
274 - Finding Your Financial Independence Number with Chad Hufford
The Cash Flow Contractor
00:00
Finding Your Target Financial Independence Number
Chad outlines the 'find your number' tool, how to reverse engineer big goals into actionable paychecks and why daily habits matter.
Play episode from 10:36
Transcript
Transcript
Episode notes
Is your business building your wealth, or just funding your lifestyle? In this eye-opening conversation with financial advisor Chad Hufford, we break down how contractors can define their "target number" for financial independence and create a clear path to achieve it—without sacrificing the present. Discover practical strategies to build wealth both inside and outside your business.
What You’ll Learn
- How to calculate your specific "target number" for financial independence
- Why creating a "work-optional lifestyle" is crucial for business owners
- The proven debt elimination strategy that creates momentum for wealth building
- How to balance business cash reserves with personal financial planning
- Why most financial advice fails (and what actually works for contractors)
Time Stamps
- 01:04 - Episode Intro
- 01:28 - Life Lessons and Reflections
- 02:58 - Guest Intro
- 04:05 - Importance of Having a Financial Plan
- 05:15 - Proactive Financial Strategies
- 07:59 - Creating a Closer Relationship with our Future
- 10:36 - Setting Financial Goals
- 27:39 - Living Within Your Means
- 32:54 - Debt Elimination Strategies
- 37:20 - Investing for the Future
- 38:02 - Customizing Your Financial Plan
- 39:07 - Mortgage vs. Investment Dilemma
- 40:58 - Consumer Debt and Long-Term Goals
- 44:08 - Business Cash Reserves
- 46:53 - Investment Strategies and Diversification
- 53:18 - The Role of a Financial Advisor
- 56:49 - The Importance of Adherence
- 01:00:58 - Building a Long-Term Financial Vision
- 01:05:49 - Final Thoughts and Getting Started
Snippets from the Episode
- "Nobody would ever buy a house that was built without a blueprint, but too often we let our futures unfold without one. We end up being a little more haphazard, sometimes aimless."— Chad Hufford
- "If you don't know where you're going and you start feeling lost, the tendency is to just go faster, to double down on everything you're already doing."— Chad Hufford
- "Education without execution is merely entertainment. If you are learning things without implementing them in your life, you're not gonna get much benefit."— Chad Hufford
Key Takeaways
- Define Your Financial Independence Target Number
- Reduce Personal Lifestyle Expenses Before Building Wealth
- Pay Off Consumer Debt Before Aggressive Investing
- Build Business Cash Reserves of 3+ Months
- Focus on Investment Income, Not Principal
- Diversify Like an Orchard, Not a Single Tree
- Choose a Financial Advisor Who Holds You Accountable
Resources
- 24 Things Construction Business Owners Need to Successfully Hire & Train an Executive Assistant
- Schedule a 15-Minute Roadblock Call
- Check out OpenPhone
- Build a Business that Runs without you. Explore our GrowthKits
- Need Marketing Help? We Recommend Benali
- Need Help with podcast production? We recommend Demandcast
More from Chad Hufford
- Chad Hufford - Financial Advisor, Veritas Alaska
- Website: Veritas Alaska
- Veritas Alaska Podcast
- LinkedIn: Chad Hufford
More from Martin Holland
- theprofitproblem.com
- annealbc.com
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More from Khalil
- benali.com
- Email Khalil
- Meet With Khalil
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More from The Cash Flow Contractor
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