361 - Choose Your Choice

In this episode, alongside family guest Mike Foguth, the discussion centers around  new ways to think about money, leadership, & opportunities.

10:20 - Tips on how to get started building financial freedom. There needs to be a process in place to prepare for what you intend to spend. 

Transitional Thought Principles For Money

1) Short term - Your daily budget. This includes the next 30-120 days of spending or preparing for something. 

2) Mid-term - Planning for one to three years of spending or saving. 

3) Long-term - Thoughts and preparation for 10+ years down the road. I.e., retirement. 

14:09 - Staying ready eliminates “feeling rushed” when working towards new opportunities. Develop an offensive mindset when dealing with money. Look for ways to dominate in gaining wealth. 

18:30 - Make sure your products or services are “duplicatable, repeatable, and predictable. You can’t be in all places at all times.”

23:03 - Mike describes his humble beginnings of entrepreneurship, how he could sustain it at a high level, and the core principles he followed. 

24:49 - “Choose your choice!” Look at what you want to do, develop a plan, and find a mentor to help guide you in successful execution. 

35:20 - Companies can’t grow when the ego is involved.

40:00 - “Figure out what people need while solving the problem.”

53:10 - “It’s not what it costs; it’s what it’s worth.”

1:00:00 - “The day you stop believing, praying, and preparing, is the day things will take a bad turn.”

Takeaways

• Be open to learning about new perspectives on money. 

• Utilize your resources. 

• Be intentionally purposeful about your actions in your life. 

• Give people the same experience every time they interact with your business. 

• Find a mentor for your money. 

Questions

1) Is your product worth what you’re asking for it?

2) What’s your gift? Once that’s established, brainstorm how money can be made from your gift. 

Mike Foguth Socials

• Website: Foguthfinancial.com
• Instagram: Mike Foguth

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