8 Step Personal Financial Success Blueprint Recap E134: Talking Money in the Morning LIVE!2/10/2017
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
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E 134: Talking Money in the Morning LIVE!
Friday Recap - Live Q&A
Show Notes
Daily Proverb: Don't start your day with the broken pieces of yesterday. Every morning we wake up is the first day of the rest of our life.
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!
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.
Today we wrap up our Personal Financial Success Blueprint series with part 8, Acquire Assets and Teach Others. If you learn something as powerful as sound financial principles and strategies you have an obligation to teach and educate others. As part of our mission that we call Project 1,000 we're doing just that. We're teaching working class people how to build wealth with the sole purpose of them positioning themselves to pay it forward and teach others.
In the black community financial literacy is the final piece to our economic empowerment puzzle. Think about it, we have the talent, intellect, passion, drive, work ethic and commitment but why are we able to rebuild our communities? We lack a solid understanding of how money really works in America and around the world for that matter. As I often say we can't develop a community without capital and we can empower a community economically without first empowering the people in that community economically. That's my mission and that's what this series is all about. Check out the replay of part 8 of 8 in the series titled "Personal Financial Success Blueprint."
In the black community financial literacy is the final piece to our economic empowerment puzzle. Think about it, we have the talent, intellect, passion, drive, work ethic and commitment but why are we able to rebuild our communities? We lack a solid understanding of how money really works in America and around the world for that matter. As I often say we can't develop a community without capital and we can empower a community economically without first empowering the people in that community economically. That's my mission and that's what this series is all about. Check out the replay of part 8 of 8 in the series titled "Personal Financial Success Blueprint."
Please support today's show sponsors
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E133: Talking Money in the Morning LIVE!
Acquire Assets & Teach Others
Show Notes
Daily Proverb: Train up a child in a way that they should go and when they're old they will not depart from it. ~ Prov: 22:6
Daily Proverb Sponsored by: Solid Foundation Athletic Academy
Daily Book Excerpt: Today's excerpt came from: Are You Fired Up by: Anne Whiting
Daily Book Excerpt Sponsor: Your Favorite CPA, Bedrock Assurance
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!
Daily Proverb Sponsored by: Solid Foundation Athletic Academy
Daily Book Excerpt: Today's excerpt came from: Are You Fired Up by: Anne Whiting
Daily Book Excerpt Sponsor: Your Favorite CPA, Bedrock Assurance
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!
If you liked this please share then leave us a comment!
Robert F. Smith is absolutely correct with that quote. Yet millions of black people all across America are forcing their children to aspire to be the next Labron James. Not necessarily putting a basketball in the kid's hands, which many of us do, but rather by only exposing them to a singular image of success like a ball player or entertainer.
Don't get me wrong there is absolutely nothing wrong with a kid playing sports...or is it? I have two sons that play basketball and as a coach I tell parents all the time of the life lessons that they can learn through the game of basketball. I wonder though if I had my sons put in the same amount of time into another area i.e. math and science would they be equally as good as they are at basketball. What I do know is that they stand a much greater chance at going pro in the field of engineering than they do with basketball. So is it true that I'm living vicariously through my sons hoping that they'd fulfill a shattered dream of mine? Where did that dream come from for me? What if I'd studied electrical engineering 4-6 hours per day like I did most summers growing up playing ball?
I guess my point is this, if we expose our kids to all of the wonders that they are capable of, let them pursue their vast interests unimpeded, would sports be at the top of the priority list? Again all things being fare, for every time they see a Kobe Bryant or Labron James and marvel at their accomplishments, they also see other professionals equally as accomplished in their respective fields. I get the feeling that there would be a few less kids playing sports and far more playing and winning at the game of life long after their physical gifts are diminished.
Don't get me wrong there is absolutely nothing wrong with a kid playing sports...or is it? I have two sons that play basketball and as a coach I tell parents all the time of the life lessons that they can learn through the game of basketball. I wonder though if I had my sons put in the same amount of time into another area i.e. math and science would they be equally as good as they are at basketball. What I do know is that they stand a much greater chance at going pro in the field of engineering than they do with basketball. So is it true that I'm living vicariously through my sons hoping that they'd fulfill a shattered dream of mine? Where did that dream come from for me? What if I'd studied electrical engineering 4-6 hours per day like I did most summers growing up playing ball?
I guess my point is this, if we expose our kids to all of the wonders that they are capable of, let them pursue their vast interests unimpeded, would sports be at the top of the priority list? Again all things being fare, for every time they see a Kobe Bryant or Labron James and marvel at their accomplishments, they also see other professionals equally as accomplished in their respective fields. I get the feeling that there would be a few less kids playing sports and far more playing and winning at the game of life long after their physical gifts are diminished.
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