By now, our listeners should understand the importance of good money management habits. It is the core of building a successful property investment portfolio and has been reiterated multiple times throughout this podcast.
As part of the Four Pillars of Mastery, Bryce and Ben have talked on various occasions about Cash Flow Management and the flow of money in your household. This includes where the money comes from, types of spending and types of investments for your surplus.
In episode 41, they talked about the moving parts of cash flow management otherwise known as the money and accumulation model. This model looks at variables and assumptions to consider when you’re modelling sophisticated money and wealth outcomes.
On page 58 of the Armchair Guide to Property Investing, they introduced the MoneySMARTS system. It’s a money management system where SMARTS stands for Surplus, Mindset, Application, Resources, Timelines and Strategy.
The book provides an overall summary of each section and also some tips on how you can set up this account structure yourself. But we’ve received some feedback that our readers would like us to explain this in more detail so that is exactly what Bryce and Ben have done in this episode.
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