Part 2 of 3
This video discusses important foundational financial principles that are must haves for anyone looking to save money and build wealth. Understanding the risk of debt, building a budget, and establishing an emergency fund go a long way to providing peace of mind and establishing wealth building behavior that will change your family tree. Be sure to check out Part 1 and Part 3 of the series.
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I am a financial coach that focuses on improving personal finance behavior. I do not sell investment products or manage investments.
This video is part two of a three-part Series Discussing the three concepts that are Necessary if you want to win with money And build wealth [Music] Hi everyone i’m kenny simon welcome to The achieve financial coaching channel Where we believe in breaking the chains Of debt And discussing all things related to Personal finance In this video we will be discussing the Second of three concepts that are Critical to improving our financial Ability and building wealth Today’s video will discuss the Importance of a solid financial Foundation And the importance of learning the Fundamentals of how to control your Money Be sure to check out the other two Videos in this series To get a full understanding of all three Concepts i’ll be sure to drop a link to Those videos in the description Please like this video and subscribe to The channel Let’s get started now that we’ve Discussed the first concept Mental foundation let’s talk about what You need to do once you have your mind Right
And that’s build a solid financial Foundation yep You must learn about money personal Financial habits in particular I’m always interested in how people Behave with money you have to do this in Order to get your financial ability up So financial foundation is the knowledge Required to organize your finances Let’s touch on a few elements of this Concept the first one by far Is to understand debt we have an Interesting relationship with debt So let me tell you what debt is you need To recognize that debt is a liability It is the chain around your leg it is a Weight on your back You can’t even move how you want to move When you have debt Sometimes you can’t even sleep well Because of debt you can’t freely make Decisions when you have Debt having said that you need to know Your debt story you need to own it you Need to be grown up and own your story Who do you owe how much do you owe them And how much interest are you paying More importantly you need to know how Long it would take you to pay them off And never go back again according to a 2017 career builder survey Eight out of ten working adults are Living paycheck to paycheck Eight out of ten so look around at ten
Of your closest friends And eight of them are struggling no Matter how flashy their clothes are Or what kind of car they drive they are Struggling Do you think they’re free to make Decisions on how they live their life or Are they tied to working one two maybe Three jobs because of their Debt obligations benjamin franklin once Said When you get in debt you become a slave Some of the realest words i’ve ever read The next element of a solid financial Foundation is what i like to call Financial truths and misstatements kind Of like financial gossip and things that People say This is all the noise you hear about Money some true Some not but mostly not stuff like money Is evil Which is a huge lie or one of my Favorites Good debt how is any debt good debt is a Liability But people will tell you it’s good until It’s not It’s good until you can’t make the Payments how about Um don’t pay off that mortgage you need The tax write-off we’ve all been saying This one for years I may make an entire video to debunk
That theory don’t fall for it And the other ones that drive me crazy The concept of a starter house Who in the world told you that your First house Is only your starter house who says you Can’t stay there forever if you want to Or i always have a car note or leasing Is better than buying We fall for these things without even Questioning them Why do we fall for the things that allow Us instant gratification but long-term Pain It’s kind of crazy you won’t like that Big car note after the new car smell is Gone Trust me but if you put that car note in A mutual fund you’re gonna love how Compound interest makes your money grow What are some truths and misstatements You’ve heard before drop some in the Comments i’d love to hear them The last elements of financial Foundation are budgeting the importance Of a strong financial partnership And having an emergency fund let me Touch on each one briefly A budget is critical to having organized Finances Don’t fall for the lie of a budget is Restrictive Or you can’t do a budget or any of those Excuses if you organize your finances
And tell your money where to go You don’t have to wonder what happened To it at the end of the month People that budget often find a good bit Of money they didn’t realize They had large companies government Agencies and multi-millionaires all live On a budget so why do we think we don’t Need one you need to do a budget Today a financial partnership if you are Married or have a partner you all must Get on the same page with money Period one plus one can equal much more Than two If you all are working together the last Element of the financial foundation is Making sure you have an emergency fund I’m not talking about investing i’m Talking about Saving it’s boring it isn’t meant to Grow It just needs to be there like a Financial umbrella for that rainy day Putting up three to six months of Expenses is Crazy important rainy days happen it’s Not if It’s when and you need to be prepared Well that’s it for this video And our second concept financial Foundation Be sure to check out the other two Videos to round out your understanding Of how to win with money
And build wealth a solid financial Foundation is the first step In putting your new financial mindset Into practice by learning about money Understanding the dangers of debt and Organizing your finances If you don’t master this concept it’s Highly unlikely that you will ever build Wealth Before we wrap this video up please like The video Subscribe to the channel and follow me On facebook and remember You can achieve much greater things than Where you are today If you are willing to put in the work Conceive it Believe it and achieve it see you next Time