Our National Financial Literacy Month guest interviews continue! This week we welcome back former P&B guest J.D. Roth (ICYMI – PB34: Become a Money Boss ft. J.D. Roth). J.D. is a recognized personal finance expert who has written for Forbes and recently returned to writing for his popular and insightful personal finance website, Get Rich Slowly.org. On this episode he helps you and us explore a different way to view money with a focus on saving you more of it. Your money mindset matters! We also discuss:
- What he learned having already experienced the FIRE lifestyle
- The motivation for re-launching GetRichSlowly.org and what readers can expect to learn this time around
- Tips for identifying your passion and turning it into a business with multiple income streams so you too can achieve financial independence
- Why personal finance doesn’t have to be complicated if you follow the hundred-year-old rule of spending less than you earn and investing/saving the gap
- Advice for finding your financial balance, so you can both enjoy today and save for tomorrow
Financial Literacy Month: JD’s recommended Action Items:
- Self-Reliance. Rely on yourself to fix your problems with the positive affirmation of, “I am in charge of my life.” Don’t pay attention to others financial journey. Do what works for you.
- Be Proactive. Don’t let life just happen to you. Take charge of your life by identifying short-term (1-3 months) and long-term (3-months and beyond) goals you want to accomplish.
- You, Inc. View your own personal finances like a business. Only three expenses account for 50-70% of the average household’s expenses. Saving, budgeting, and living within your means are how you build a profit for yourself. Maximize your personal profits by spending less than you earn or earning more than you spend. Use the gap between income and spending to invest in yourself to accelerate your profits and financial freedom.
References Mentioned in this Show
- J.D. Roth
- National Financial Literacy Month April 2018 – Learn More at FinancialLiteracyMonth.com
- Book: Your Money: The Missing Manual by J.D. Roth
- SmartAsset: Housing and Transportation ate up around 50% of the average household budget
- BusinessInsider: Average Americans Spends 60% of Their Budget on Just Three Things
- We’ve created a new free guide exclusively for our email subscribers: The 15 Minute Paychecks and Balances Money Plan: Your Guide to Financial Freedom. The free document includes “15-minute” plans for creating a budget, starting your debt freedom plan, and finding your FIRE number. Sign-up to get your free guide today and see why just 15-minutes may change the next 15 years of your own journey to reach financial independence.
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