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The Map to Economic Independence Part 1: Chart Your Course
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Traditional retirement planning techniques that worked well in the past are no longer effective, and many people are finding themselves unprepared for retirement. People are living longer, so their retirement savings goals do not match their actual needs. How can individuals take control of their own retirement planning and find new ways to save for later in life?
Welcome to the premiere episode of the Navigating an Abundant Retirement Podcast. This show will be your guide to creating a worry-free retirement. In this episode, Carol talks about what economic independence is, how to create the map to economic freedom, and what are the four expenses that may or may not hurt your cash flow management plan.
Carol Dewey is an Investment Advisor Representative and the Founder of Perpetual Wealth Financial. She helps business leaders 'Chart Their Course' to financial freedom in the most tax-efficient manner without having to choose between investing in their business, future or lifestyle. Committed to her community, Carol works with business owners to enhance profit margins and to facilitate individualized, personalized and proprietary retirement programs for the purpose of building economic stability and growth.
Enjoy!
In This Episode
00:40 - The concept of economic independence
03:19 - A step-by-step guide to economic freedom
05:59 - What most people think about saving money
07:13 - The formula for optimizing cash flow
10:59 - How to create cash flow from lazy assets
13:50 - The four expenses that may or may not hurt your cash flow management plan
18:41 - The secret to defining your true, authentic vision
23:16 - Key questions and action steps to guide your journey to economic independence
Favorite Quotes
01:05 - "Everyone's dream of economic independence is different. The components are the same, however, and they're dead simple. Your cash flow must be greater than your living expenses and that cash flow can't depend on you showing up to work everyday. Everyone's point A or starting point is also different based on their unique financial situation, skills and experience." - Carol Dewey
03:50 - "If you want to learn to fine-tune your philosophy to focus on cash flow, instead of accumulation start using mindful cash management. Instead of budgeting, shift your mindset from scarcity to abundance. Vision is the rarest commodity in the world." - Carol Dewey
04:58 - "Your greatest asset is your ability to produce, to create value, to solve problems, and to serve other people." - Carol Dewey
06:52 - "Building your net worth is important, but it's not budgeting and saving as much as possible that paves the path to economic independence. It's cash flow." - Carol Dewey
16:35 - "When your mind is free from the worry and stress that comes with uncertainty, there is more room for productive thoughts. Over time, those extra productive thoughts will increase your cash flow and your wealth exponentially." - Carol Dewey
18:19 - "If you do a good job creating and following the map to economic independence we're building here, there will come a day when what you do is no longer about money. It's about meaning." - Carol Dewey
19:46 - "Your value equation is the key to unlocking your unique superpowers. So you can accomplish your dreams and ultimately reach economic independence much faster." - Carol Dewey
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