The Carey Nieuwhof Leadership Podcast CNLP 392 | Rachel Cruze on Your 7 Money Motivations, How to Make Financial Progress, and What Matters Most Financially Facing an Uncertain Climate
Jan 19, 2021
In this engaging discussion, financial expert Rachel Cruze shares her insights on money motivations and financial progress. She reveals how the pandemic highlighted financial fragility and the importance of emergency funds. Rachel introduces seven money tendencies, discussing the contrast between savers and spenders, as well as the significance of self-awareness in money management. She emphasizes the need for concrete retirement plans and shares valuable advice for young leaders on paying off debt quickly. Tune in to discover practical tips for navigating uncertain financial waters.
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Prioritize An Emergency Fund
- Build a three-to-six month emergency fund to create breathing room during crises.
- Use facts, not fear, to make financial decisions so you avoid panic actions like cashing out investments.
Control The Day-To-Day Small Spends
- Monitor daily spending habits because small, repeated decisions compound into big financial outcomes.
- Be diligent in mundane money tasks during uncertain seasons to avoid sloppy drift.
Behavior Trumps Knowledge
- Financial success is 80% behavior and 20% head knowledge, so knowing what to do is insufficient.
- Self-awareness about money motivations unlocks sustained behavior change and faster progress.
