In this episode, Brian Skrobonja breaks down ways to save, grow, and invest your money.
He sheds light on what a well-diversified portfolio looks like, the true definition of financial freedom, and why you need different mindsets for spending versus investing money.
- We all want the same thing when it comes to money–we all desire to make money, grow money, and use the money that we have.
- However, most people have a belief system that is rooted strictly on growing money–which, on some level, makes sense. But this singular focus leaves out the idea of using money.
- Why is this important? Because how we grow money is not the same as how we spend money. Growing money and using money require different approaches and different ways of thinking.
- Brian reveals that many people spend money wrong. This is not about what people spend money on, but the source of the income being spent.
- If you earn a dollar and spend it, it’s gone forever. If you earn a dollar and invest it for income, you potentially have income for life.
- Brian explains why it makes more sense to spend the money your investments earn versus spending the money you earn directly.
- Why is this important? If you want to grow your wealth over time, you should find ways to hang on to as much money as possible.
- What is the difference between making and growing money?
- Brian breaks down a brilliant way to use other people’s money to access cash while your money continues to grow.
- The definition of passive income and the benefits of making money with little to no effort.
- Better ways to generate income other than the stock market. Brian explains why the stock market is great for growing money, but it’s not the best option for generating recurring income.
- Ideally, you want to position assets so you have a tax-free, passive income to live on. You need to have the ability to spend money with uninterrupted growth while simultaneously investing long-term.
- Financial freedom is defined by how much passive income you are generating.
Mentioned in this episode:
Common Sense Financial Podcast on YouTube
Common Sense Financial Podcast on Spotify
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