Financial Stability and Peace of Mind: Your Practical Roadmap

All right, welcome back to The Daily Mastermind. George Wright III here with your daily dose of inspiration, motivation, and education. I'm back with my froggy voice. I'm still working and nursing this cold, but there's nothing like punching through a good podcast while you're not feeling well. So I want to give you guys a little bit of content around finances today because nothing reduces stress and makes you feel more accomplished and brings you peace of mind on a day-to-day basis than having financial stability. And, you know, the bottom line is having a strong foundation or financial foundation requires a game plan. And it amazes me how many people just don't track, monitor, or plan for their financial future. And look, I'll admit, I myself have been guilty of this many times in my life, especially when you start making a lot of money, you don't feel like you have to track it as much. But how you do anything is how you do everything. Especially when things are going extremely well with your active and passive income, that's even more time for you to double down. So I hope this is a good reminder to many of you. I'd like to recommend that you really dig into your finances right now. It's very important that you get a handle on where you are and plan and prepare for the worst and expect the best, right? It doesn't matter whether it's the perfect time for you or not. It doesn't matter if you're doing well or not doing well. Now is always the best time to pull your reins in and create a plan for your finances or recheck your plan for your finances. Even if business or your income has slowed down, it's an even better reason for you to focus on your financial future. So dial in your plan, your goals, and your systems for creating financial freedom and independence in your life. So let me give you a few suggestions. Try to really automate this. Look, download the Mint or Truebill app. You've probably seen these mobile apps. I'm not a sponsor, an affiliate for these programs, but Truebill or Mint, I'm sure you've seen them on most of your social media platforms and things like that. They're the best free tools that I've found to track and monitor. And remember, what you focus on grows. You've gotta go through and create budgets and monitor your debts and your installments and your taxes and all those types of things. And so with these apps, you can link to your accounts for real time data. And I've even been guilty of being so busy sometimes that I have notices come or text messages from these telling me you know I got charged a fee or something like that But use these tools and this technology that available for you today because like David Bach talks about you got to make it automatic You've got to take it out of your day-to-day decision-making capability to create a financial plan. If it's dependent on you, you're going to get distracted. So having notifications and emails or texts, but don't overwhelm yourself. Just start with something simple. But simply focusing on something will help you grow. Okay, so that's the first thing I suggest to you is automate with technology and tools. Second, start measuring your net worth. I know that most people do not measure their net worth. They identify themselves by the hourly wage they make or by the annual income they do. But net worth is the total sum of all of your wealth. You've got to stop just measuring your income. You know, I see this all the time. I see all these people out there, all these producers out there, all these individuals saying they're doing seven-figure, eight-figure, nine-figure businesses, funnels, business revenue, whatever, but they spend that much or more. It doesn't matter how much revenue you create if you have debt or obligations or liabilities or expenses that exceed your debt or exceed your income. So you have to factor in your income, your debt, your active and passive income and measure your net worth because growth of your net worth is the key. Now, it's not a destination you're looking for. It's the growth. When you can become focused on growing your net worth, just like you do growing yourself, then you're not going to be frustrated. You're going to be focused on the growth, not the destination. Now, you may have a plan to have $5, $10, $15 million cash in the bank. You might have a plan to have a certain amount of net worth. But the growth of your net worth, if you focus on that long term, I promise you, will give you more results. so measure your net worth and the growth of your net worth another thing you've got to really do is you've got to get a control over your credit now i know that there's a lot of opinions both ways here um there's a lot of you know dave ramseys and things like that of the world that say you don't need credit like pay cash and you shouldn't credit shouldn't matter to you but if you're a business owner credit does make a difference and so you know you can download all kinds of free apps like i said i'm not affiliated with any i use credit karma it's another great tool for tracking, getting resources, tips, strategies. Most of these, maybe even your bank will provide education and training on your credit score. But when you reduce your revolving debt below 30%, that increases your credit. When you eliminate the inquiries, it increases your credit. When you have a longer term of credit history, it increases your credit. But know what those triggers are And look Credit Karma for example is a free app You can get your credit report for free So there literally no excuse for you not to know your credit score and know if it's going up or going down every single month. Educate yourself and learn the ways to improve your financial health. And your credit score is just one measurement of your financial health. And so besides lowering your debt, tracking your net worth, growing your net worth, and tracking your budgets, credit is another thing to kind of look at. Now, I want to recommend when it comes to financial plans to also find a mentor because success creates success. Yeah, this is why the wealthy get wealthier. Belief transference is something that happens when it comes to making and increasing active and passive income. When you're around people that are making and increasing their active and passive income, that's going to happen to you. You're going to get that confidence level. You're going to learn the difference between active and passive income. You're going to stop trying to replace your active income. That's what broke people do. They try to replace their active income with passive income. Really successful people want to continue with active income and have residual or passive income. Maximize your active income so that you can create more passive income. Don't look to replace it. Why wouldn't you want both? So this is a lesson that you've learned, that you'll learn when you have a mentor. And most importantly, you've heard me talk about this before, but if you don't know what your number is for financial protection, freedom, and independence, you need to go back and listen to that podcast. But you need to know exactly what the dollar amount is that will cover you in case of emergencies, that will cover you in case your income went away, and will cover you to cover your lifestyle. So you got to be able to replace your income, but also afford your lifestyle. Now, finally, what I want to do is I want to talk to you about learning to invest. Now, there are secrets of the high net worth that are not rocket science. We teach those at our three-day summit that we do quarterly, and we do that inside the Mastermind Academy. But it takes work just like anything else. So you've got to make time to learn to invest. If you have a vision of where you want to be and you get motivated to learn about it, you know, you'll do it. You've got to learn to diversify your investments. You don't have to specialize in everything, but it would be good to be a knowledgeable expert or even knowledgeable in different areas like stock investing, real estate investing, maybe Forex. Foreign exchange is over $7 trillion a day in that market. And that Forex cryptocurrency A lot of people have not spent the time to learn about cryptocurrency blockchain NFTs Did you know that people can make more money from Forex from a mobile phone than they can do from their job Strategies like Airbnbs can multiply your income on the house you already have. A condo, for example. I've Airbnb'd my condos, also my RV, my motorhome. while Airbnb, my motorhome, pays for everything related to expenses on it when I'm not using it. Learn to look at things in your life as an investment or an expense. Everything. Everything in your life is either an investment or an expense. And I promise you that you can find ways to turn expenses into investments. For example, I just mentioned my motorhome. I have a motorhome that normally would be an expense, but because of the Airbnb and because of some of the things I do with it, it's become an investment and I get a rate of return on it. You can do that with property. You could do that with expenses that you have through your business. But how much money, I'm going to ask you this question. I want you to think about it. How much money is going through your bank account? Not just this month, this year, but in your lifetime. How much money is going through your bank account? Now, we could spend all day talking about this subject, but the key is to realize that like your mind, your finances will totally and completely affect your life. I don't care what anyone says about money. It absolutely affects your emotions, your relationship, your lifestyle, and more. So get your act together. I'm talking to myself as well, right? But let's make this your best year ever and build on it moving forward. Get your finances. Make sure that you're spending time focused on them, tracking them, growing and monitoring your net worth, and learning to invest. That's my message for today. And I hope that you'll spend more time with me on these subjects as we talk about them over the coming months and years. and also if you haven't already checked out the mastermind academy you can go to the daily mastermind.com website and find out how to apply for membership into the academy but you know that's that's a real you know members only elite group of individuals focused on personal development financial education and primarily growing their business and their business revenue but i don't charge for this podcast and i don't have any sponsors and i do that because i want to create more knowledge and inspiration and motivation in the marketplace and so you've heard me say this before. It's never too late to start living the life you were meant to live. So start today with your finances. Do me a favor and share this podcast episode. Share it with anyone that you can that you think will benefit. That'll help us to grow the community. And I look forward to talking with you tomorrow, but have a phenomenal day. We'll talk with you soon.