Wondering how to make the most of your bonus? The discussion dives deep into the best ways to allocate that extra cash—whether to pay off debt, ramp up savings, or invest in real estate. The conversation highlights the importance of balancing enjoyment with financial responsibilities and personal goals. It emphasizes strategies for maximizing contributions to savings and retirement, while also preparing for future aspirations. Get ready to rethink your financial plans and make informed decisions!
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volunteer_activism ADVICE
Prioritizing Goals
Prioritize your life goals before making financial decisions.
Consider both financial independence and entrepreneurship.
volunteer_activism ADVICE
Planning for a Business
Create a detailed business plan with best-case, realistic, and worst-case scenarios.
Use resources like the Wealth Multiplier and Know Your Number course.
question_answer ANECDOTE
Brian's Entrepreneurial Journey
Brian Preston started his first venture in his late 20s.
He temporarily stopped investing to boost cash reserves for the business.
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First published in 1936, 'How to Win Friends and Influence People' by Dale Carnegie is a timeless guide to improving interpersonal skills. The book is divided into four main sections: Six Ways to Make People Like You, Twelve Ways to Win People to Your Way of Thinking, and Nine Ways to Change People Without Giving Offense or Arousing Resentment. Carnegie's principles emphasize the importance of genuine interest in others, active listening, and avoiding criticism and argument. The book offers practical advice on how to build strong relationships, communicate effectively, and influence others by aligning their self-interest with yours. It has been a cornerstone of personal development and business success for generations[2][3][5].
The Wealthy Barber
David Chilton
In 'The Wealthy Barber', David Chilton provides straightforward and accessible advice on managing personal finances. The book uses a fictional story to illustrate key financial concepts, making it easy for readers to understand and apply the principles to their own lives. It covers topics such as budgeting, investing, and long-term financial planning.
The millionaire next door
William D. Danko
Thomas J. Stanley
The book challenges the common perception that millionaires live in affluent neighborhoods and instead shows that many wealthy individuals live modestly in middle-class and blue-collar areas. The authors identify seven common traits among these millionaires, including being dedicated to a vision, making appropriate career decisions, valuing financial security over social standing, and efficiently spending time and money. The book also distinguishes between 'Under Accumulators of Wealth' (UAWs) and 'Prodigious Accumulators of Wealth' (PAWs), emphasizing the differences in their spending and saving habits.
Millionaire Mission
Craig Ruby
"With bonus season coming up, what is the best use of bonus money? Should you use your bonus to pay off debt and build your 6 months savings? Or should it go to remodeling or down payment for car?"
We'll walk you through that question and more in today's Q&A episode!
Bring confidence to your wealth building with simplified strategies from The Money Guy. Learn how to apply financial tactics that go beyond common sense and help you reach your money goals faster. Make your assets do the heavy lifting so you can quit worrying and start living a more fulfilled life.