Episode 231: Simplicity: Money Part 2 - The Plan
Brothers, we all deserve to live a life of wealth and abundance. We have the right to financial freedom, having money work for us instead of slaving away daily, only to be undone by the taxman or poor money decisions. So today, in the second and final chapter of our money conversation, I will be showing you my simple system for money management. First, you need to understand what wealth and abundance are, and how they differ from one another. At the end of the day, brothers, wealth, and abundance are a mindset. They are a choice. And if you begin by changing your mindset, then you have a much higher chance of attaining long-lasting wealth and abundance. Now, my system for money management is simple yet highly effective. It’s all about percentages, brothers. After dealing with your tax, you then need to ascertain your disposable income and expenses, separating your expenses into categories: necessities, giving, rewards, growth, investments, etc. Once you’ve sorted through those complexities, the next part starts with ensuring that your necessary expenses only require 40% of your disposable income. When your necessities are within 40% of your disposable income, then you can start having fun with your money. You can open separate accounts for each expense category and enjoy the benefits of the different institutions. And remember to always give freely, expecting nothing in return. And brothers, this is guaranteed to change your relationship with money, for the better. I can’t tell you what to do, brothers. I am merely showing you what has worked for me and how the same principles could work for you, too. It’s time to abandon your poverty and scarcity mindset and choose a life of wealth and abundance, as you continue to elevate your alpha.