Creating smart money habits is one of the most important things you can do for your future as a coach.
Sure, we want to focus on profit generating strategies…
But just as importantly you need to have strategies in place for that ‘profit’ once it comes in the door.
It’s not the money you make that will determine your future…
But the decisions you make with that money.
We are all in different financial situations…
So it can be challenging to give relevant advice to the masses.
During the episode, one of the many things he discussed…
Were the 4 phases of building wealth…
Here they are at a high level…
Phase 1: SAFETY
This is the base. There’s a good chance you’re beyond this phase but this is where you create a comfort fund. Where if something like a flood occurred in your house, you wouldn’t have to stress about how to pay for it.
Phase 2: LIQUIDITY
During this phase you want to build liquidity while also getting out of trouble – I.E. destructive debt. Simultaneously to paying off your destructive debt you want to start putting money away into your piece of mind fund. Paying off and saving seem counterproductive but Mel has an amazing reason as to why you want to do this. Tune in here.
Phase 3: MOMENTUM
This is the build your freedom phase. We have our debt paid off at this phase and we have liquidity. Now is the time to invest and build the mountain! Everything we save goes into investments during this phase.
Phase 4: FREEDOM
This phase is optional but it’s where you decide if you want to accelerate paying off your mortgage, saving for your kid’s college, etc…
The knowledge shared during this episode is essential.
Make sure you tune in!
>>> LISTEN ALL PODCAST PLATFORMS: Episode 219 – Build Your Money Machine w/Mel Abraham
>>> iTunes ONLY: Episode 219 – Build Your Money Machine w/Mel Abraham
Cheers!
Colin ‘Smart Money Habits’ Boyd
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P.P.S. I just dropped a new video on my YouTube Channel called: How To Overcome The Fear of Public Speaking Watch it here (and remember to subscribe)
