Wednesday Apr 13, 2022

Wealth Strategy

I talk with Vicki Wusche about creating a Wealth Strategy. We discuss how wealth is about subtraction, the four M's (money, meaning, missions, and memories), and spreadsheet nerds. Join us and rethink your personal wealth strategy.

 

Key Takeaways:

A boss told me that it's not what you make; it's what you spend. I still think about that.

 

Start writing down your income and expenditures so you can focus on what your money is doing. You'll begin to become more conscious about the money you're spending.

 

You can now spend money on Amazon without putting it in a basket. It's like playing a game on your phone. You have to remember that it means more time at work and therefore you're giving up time with your family.

 

For most people, the sole purpose of going to work is to make money, and then if they're not taking care of that money, they're wasting it.

 

The epitome of a wealthy life is a lifestyle that includes knowing how many hours you're going to have to work and how much you should have in the bank to cover your basic expenses.

 

In one of my books, wealthy retirement plan, I talk about the four M's: money, meaning, missions, and memories.

 

As you age, you can't look at money the same way. You've got to figure out how much money you need to live the life you want to live.

 

It is good to have a conversation about managing your income and your expenses. Start with a spreadsheet and go over it with your family quarterly.

 

Every year, you need to review your finances and utilize your findings to make informed choices.

 

We are consumers of stuff, and the world's not like that anymore, so we're all in debt, buying stuff that we don't need and paying interest and stress for stuff we don't need.


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Russ Catanach

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