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

More from Martin Holland

More from Khalil

More from The Cash Flow Contractor

274 - Finding Your Financial Independence Number with Chad Hufford

The Cash Flow Contractor

Match Investments to Your Plan, Not Generic Funds

The AI-powered Podcast Player