Today we recap all 8 steps of your Personal Financial Success Blueprint. If you missed any of the live streams links to the replays are posted below.
Step 1: Cashflow Mastery - As black people we spend a lot of time complaining about what we don't have! Don't get me wrong I'll be the first to tell you that there's nothing wrong with striving for more. I've learned though that 100% of the time getting more begins with what you currently have.
Step 2: Mini Emergency Fund - Being prepared for the little hurdles in life will in many cases prevent us from ever having to deal with big hurdles at all. It start with creating a mini emergency fund.
Step 3: Habit of Investing - We are ALL a sum total of our habits. In fact 80 - 90% of what we do from day to day is driven by our habits. Therefore if you intend to build wealth you must establish some wealth building habits, and mass consumption is NOT a wealth building habit!
Step 4: Become a Black Ninja Debt Assassin - Debt is robing us all of so many things. Our health as we stress about money, a comfortable lifestyle but more importantly our legacies. It's extremely difficult to build wealth for the next generation when you're drowning in debt. We've got to take a serious look at what debt is actually doing to us and attack it with vengeance!
Step 5: Max Out Retirement Contributions - At this point in the Personal Financial Success Blueprint the reasons to max out your retirement contributions should be quite obvious and relatively easy to do. You have mastered your cashflow, started the emergency fund and kicked the crap out of debt so there should be some additional money flow that can be redirected to maximize retirement contributions. $5,500 - $6,500 in an IRA and $18,000 - $24,000 in a 401k.
Step 6: Full Emergency Fund - The mini emergency fund is cool but it's certainly not enough to sustain you in the event that you lose your job, get divorced or find yourself unable to work due to illness or catastrophic injury. Yes disability insurance and other instruments are in place for that reason but you want to have cash on hand in the event that it takes a while for those benefits to kick in for some reason.
Step 7: Own Where You Live - Ownership is key in any wealth building game plan starting with the place where you reside. Consider instead of buying a single family dwelling as a starter home as we are socially engineered to do. How about buying a small multi-family unit as your first asset. It'll allow you to have a place to stay rent free, potentially pay out some passive income, all while the tenants are paying down the mortgage. Just a thought.
Step 8: Acquire More Assets & Teach Others - The number one thing that we can do to change the conditions in our community in my opinion is to become independently wealthy. The second and most important thing that we need to do is teach others how we did it.
Check out today's episode for my complete recap along with additional commentary and Q&A from our Facebook audience.
Please Support Today's Show Sponsors
St. Louis Event: Valentine theme social networking mixer Saturday Feb. 11, 2017 8pm-11pm @ JC Supper Club. Cost just $10. Call Lady RaeJ for Details:314-641-9200
Wealth strategist and entrepreneur H Cortez has pledge to help 1,000 families in 2017 start their own business, eliminate debt and start investing click here to learn more!
Evan Jefferson, certified financial educator wants to help you. Retirement reviews, investment clubs and more. Click here to learn more!
St. Louis Premier athletic trainers for any sport. Help your young athlete maximize their athletic potential. www.solidfoundationathletics.com
Daily Proverb Sponsored by: Solid Foundation Athletic Academy
Daily Book Excerpt: Today's excerpt came from: Overcoming Time Poverty: Bill Quain, Ph.D
Daily Book Excerpt Sponsor: ERGJ Enterprises - Certified Financial Educator
This months book list: My personal goal is to read 5 books per month. See the books on the list for the month so far. Your purchase of these books through my affiliate link earns me a small commission which helps in the production of the show so by investing in yourself you're investing in me too.
1. Overcoming Time Poverty - Bill Quain, Ph.D
2. The 21 Day Financial Fast - Michelle Singletary
3. Are You Fired Up? - Anne Whiting
4. Think and Grow Rich, A Black Choice - Dr Dennis Kimbro
5. Help us choose our 5th book. Leave us a comment with your suggestions
This Months Book List is sponsored by: IAmCortez.com - Click here to learn how to make money online from home in as little as 30 minutes per day!
Please share and leave us a comment. We'd love to know what you think.
H Cortez aka Financial Health Mentor to the Working Class
Dave Ramsay Course
Black Economic Empowerment
Home Based Business
How To Build Wealth
How To Reduce Taxes
Talking Money In The Morning LIVE Archives
Wealthy Black People