Podcast Title: Necessary Tools for Financial Success
Podcast Series: Financial Literacy Boot Camp
WHAT WE’RE TALKING ABOUT TODAY
Check out episode MK030 (as it is a precursor to this episode)
Tool #1 – You need a system in order to achieve financial success (5:35-6:55)
Remember the acronym K.I.S (Keep it simple).
Complexity is the enemy of progress…
There are 5 ways to spend money (see episode 24 of Maven’s Keys for more details)
- Tax payments
- Debt payments
- Charitable giving
- Current lifestyle support
- Future lifestyle support.
Tool #2–You’ll need cash flow management (6:58-10:10)
- Try to 50-30-20 rule with 50% of spending on categories 1-3, 30% on category 4, and 20% on category 5.Accompanying Resources for this tool: FLBC Episode 44
Tool #3 – You need investments. (10:12-12:35)
Accounts like IRAs, 401(k)s compound tax-free or tax-deferred and offer a current tax break.
Accompanying Resources for this tool: FLBC Episode 11
Tool #4 – You need insurance. (12:35-14:35)
If you don’t have enough capital to provide for catastrophes (e.g. house fire, long hospital stay, death, disability) you need to transfer the risk of that happening to someone–this is why you need insurance.
Accompanying Resources for this tool: FLBC Episode 6
Tool #5 – You need an estate preservation (14:40-17:50)
Click here to download the letter.
Accompanying Resources for this tool: FLBC Episode 49
#financialtools #financialliteracy #economicempowerment #personaldevelopment #behavioralfinance #financialadvice #episode60
HOW TO STAY IN TOUCH
- Schedule a free consultation
- Reserve a copy of the free e-book: 3 Simple Steps to Achieve Your Ideal Financial Outcome
- Subscribe to the podcast!
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