The Importance of Financial Wellbeing #560

Then I was learning from people from all walks of life , but at this point I believe , off the back of our workshop over the last weekend , a lot of feedback was to have conversations around different areas .

Now I don't sit here claiming to be a financial expert , but what I wish I got to learn many years ago was from people like myself , or those of you who are listening , who could share things that they were looking at or interested in to improve wealth .

Right Financial wellbeing , much like your mental wellbeing and your physical wellbeing , has key components , so I would look at it like cashflow , savings , investments , et cetera , and so that's what really inspired this newsletter and today's podcast .

So I hope you guys get value from it and wherever you're listening to this on whether it's YouTube , spotify , apple , wherever else you get your podcasts I would love to have a discussion thread below around things that maybe I've missed or points that you'd like to add to it , because this is a conversation and it's something that we will be discussing a lot more

within our man that Can community that you guys can head over and join . The link is below for just 20 bucks a month . It's a very simple one , but just more to continue these conversation . So let's talk money . It's the thing that apparently makes the world go around . If you want to live a good life , you must have a lot of it right Wrong .

I thought that for a very long time , and what I'm about to talk to you about will help you gain a greater understanding and also create definitions and ideas around what money looks like for you and what wealth looks like for you and success .

So do you feel uncomfortable when money is mentioned , whether you get asked how much do you earn or you are waiting on a price for something , sitting there sweating about it going . I hope I can afford this . The truth is , money and sex seem to be taboo topics of conversation for most .

I want to provide a new understanding for you and share what I've personally done . Not for financial advice , as I said . I just wish more people shared things they did when I was stuck so I could start doing my own research to see what may work for me .

The key if you take responsibility , invest 15 minutes a day into learning , you can remove financial stress from your life , and I'm going to attach some helpful books at the end that will allow you to start this journey . So we're going to discuss levels of financial freedom , why people avoid money , financial basics . I used to dislike money because I had none .

I would tell myself people with money rip others off . Money doesn't buy happiness . People with money lose family . They sacrifice everything to achieve it . What I realized was money was just a resource like food , water or a car . It can serve needs , but its value comes through what you can do with it .

I still remember the day I committed to making some money . I had this shift that I wanted to have a great life and that I deserved it . A million bucks seemed like the good number . I remember sitting there thinking , yep , that's the one that's going to make me a success that will solve all of my issues .

I was so sick and tired of struggling and I was so stoked to think , if I can do this , everything else in my life is going to be a million times easier . Literally , it was the decision that changed everything , and what I'm about to share was what I wish I knew . Money is a resource . It's an exchange of value .

It allows you to exchange it for what you've got . Some men feel the needs to make lots , others are happy with little , and there is no right or wrong , and I want that to sink in for you as you're listening to this .

You may be comparing and you may have set the number that you feel you need to live , based off of what society tells you , or a random number , but things that you need to think about , and I'm going to go through a table in a moment and , if you haven't looked at it , definitely click on the newsletter below to see the photo , and I'll actually post it on

Instagram , but it doesn't need to be complicated , right ? It's really about knowing what you want . As with everything in our life , I like to find a framework that provides direction and clarity for what I can focus on , and it's something that I use with my clients as well .

Then I adapt it along the way to utilize it to suit my needs , so I would encourage you to do the same . So here are a few financial checkpoints that I've stumbled across and , as I mentioned , go to the newsletter if you want these written down . The first one is financial dependency .

So , if you're in that position , your reliance on others for financial support , including family and government assistance . The second one is financial survival Living paycheck to paycheck , struggling to cover basic expenses with little to no savings . The third one financial stability .

It's your ability to meet living expenses with discretionary income for savings and entertainment , and it's like your beginning of conscious budgeting being intentional . The next one is debt freedom no , non-mortgage debts . What a space to be in . I've never been a person who really likes debt .

So more income can be allocated towards savings , investments and financial goals . The next one financial security . So savings and investments cover basic living expenses for a significant period without employment income and a financial safety net is established .

Financial independence income from savings and investments suffice to cover all of your living expenses indefinitely without the need for employment . That for me , was a light bulb moment and that for me , is where I desire to be .

And when we look at I might cover this later in the newsletter , but I'm going rogue here , going off script but when we think about that .

We can either continue to have to increase our investments , so what our return on investments will be to cover a higher cost of living , or or we can bring our cost of living down to meet where we are at and you get to decide what that looks like for you , based on what you or how you want your life to look .

The one after financial independence is financial freedom . Wealth allows for a luxurious lifestyle and the ability to afford high quality experiences and support charitable causes freely . Look , I like the sound of that , but I also personally don't believe I have the know-how , drive and ambition to achieve that .

I love too many things outside of work from my training and family life , et cetera to want to do that Now . Having said that , maybe in the future , as I achieve other goals , I'll be like oh , it's possible for me and it's not too far out of reach .

So we'll reconsider that as time progresses , but for now , as I'm recording this , that's where I'm at Final one financial abundance Wealth generation exceeds all personal needs and desires , enabling legacy building and significant philanthropic efforts Cool .

So after I found the checkpoints above , I recognized pretty quickly that I didn't need $1 million to live a great life and chances are you don't either . I looked at the list and one specifically jumped out at me , as I mentioned , and that was financial independence . I loved the idea of having my money work for me so that I can have choice .

Not because I don't want to work I really enjoy the man that Can project and what I do for work but I wanted to be able to have choice without the financial stress , and I'm sure a lot of you can relate to that . So yours may be different as well , and that's completely fine , but we're all different and the thing is knowing there is no right or wrong .

You work to what you want .

Every decision requires a different sacrifice and something that I was thinking about today and this is not in the newsletter , but I was chatting with a client and he was asking okay , well , if I desire financial independence and I have my idea of what that looks like and a rough number how do I then start brainstorming what else could fall into that ?

And one of the easiest things I thought of was literally getting chat GPT , writing in chat GPT , exactly what you've just thought of . So I would love to achieve financial independence in 10 years time . My current salary is X . I'm looking at some investment opportunities .

Could you list some and help me so I can start researching more and speaking to financial advisors , et cetera , but I would love to do this in four hours a week or whatever it may be .

Could you please list down 10 to 20 questions that I should start thinking about and answer , and for me , that would be something then that I would take into my daily journaling to start thinking about a little bit more , because the more you think about things , you can see problems that potentially you didn't consider .

You may see or provide solutions a lot quicker to those things . So you can fast track your success or maybe give it if you need to . So you must make your decision and be comfortable with the outcome of that decision . So make sure once again you're talking to people about this , speak to people who have those results , read books

on it . There's so much research that goes into obviously making money . That's why a lot of people never do it . But , as I said , a great little tip is just that 15 minutes a day for a sustained period of time . So if you're like I was , you're bound to have some poor beliefs around yourself and money False money .

Beliefs can be like I don't have time to make money , I don't have money to invest , I have too many expenses . What if I lose my money ? Money will make me evil . They're an example of some . I'm sure you can add to that list If it crosses your mind . You don't have a money problem . You have a mindset problem .

So I want you to read last week's newsletter , which I've linked there as well , for more on overcoming that with your mindset . But to the point of mindset , you must have a growth mindset . This means you believe that you can learn or acquire anything you desire to achieve .

The truth is , you won't always have time , you won't always have the money to invest and you will lose money . That's guaranteed . That is why most men remain stuck is because they don't want to fail , and your relationship with failure has to change , because failure provides lessons and feedback in order for you to make continued progress .

So if you want a different outcome , you need the different inputs or new inputs , and there's never going to be that perfect time . So when you view creating wealth with a growth mindset , you understand that the best action is to , yes , start . This will highlight what you actually know about money and what you need to learn .

So things you need to differentiate here . And once again on the newsletter , I have a fixed money mindset and a growth money mindset , so I'm not going to read all of them just because I want to be mindful of time , but I'm going to read the top two from the fixed money mindset . I'm going to read the top two from the growth money mindset .

So , fixed money mindset scarcity and limitation the belief that there is a finite amount of wealth they can achieve which limits their financial goals . Secondly , avoidance of financial risk due to fear or fear of loss or failure avoiding opportunities . That requires financial risk , even if they offer potential rewards . Now let's go to growth mindset .

So first one see opportunities for abundance , believing in the potential growth and that actions can significantly impact your financial wellbeing . Second , one embrace challenges , viewing financial obstacles as the opportunities to learn and develop stronger money management skills .

There is two key differences here and if you don't have a growth mindset , you're going to really struggle to improve any area of your life , not just finances . Working on having a growth mindset , especially with money , opens you up to more opportunity hands down . It doesn't take away the work that will need to be done .

It's not as easy as a lot of people are saying on the internet . You have to learn and , depending on where you're , your journey is going to be different for everyone . But my initial thoughts sorry , my initial thought is can you imagine a life without financial stress ?

I want you to think about what that would feel like , knowing that you wouldn't have to stress every time a bill came in , and how would that change your life ? How would that change your mood and your relationships ? It's possible for all of us , but there is a price . Relationships it's possible for all of us , but there is a price .

That is why I believe in getting clear on what checkpoint suits you and the life that you want . As I mentioned before , for me that was financial independence . From there , you can get clear on what the number is to achieve that .

So , for example , I've got a little diagram here about financial independence , because annual expenses totaling up all your expenses for the year , the example is $52,000 . So therefore , your investments must be returning $52,000 a year so you can live without needing an income . Once you've got an idea of that , you can then go cool .

My next step is to research ways to achieve that and from the answers to that question , you're going to provide or create some new questions that you need to once again find answers for . Don't make it complicated . There are books , podcasts , financial advisors who can help set you up the roadmap .

From there you will have the action step to move towards your financial goals and I rarely talk about money within the man at Camp project , but it's been something I've been upskilling in for years . I own an investment property , crypto stocks and two businesses . I have made plenty of mistakes , lost thousands of dollars , but I'm continuing to learn .

I know what my financial number is to live a great life , and I have a plan to get there , and so I want to talk about it a little bit more so that those of you who aren't doing that will start thinking about that more as well .

I'm going to continue to share what I learned on the journey to taking control of my financial future , because not only has learning to improve my financial life improved my wealth , but it's also starting to improve other areas of my life , because , as I speak about a lot with your mindset , with your health , with your relationships , what you learn there can be

transferred into other areas of your life , which is really cool . So some key areas to start learning about are these Number one planning , so budgeting , financial goal setting and risk management . Number two saving , so your emergency fund and short-term goals . Number three investing , asset allocation and compounding .

They say the compounding interest is one of the wonders of the world and it's a bloody beautiful thing . So there is . I guess the key from here for me , for you guys , is to be patient and just invest 15 to 30 minutes a day into learning about everything I've discussed above .

Once you start with those initial questions , you can start finding books on specific things or podcasts or people to follow on social media to continue upskilling and asking , I guess finding more information . So there's no reason why you can't take control of your finances . Thanks for listening this week .

Make sure you subscribe and if you want to see the charts and ideas that I compile on the weekly newsletter link is there and I'd love to see you subscribe that comes out every Sunday morning , australian Eastern Standard Time

. Some books for you to read , and these are linked once again in the show notes the Psychology of Money , timeless Lessons of Wealth and Greed and Happiness . Then we've got . Sorry , I said the Psychology of Money , I'll put it in there twice Whoops , but the Barefoot Investor .

For those of you who are in Australia Rich Dad , poor Dad , some that come to mind so make sure you check those out . They've had a significant impact on my life and I'm sure they will for you . Make sure you hit subscribe , share this if you got value from it . I look forward to you engaging in the comments below . Cheers .