There are several benefits to having a solid financial plan for your business, namely, it reinforces clear goals, allows for sensible cash flow management, smart budget allocation, necessary cost reduction, risk mitigation and provides a growth roadmap.
In this episode, we are joined by Curtis May to discuss some winning wealth creation strategies and discuss four components of the ideal financial plan!
Here are three reasons why you should listen to the full episode:
- Learn effective financial management strategies.
- Learn how you can have financial freedom.
- Discover a financial plan that works under all circumstances!
Resources
- Free report on How To Create Wealth Using The Velocity Of Money. Text “pwealth” to 55444.
Episode Highlights
Who Is Curtis May?
Curtis shares that he has been in business for 35 years. Passionate about his clients and helping them save money and be able to live their best life. He also shares that he is a third-generation business owner. At the age of 7, his father gave him business advice- “You’ll never make any money working for someone else”.
Four Main Objectives For Financial Management
Build Maximum Wealth-
- Most people believe the key to investing is finding better rates – you will need to take on more risks.
- You will first need to create maximum efficiency with your money.
- Grade yourself from 1-10 how you deal with cash flow, in your personal life and your business. Track your inflow and your outflow.
Wealth Transfers-
Here are some questions you need to consider:
- How is your mortgage paid?
- How do you find retirement plans?
Retirement plans defer taxes, more accurately they postpone the tax calculation.
- Ask yourself the question, “Do I think that in the future will my taxes be higher, lower, or the same?”
- How do you pay for major capital purposes(anything you can’t pay for in full with monthly cash flow)?
- How will you fund college tuition?
- You will need liquidity- looking for mass marketing things
Create A System That Will Transfer The Wealth That You Created
- We want people to create legacies for generations to come.
Have A Plan That Works Under All Circumstances
- You have to diversify your way of making money and value the market space.
- You need to play defence – review your insurance, for example, life insurance.
- As you’re working and saving, what is your ultimate goal?
- The key is to focus on buying assets that you can control.
Five Key Areas In Financial Management
- Save 15% of your gross income
- Maximum Protection
- Legacy
- Establish Goals
- The Velocity Method – buying assets that generate investment incomes
3 Powerful Quotes from This Episode
“You have to be able to pivot, and learn how to serve people”
[bctt tweet=”“Until you double your time off, you will not double your income”” username=”theentrepyou”]
“Money follows value”
About Curtis May
Curtis is the host of The Practical Wealth Show Podcast and the creator and owner of Practical Wealth Advisors. Curtis has been planning for individuals for more than 35 years, and he is passionate about helping his clients save money and live the very best life they can right now. The primary focus of his financial planning firm is to help individuals and families become financially free by following the principles of wealth creation that have endured for centuries around the world.
Curious about Curtis’ work? Check out his website. You can learn more by listening to his podcast on The Practical Wealth Show.
Have specific questions? You can reach out and follow Curtis on LinkedIn.
Enjoy this Podcast?
It is good to always have a financial plan for your business. If you enjoyed today’s episode of The Entrepreneurial You, hit subscribe and share it with your friends!
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Have any questions? You can contact me through email (henekawatkisporter@gmail.com) or find me on Facebook, Twitter, Instagram, and LinkedIn. Thanks for listening!
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Stay inspired,
Heneka
