Do you have a clear understanding of your money mindset and what steps you could take to find financial freedom? In this episode, David T. S. Wood discusses this topic with a panel of money experts who aren’t afraid to get real about working towards their goals. They share real-world experiences, tips to help you identify your goals, and the importance of having more than one income stream. Don’t be afraid to talk about money anymore! We all need it to survive, so give this episode a listen if you want to achieve YOUR financial freedom.
You will want to hear this episode if you are interested in…
- Starting or increasing a side-hustle
- Thrifty tips to help you save money for the big stuff
- Figuring out where your money is going and how to redirect it
- The habits of a successful money mindset
- Steps you can take today for a successful side-hustle
- The difference between financial independence and financial freedom
- A BONUS game to help you find your magic money number
How can a money mindset help you plan for the future?
It doesn’t matter what industry your primary source of income is; if the market hits a rough spot you can be in SERIOUS trouble. Setting yourself up with an income-producing side-hustle can be the difference between struggling and succeeding. Talk about money with your family, friends, and colleagues to discover new opportunities for a backup plan. It’s never a good idea to rely on one income stream and this can help make sure you and your family are never caught off guard.
The importance of knowing where your money is going
Do you know where your money goes every month? Have you ever sat down to identify all the different recurring expenses on your account and identified items you should eliminate? Having a money mindset means making a conscious decision to tell your money where to go. By understanding where your money is going and choosing how to use it, you can then identify new ways to make that money multiply!
Steps you can take today for a successful side-hustle
Are you ready to get started? Follow these easy steps to change your money mindset!
- Change your money story!
Reprogram your mindset so you’re continually monitoring where your money is going. Educate yourself by studying money masters and TALK to people for real-world ideas. You have the time to invest in your financial future if you want to, so do the work today to find your success!
- Cut-out expenses you don’t need
Protect your income and start saving more by eliminating items you don’t need or want. Set a budget for spending and saving so you can make sure you’re covered both in the present and in the future.
- Create additional income streams
Choose a side-hustle that can be operated online and from home. If there is a product, choose something reoccurring and consumable. Commit to working with that company for at least five years to give yourself enough time to learn the business. Pay yourself first and, most importantly, don’t spend all of your money each time you earn!
BONUS: A game to help you focus on your ideal life
Financial independence is being able to choose how you spend your time and money on your terms. But, financial freedom is having enough money to meet your needs and wants while still having enough to donate and share.
Play a game with your family where you each imagine a life of financial freedom.
- What would your magic number be?
- What would your life be like and what would you do?
- How would you spend your money?
Write this down and reflect on it regularly to stay motivated towards your goal.
Resources & People Mentioned
- Rich Dad, Poor Dad, by Robert T. Kiyosaki
- Mark Twain Quote
- Warren Buffet
- The Richest Man in Babylon, by George S. Clason
- Jeff Bezos
Connect with Andrew Logan
Connect with Lloyd Ross
- Follow Lloyd on Facebook: https://www.facebook.com/lloyd.ross.7
- Follow Lloyd on Instagram @LloydJamesRoss
Connect with Shawn Owen
- Follow Shawn on Facebook: https://www.facebook.com/shawn.owen.35
- Follow Shawn on Instagram @ShawnOwen15
- Shawn’s Website: Chipsy and Lulu
Connect with Courtney Bouchard
- Follow Courtney on Facebook: https://www.facebook.com/courtneycave
Connect with David T. S. Wood
- Follow David on Facebook: https://www.facebook.com/davidtswood
- Follow David on Instagram: @DavidTSWood
- Follow David on Twitter: @DavidTSWood1