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5 Min Drill: 5 Rules to be Wealthy as a Soldier
Manage episode 378820554 series 3439339
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In this episode featuring financial planner Curtis May, the five key principles of personal finance are discussed. Curtis May emphasizes the importance of saving at least 15-20% of your income and paying yourself first. He also highlights the need for maximum protection through insurance and asset protection. Legacy planning, liquidity, and the velocity of money are other crucial principles. Curtis suggests creating a wealth capture account, managing cash flow effectively, and avoiding unnecessary debt. The conversation stresses the significance of investing in assets, control, and avoiding chasing returns. Additionally, the importance of continuous learning and personal development in the pursuit of financial success is emphasized.
- 💰 Save at least 15-20% of your income and pay yourself first to build wealth.
- 🛡️ Prioritize maximum protection with insurance and asset protection.
- 📜 Legacy planning is crucial for ensuring a lasting financial impact.
- 💵 Maintain liquidity for easy access to capital when needed.
- 🚀 Focus on the velocity of money and invest in assets to generate passive income.
- 🏦 Create a wealth capture account to automate savings.
- 📊 Manage cash flow effectively to avoid unnecessary debt.
- 🧠 Continuously work on improving your mindset, skills, and network for financial success.
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