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The Map to Economic Independence Part 2: The Road to Real Wealth
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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 back to Navigating an Abundant Retirement Podcast. In this episode, Carol will continue the discussion regarding the map to economic independence, from charting the most efficient course to economic independence based on your unique situation, to getting more tactical and giving proven strategies to start seeing more cash flow in your life today.
Enjoy!
In This Episode
02:26 - Identifying and plugging any and all cashflow leaks
04:01 - Few areas to look into for a business owner
09:11 - Analyzing your investments from a cash flow perspective
15:03 - Begin by laying a strong foundation
17:36 - Being protected against catastrophic loss, financial predators, and wealth degradation over time
18:38 - Funding your trust appropriately
20:52 - Vision, the rarest commodity and greatest deliverer value in the world
21:51 - Understanding and mastering your investor DNA
23:28 - Some questions to reflect on and action steps to start implementing these things in your life
Favorite Quotes
08:10 - “So the first thing you want to do, no matter who you are, what you do is plug every single cash flow leak because every dollar saved on a wasted expense goes straight to your bottom line. Not just today either, but every month moving forward.”
10:04 - “The cash flow index or CFI is the most powerful tool at your disposal to quickly pay down debt and maximize your cash flow in the process.
12:06 - “It isn't always about just sacrifice and delay. It's also about living wealthy today.”
17:28 - “Know what you have and why you have it.”
19:33 - “I recommend creating a statement of purpose or what you might want to call a family constitution, because there are a lot of lessons you've learned philosophies, core values, and principles over your lifetime. And when you capture that and put it in your estate plan in your own words, it's extremely valuable to help guide your errors.”
20:58 - “When you have a clear and powerful vision, all kinds of good things start to happen, people become magnetized to you. They want to support you, introduce you to their friends and other people who can support you. You gain energy and can more easily say yes or no to opportunities as they come along. And the universe starts to present you with steps to get closer and closer to your vision.”
21:33 - “ Our vision is to help people become economically independent because when they do, they can be more impactful in their businesses and their daily lives and in their charitable work.”
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