You can live without saving money, and you can live with debt, but you cannot live without cash flow. In fact, if you want your personal finance to flourish, cash flow is a key element you need to focus on – passive income too. Why is that the case?
Find out about critical personal financing missteps you should avoid making, what to focus on to measure financial progress and happiness, and the key traits you can learn from the happiest and most successful people to win more in personal finance.
- Just like many other areas of life, personal finance too is dependent on your own tank both from a mental, physical, and resources standpoint.
- Trying to do too much with their resources is one of the most common personal finance missteps people make.
- There’s a tendency of segregating financial goals into silos and of gravitating towards what looks easiest over what is often best – which typically leads to personal finance goals not being achieved.
- Brian believes that the key to maximizing your capabilities should be on building resources, and then creating cash flow from them to fund everything else.
- Passive income plays a crucial role in that it fills your income gap, allowing you to free up your time.
- Brian sees people often getting caught up in their silos and finding themselves beholden to their system of working to spend.
- It’s possible to live without saving money, and with debt, but it’s impossible to live without cash flow.
- How do you measure financial progress? To identify what makes them happy, people often go beyond financial aspects and look at things such as family, friends, faith, fitness, and free time.
- Once you have this aspect figured out, you can either do everything by yourself – with all the risks that this approach entails – or you can delegate.
- In The 7 Habits of Highly Effective People, Stephen Covey explains that the happiest and most successful people have figured out how to buy more time by relying on professionals with the knowledge and experience to help them manage their relationships, health, time, and money.
- Tom Rath, author of Stengths Finder 2.0, has found that successful people tend to leverage strengths and delegate weaknesses. They spend their time on things they’re good at and want to spend their time on, and they delegate the tasks they can gain more time from by not doing them.
Mentioned in this episode:
BrianSkrobonja.com
BrianSkrobonja.com/FamilyOfficeQuiz
Chat GPT
The 7 Habits of Highly Effective People by Stephen Covey
Strengths Finder 2.0 by Tom Rath
This is a replay of "In Financial Planning, Consider Your ‘Fuel Tank of Capability’"
Securities offered only by duly registered individuals through Madison Avenue Securities, LLC. (MAS), Member FINRA & SIPC. Advisory services offered only by duly registered individuals through Skrobonja Wealth Management (SWM), a registered investment advisor. Tax services offered only through Skrobonja Tax Consulting. MAS does not offer Build Banking or tax advice. Skrobonja Financial Group, LLC, Skrobonja Wealth Management, LLC, Skrobonja Insurance Services, LLC, Skrobonja Tax Consulting, and Build Banking are not affiliated with MAS.
The firm is a registered investment adviser with the state of Missouri, and may only transact business with residents of those states, or residents of other states where otherwise legally permitted subject to exemption or exclusion from registration requirements. Registration with the United States Securities and Exchange Commission or any state securities authority does not imply a certain level of skill or training. Advisory services are only offered to clients or prospective clients where Skrobonja Wealth Management, LLC and its representatives are properly licensed or exempt from licensure.
This website is solely for informational purposes. Past performance is no guarantee of future returns. Investing involves risk and possible loss of principal capital. No advice may be rendered by Skrobonja Wealth Management, LLC unless a client service agreement is in place.
Skrobonja Financial Group, LLC provides links for your convenience to websites produced by other providers of industry related material. Accessing websites through links directs you away from our website. Users who gain access to third party websites may be subject to the copyright and other restrictions on use imposed by those providers and assume responsibility and risk from use of those websites. Any references to protection, safety or lifetime income, generally refer to fixed insurance products, never securities or investments. Insurance guarantees are backed by the financial strength and claims paying abilities of the issuing carrier.
This is intended for informational purposes only. It is not intended to be used as the sole basis for financial decisions, nor should it be construed as advice designed to meet the particular needs of an individual’s situation. Our firm is not permitted to offer, and no statement made on this site shall constitute tax or legal advice. Our firm is not affiliated with or endorsed by the U.S. Government or any governmental agency. The information and opinions contained here in provided by third parties have been obtained from sources believed to be reliable, but accuracy and completeness cannot be guaranteed by our firm. Any media logos and/or trademarks contained herein are the property of their respective owners and no endorsement by those owners of Brian Skrobonja is stated or implied. The awards, accolades and appearances are not representative of any one client’s experience and is not indicative of future performance. Each of these awards have set criteria for their nominations and eligibility requirements. “Best Wealth Managers” and “Future 50 Company” are annual surveys conducted by Small Business Monthly. The winner is chosen by an online vote of the general public and no specific criteria is utilized to determine the winner other than number of votes. Some voters may not be clients of Brian Skrobonja and Skrobonja Financial Group. These awards are not representative of any one client’s experience and is not indicative of future performance.
