I was learning from peoplefrom all walks of life, but at
this point I believe, off theback of our workshop over the
last weekend, a lot of feedbackwas to have conversations around
different areas.
Now I don't sit here claimingto be a financial expert, but
what I wish I got to learn manyyears ago was from people like
(00:42):
myself, or those of you who arelistening, who could share
things that they were looking ator interested in to improve
wealth.
Right Financial wellbeing, muchlike your mental wellbeing and
your physical wellbeing, has keycomponents, so I would look at
it like cashflow, savings,investments, et cetera, and so
that's what really inspired thisnewsletter and today's podcast.
(01:06):
So I hope you guys get valuefrom it and wherever you're
listening to this on whetherit's YouTube, spotify, apple,
wherever else you get yourpodcasts I would love to have a
discussion thread below aroundthings that maybe I've missed or
points that you'd like to addto it, because this is a
conversation and it's somethingthat we will be discussing a lot
more within our man that Cancommunity that you guys can head
(01:29):
over and join.
The link is below for just 20bucks a month.
It's a very simple one, butjust more to continue these
conversation.
So let's talk money.
It's the thing that apparentlymakes the world go around.
If you want to live a good life, you must have a lot of it
right Wrong.
I thought that for a very longtime, and what I'm about to talk
(01:51):
to you about will help you gaina greater understanding and
also create definitions andideas around what money looks
like for you and what wealthlooks like for you and success.
So do you feel uncomfortablewhen money is mentioned, whether
you get asked how much do youearn or you are waiting on a
price for something, sittingthere sweating about it going.
(02:13):
I hope I can afford this.
The truth is, money and sexseem to be taboo topics of
conversation for most.
I want to provide a newunderstanding for you and share
what I've personally done.
Not for financial advice, as Isaid.
I just wish more people sharedthings they did when I was stuck
so I could start doing my ownresearch to see what may work
(02:36):
for me.
The key if you takeresponsibility, invest 15
minutes a day into learning, youcan remove financial stress
from your life, and I'm going toattach some helpful books at
the end that will allow you tostart this journey.
So we're going to discusslevels of financial freedom, why
people avoid money, financialbasics.
(02:58):
I used to dislike money becauseI had none.
I would tell myself people withmoney rip others off.
Money doesn't buy happiness.
People with money lose family.
They sacrifice everything toachieve it.
What I realized was money wasjust a resource like food, water
or a car.
It can serve needs, but itsvalue comes through what you can
(03:19):
do with it.
I still remember the day Icommitted to making some money.
I had this shift that I wantedto have a great life and that I
deserved it.
A million bucks seemed like thegood number.
I remember sitting therethinking, yep, that's the one
that's going to make me asuccess that will solve all of
my issues.
I was so sick and tired ofstruggling and I was so stoked
(03:40):
to think, if I can do this,everything else in my life is
going to be a million timeseasier.
Literally, it was the decisionthat changed everything, and
what I'm about to share was whatI wish I knew.
Money is a resource.
It's an exchange of value.
It allows you to exchange itfor what you've got.
Some men feel the needs to makelots, others are happy with
(04:02):
little, and there is no right orwrong, and I want that to sink
in for you as you're listeningto this.
You may be comparing and youmay have set the number that you
feel you need to live, basedoff of what society tells you,
or a random number, but thingsthat you need to think about,
and I'm going to go through atable in a moment and, if you
haven't looked at it, definitelyclick on the newsletter below
(04:24):
to see the photo, and I'llactually post it on Instagram,
but it doesn't need to becomplicated, right?
It's really about knowing whatyou want.
As with everything in our life,I like to find a framework that
provides direction and clarityfor what I can focus on, and
it's something that I use withmy clients as well.
Then I adapt it along the wayto utilize it to suit my needs,
(04:45):
so I would encourage you to dothe same.
So here are a few financialcheckpoints that I've stumbled
across and, as I mentioned, goto the newsletter if you want
these written down.
The first one is financialdependency.
So, if you're in that position,your reliance on others for
financial support, includingfamily and government assistance
(05:06):
.
The second one is financialsurvival Living paycheck to
paycheck, struggling to coverbasic expenses with little to no
savings.
The third one financialstability.
It's your ability to meetliving expenses with
discretionary income for savingsand entertainment, and it's
like your beginning of consciousbudgeting being intentional.
(05:28):
The next one is debt freedom no, non-mortgage debts.
What a space to be in.
I've never been a person whoreally likes debt.
So more income can be allocatedtowards savings, investments
and financial goals.
The next one financial security.
So savings and investmentscover basic living expenses for
a significant period withoutemployment income and a
(05:53):
financial safety net isestablished.
Financial independence incomefrom savings and investments
suffice to cover all of yourliving expenses indefinitely
without the need for employment.
That for me, was a light bulbmoment and that for me, is where
I desire to be.
And when we look at I mightcover this later in the
(06:16):
newsletter, but I'm going roguehere, going off script but when
we think about that.
We can either continue to haveto increase our investments, so
what our return on investmentswill be to cover a higher cost
of living, or or we can bringour cost of living down to meet
where we are at and you get todecide what that looks like for
you, based on what you or howyou want your life to look.
(06:39):
The one after financialindependence is financial
freedom.
Wealth allows for a luxuriouslifestyle and the ability to
afford high quality experiencesand support charitable causes
freely.
Look, I like the sound of that,but I also personally don't
believe I have the know-how,drive and ambition to achieve
(06:59):
that.
I love too many things outsideof work from my training and
family life, et cetera to wantto do that Now.
Having said that, maybe in thefuture, as I achieve other goals
, I'll be like oh, it's possiblefor me and it's not too far out
of reach.
So we'll reconsider that astime progresses, but for now, as
I'm recording this, that'swhere I'm at Final one financial
(07:20):
abundance Wealth generationexceeds all personal needs and
desires, enabling legacybuilding and significant
philanthropic efforts Cool.
So after I found the checkpointsabove, I recognized pretty
quickly that I didn't need $1million to live a great life and
chances are you don't either.
I looked at the list and onespecifically jumped out at me,
(07:43):
as I mentioned, and that wasfinancial independence.
I loved the idea of having mymoney work for me so that I can
have choice.
Not because I don't want towork I really enjoy the man that
Can project and what I do forwork but I wanted to be able to
have choice without thefinancial stress, and I'm sure a
lot of you can relate to that.
So yours may be different aswell, and that's completely fine
(08:06):
, but we're all different andthe thing is knowing there is no
right or wrong.
You work to what you want.
Every decision requires adifferent sacrifice and
something that I was thinkingabout today and this is not in
the newsletter, but I waschatting with a client and he
was asking okay, well, if Idesire financial independence
(08:27):
and I have my idea of what thatlooks like and a rough number
how do I then startbrainstorming what else could
fall into that?
And one of the easiest things Ithought of was literally
getting chat GPT, writing inchat GPT, exactly what you've
just thought of.
So I would love to achievefinancial independence in 10
(08:48):
years time.
My current salary is X.
I'm looking at some investmentopportunities.
Could you list some and help meso I can start researching more
and speaking to financialadvisors, et cetera, but I would
love to do this in four hours aweek or whatever it may be.
Could you please list down 10to 20 questions that I should
start thinking about and answer,and for me, that would be
(09:10):
something then that I would takeinto my daily journaling to
start thinking about a littlebit more, because the more you
think about things, you can seeproblems that potentially you
didn't consider.
You may see or providesolutions a lot quicker to those
things.
So you can fast track yoursuccess or maybe give it if you
need to.
So you must make your decisionand be comfortable with the
(09:31):
outcome of that decision.
So make sure once again you'retalking to people about this,
speak to people who have thoseresults, read books on it.
There's so much research thatgoes into obviously making money
.
That's why a lot of peoplenever do it.
But, as I said, a great littletip is just that 15 minutes a
day for a sustained period oftime.
So if you're like I was, you'rebound to have some poor beliefs
(09:53):
around yourself and money Falsemoney.
Beliefs can be like I don'thave time to make money, I don't
have money to invest, I havetoo many expenses.
What if I lose my money?
Money will make me evil.
They're an example of some.
I'm sure you can add to thatlist If it crosses your mind.
You don't have a money problem.
You have a mindset problem.
So I want you to read lastweek's newsletter, which I've
(10:15):
linked there as well, for moreon overcoming that with your
mindset.
But to the point of mindset,you must have a growth mindset.
This means you believe that youcan learn or acquire anything
you desire to achieve.
The truth is, you won't alwayshave time, you won't always have
the money to invest and youwill lose money.
That's guaranteed.
(10:36):
That is why most men remainstuck is because they don't want
to fail, and your relationshipwith failure has to change,
because failure provides lessonsand feedback in order for you
to make continued progress.
So if you want a differentoutcome, you need the different
inputs or new inputs, andthere's never going to be that
perfect time.
(10:56):
So when you view creating wealthwith a growth mindset, you
understand that the best actionis to, yes, start.
This will highlight what youactually know about money and
what you need to learn.
So things you need todifferentiate here.
And once again on thenewsletter, I have a fixed money
mindset and a growth moneymindset, so I'm not going to
(11:18):
read all of them just because Iwant to be mindful of time, but
I'm going to read the top twofrom the fixed money mindset.
I'm going to read the top twofrom the growth money mindset.
So, fixed money mindsetscarcity and limitation the
belief that there is a finiteamount of wealth they can
achieve which limits theirfinancial goals.
Secondly, avoidance offinancial risk due to fear or
(11:43):
fear of loss or failure avoidingopportunities.
That requires financial risk,even if they offer potential
rewards.
Now let's go to growth mindset.
So first one see opportunitiesfor abundance, believing in the
potential growth and thatactions can significantly impact
your financial wellbeing.
Second, one embrace challenges,viewing financial obstacles as
(12:07):
the opportunities to learn anddevelop stronger money
management skills.
There is two key differenceshere and if you don't have a
growth mindset, you're going toreally struggle to improve any
area of your life, not justfinances.
Working on having a growthmindset, especially with money,
opens you up to more opportunityhands down.
(12:27):
It doesn't take away the workthat will need to be done.
It's not as easy as a lot ofpeople are saying on the
internet.
You have to learn and,depending on where you're, your
journey is going to be differentfor everyone.
But my initial thoughts sorry,my initial thought is can you
imagine a life without financialstress?
I want you to think about whatthat would feel like, knowing
(12:48):
that you wouldn't have to stressevery time a bill came in, and
how would that change your life?
How would that change your moodand your relationships?
It's possible for all of us,but there is a price.
Relationships it's possible forall of us, but there is a price
.
That is why I believe ingetting clear on what checkpoint
suits you and the life that youwant.
As I mentioned before, for methat was financial independence.
(13:09):
From there, you can get clearon what the number is to achieve
that.
So, for example, I've got alittle diagram here about
financial independence, becauseannual expenses totaling up all
your expenses for the year, theexample is $52,000.
So therefore, your investmentsmust be returning $52,000 a year
so you can live without needingan income.
(13:32):
Once you've got an idea of that, you can then go cool.
My next step is to researchways to achieve that and from
the answers to that question,you're going to provide or
create some new questions thatyou need to once again find
answers for.
Don't make it complicated.
There are books, podcasts,financial advisors who can help
(13:52):
set you up the roadmap.
From there you will have theaction step to move towards your
financial goals and I rarelytalk about money within the man
at Camp project, but it's beensomething I've been upskilling
in for years.
I own an investment property,crypto stocks and two businesses
.
I have made plenty of mistakes,lost thousands of dollars, but
(14:12):
I'm continuing to learn.
I know what my financial numberis to live a great life, and I
have a plan to get there, and soI want to talk about it a
little bit more so that those ofyou who aren't doing that will
start thinking about that moreas well.
I'm going to continue to sharewhat I learned on the journey to
taking control of my financialfuture, because not only has
(14:35):
learning to improve my financiallife improved my wealth, but
it's also starting to improveother areas of my life, because,
as I speak about a lot withyour mindset, with your health,
with your relationships, whatyou learn there can be
transferred into other areas ofyour life, which is really cool.
So some key areas to startlearning about are these Number
(14:56):
one planning, so budgeting,financial goal setting and risk
management.
Number two saving, so youremergency fund and short-term
goals.
Number three investing, assetallocation and compounding.
They say the compoundinginterest is one of the wonders
of the world and it's a bloodybeautiful thing.
(15:16):
So there is.
I guess the key from here for me, for you guys, is to be patient
and just invest 15 to 30minutes a day into learning
about everything I've discussedabove.
Once you start with thoseinitial questions, you can start
finding books on specificthings or podcasts or people to
follow on social media tocontinue upskilling and asking,
(15:36):
I guess finding more information.
So there's no reason why youcan't take control of your
finances.
Thanks for listening this week.
Make sure you subscribe and ifyou want to see the charts and
ideas that I compile on theweekly newsletter link is there
and I'd love to see yousubscribe that comes out every
Sunday morning, australianEastern Standard Time.
Some books for you to read, andthese are linked once again in
(16:00):
the show notes the Psychology ofMoney, timeless Lessons of
Wealth and Greed and Happiness.
Then we've got.
Sorry, I said the Psychology ofMoney, I'll put it in there
twice Whoops, but the BarefootInvestor.
For those of you who are inAustralia Rich Dad, poor Dad,
some that come to mind so makesure you check those out.
They've had a significantimpact on my life and I'm sure
(16:24):
they will for you.
Make sure you hit subscribe,share this if you got value from
it.
I look forward to you engagingin the comments below.
Cheers.
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