I spend a lot of my time talking with other people about how they should manage their money but today, I’m turning the tables! In this episode, I am going to let you into the intimate details of my financial life, and explain in detail where I plan to focus my time, money and energy in 2023.
I cover a lot in this episode, including the 4 financial phases of wealth building, how to identify which phase you are currently in, and key strategies to move from one phase to the next. Additionally, I will dive into our 2023 money plan, including specific goals and budgeting strategies to help us achieve financial success in the coming year.
Key Highlights
[00:00:50] Reasons why I’m doing this episode
[00:01:52] Context on the different phases I went through on my financial journey to get to where I am today
[00:02:30] Survival Phase
[00:04:24] Foundation Phase
[00:06:13] Growth Phase
[00:08:25] Accelerated Wealth-Building Phase
[00:12:56] An overview of our current financial situation
[00:15:34] Our 2023 money plan
Notable Quotes
- If you were to tell me seven years ago that I would be sitting here in front of a microphone, telling the whole world about the intimate details of my financial life, I would probably want to run and hide and crawl under a rock because I had a lot of shame around my finances.
- So many people feel like they have to live behind a curtain and hide their finances from other people, which is very harmful to us. That's very harmful because we don't get the help we need when we need it, and we don't get to celebrate our growth when we have it simply because of this stigma around money.
- I will tell anyone who is in the survival phase right now the first thing that you want to do is just to figure out how to not live on credit cards every single month.
- It's very important to make sure that you are past the survival and the foundation phase before you start to get heavily into investing your money because what can happen if you don't have a strong foundations phase and, let's say, you get laid off, or you have a big emergency. You don't have enough money in your emergency fund; you must start selling off your investments to pay for your living expenses.
- If possible, I want to give you a little spark to the freedom phase. It just takes believing it's possible and remembering that more opportunities for more money will not create more problems for you.
- When I'm looking at creating a money plan for myself, I always have one main focus: putting my time, energy, and resources behind me.
- Allow yourself to identify which financial phase you are in and what you need to do to take the next step to get to the next phase. Allow yourself to exclusively focus on that thing because when you try to take on too many financial goals at one time, you dilute your resources across too many goals, and you don't get very far on any one goal. You never get out of the current phase that you're at.
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