FM 020: How to Get Rich Slowly with J.D. Roth
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Description
Everyone wants to know how to get rich, but few ever get there. The answer is surprisingly simple, but most people seem to have a passion for making things needlessly complicated. The first step to achieving financial success is you need a rock solid financial foundation. Otherwise, you could have all the money in the world, but no clue on how you should manage it. A poor financial foundation will cause you to get lost in debt, going through the motions in life without a clear goal, or ignorant as to how you can effectively use every dollar passing through your hands as a tool to build wealth. That’s why I was excited to interview J.D. Roth, founder of Get Rich Slowly. In this podcast, he shares how bad financial habits and early mistakes put him in credit card debt at the beginning, and how good financial habits turned everything around so that he achieved financial independence at an early age. You can do the same. These lessons are simple and timeless, and are consistent with my teachings in both Step 1 and Step 2 of the 7 Steps to 7 Figures course I offer. They can work for you also. Starting off on the right financial foot is crucial if you want to build wealth. You need to learn how to avoid consumer debt and manage your money like a business, because no one cares more about your money than you do. In this episode you will discover: * The importance of mastering your emotions when it comes to finances. * How to manage your money as if it were a business. * How you can pay off your debt using the snowball method. * Why we need to define our own personal mission statement and goals. * The critical role that living consciously plays in achieving financial freedom. * How focusing on generating cash flow, and avoiding debt, will bring you financial success. * How boosting your savings rate can accelerate the time it takes to reach your objectives. * How you can retire quickly, even on a lower salary. * Why you should align your spending with your values. * Why tracking your numbers is essential to building wealth. * Why J.D. believes there’s no one set path to paying off debt. * How goals can set context for your decisions and guide you toward financial success. * Why you should focus on being proactive with your finances, as opposed to reactive. * Why educating yourself is the best thing you can do to improve your financial situation. * How to take responsibility for your situation, even if factors are outside of your control. * The reason you shouldn’t be aiming for wealth for the sake of having money. * How J.D. used several types of leverage to build Get Rich Slowly. * How J.D. came to the conclusion it was time to sell the blog and start enjoying life and the wealth he had accumulated. * J.D.’s definition of financial independence – is it different from yours? * How much money you need for financially independence. * How financial independence forces you to shed excuses and start livi...
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I love sharing FIRE case studies to inspire you. They prove the dream really is achievable for normal people with no extraordinary financial skills. They also unmask the dream to show how the reality of financial independence and early retirement differ from your idealized vision. The truth is...
Published 06/12/18
Published 06/12/18