On The BIGG Success Show, we discuss how to accumulate a nest egg which will support the lifestyle you dream of. Here’s a summary of that discussion.
It’s easier than you might think to achieve financial freedom – even in the midst of a pandemic.
That’s because time is on your side, when it comes to money. It’s a financial concept called the time value of money.
Let’s say you want at least $1 million when you retire at 65. We know – you want to retire earlier than that. We’re glad to hear it! But keep listening to our example so you understand the point. It’s really, really, really important!
Today we have an amazing story about a guy who started out just looking for some extra income with a part-time job but ended up turning it into a billion dollar business.
Click the player to listen to this episode of The BIGG Success Show Podcast. Below is a summary of our discussion.
Jim McCann started out as a social worker, which didn’t pay so well. So, in the early 1970s, he got a part-time job in a floral shop to earn a little extra money. In 1976, he took the plunge and started his own flower business.
Let’s go to The Professor’s Whiteboard as we break down 5 lessons learned from the part-timer who built a billion dollar business.
https://biggsuccess.com/wp-content/uploads/2008/04/from-part-time-job-to-billionaire-blog-post-image.png430448George Krueger & Mary-Lynn Fosterhttps://biggsuccess.com/wp-content/uploads/2015/07/BIGG-Success-Nurturing-Your-Inner-Entreprener.jpgGeorge Krueger & Mary-Lynn Foster2021-07-13 17:52:482021-08-09 14:10:01The Man Who Turned a Part-Time Job into a Billion Dollar Business
If you have debt, turn it to your advantage. Few people realize that debt can springboard you to wealth. We share an example of this on today’s podcast.
So if you’re in debt, you’re not alone. But debt can be good or bad. We believe debt is a tool. So today, we show you how to get out of debt and then, how to use debt to your advantage – to turn debt into wealth. Here’s a summary of that discussion…
How can you take control of your personal finances?
Look for the low-hanging fruit!
Step 1: Take a bite
Pick one of your biggest, optional expenses and take a bite out it. Let’s take eating out as an example.
You don’t need to eliminate it altogether. Just reduce the amount you spend a little bit…say ten percent.
Let’s say you eat out ten times a month. You go to really nice restaurants. You order either an appetizer or a dessert each time.
You may:
Opt for staying in one of the ten times
Order a less expensive entrée two or three of the ten times
Go to a lower-priced restaurant two or three of the ten times
Don’t order an appetizer or a dessert five of the ten times
It doesn’t matter what you do. Just do something to start harvesting some extra money immediately.
Step 2: Don’t let it spoil
So now you have picked some low-hanging fruit. What do you do with it?
This is really important because, if you let it sit around too long, it will spoil. It will be used for something that doesn’t advance you toward BIGG success.
So use the money you save in Step 1 to:
shore up your emergency fund
pay down debt
PREFUND purchases
Start with the emergency fund so you’ll have the cash you need when reality bites. You won’t have to rely on a credit card or some special financing deal. How good will that feel?
Once you have six months in your emergency fund, you’re ready to start paying down your debt. Can you imagine not having any debt? Month by month, you’ll see it coming true.
When your debt is gone, use the extra money (and the money you’re saving from payments on debt that doesn’t exist anymore) to PREFUND future purchases. So instead of financing them, you’ll have the cash to pay for them on the spot!
Step 3: Take another bite!
Once you’ve fully digested the first bite we discussed in Step 1, repeat the process again. You may take another bite out of the same expense or pick another one.
Don’t fret about your money woes. Take action with these three simple steps! You’ll soon feel a sense of control over your personal finances. It leads to BIGG success!
https://biggsuccess.com/wp-content/uploads/2013/01/take-a-bite-out-of-your-expenses-for-BIGG-Success.jpg200365George Krueger & Mary-Lynn Fosterhttps://biggsuccess.com/wp-content/uploads/2015/07/BIGG-Success-Nurturing-Your-Inner-Entreprener.jpgGeorge Krueger & Mary-Lynn Foster2013-01-22 05:00:172013-01-21 17:51:22How to Control Your Finances in 3 Simple Steps
Stocks are up significantly from their low in March of this year. Of course, they still haven’t clawed their way back to the level we saw in 2007. However, you have to ask yourself if stocks are the best place to put your money right now.
Treasuries – bonds issued by our government – have also had quite a run as investors have fled to safety. If interest rates go down, the value of the underlying note goes up. Interest rates are incredibly low right now. How much lower can they go? Read more
https://biggsuccess.com/wp-content/uploads/2020/07/bigg-success_stacked-1080.png10801080George Krueger & Mary-Lynn Fosterhttps://biggsuccess.com/wp-content/uploads/2015/07/BIGG-Success-Nurturing-Your-Inner-Entreprener.jpgGeorge Krueger & Mary-Lynn Foster2009-11-24 12:05:002018-10-01 18:31:46The Best Investment You Can Make Now
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Stocks are up significantly from their low in March of this year. Of course, they still haven’t clawed their way back to the level we saw in 2007. However, you have to ask yourself if stocks are the best place to put your money right now.