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Money Mindset and Efficient Management feat. Terry Tran
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Learn the foundation of money management for financial freedom
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Before we start, I want to talk about an event. Our return guest, Terry Tran, is putting on an event. It’s going to be on Tuesday, the 13th of February, kicking off at 7:20 in the evening. When you attend this session, you’ll learn how to create off-business wealth safely, regardless of the market condition. The link’s at the bottom of the description. Go check it out. I have some other financial freedom tools that you can start using.
Most problems in small businesses, particularly building businesses, come from the financial space. When you’re under financial pressure, it seems to magnify the consequences of every other problem you’ve got, whether it’s a health problem, a relationship problem or a work issue. So, we’re going to be talking about a bunch of things about mindset with money and how to use your money more effectively.
Terry Tran is joining me in this insightful conversation. He is the founder of The Freedom Trader and a highly knowledgeable individual in investing. With a focus on diversification and utilising both hard and liquid assets, Terry has achieved financial success and aims to help others do the same. He emphasises the importance of wisely managing the money generated from a business, suggesting that investing a portion of it can lead to passive income and financial stability. Together, we discuss the concept of financial freedom and how investing can provide a perpetual money machine for individuals.
Key Takeaways:
- Money management is crucial for small businesses, especially in the financial space
- The importance of diversification and investing in both stocks and real estate
- Building a portfolio of investments can provide passive income and stabilise a business
- Focusing on financial freedom rather than solely pursuing financial abundance
- The mindset of fear and greed plays a significant role in successful investing
- Starting to invest can be as simple as setting aside a small amount regularly and gradually increasing it over time
- Understanding personal income comfort level and the revenue needed from the business is essential
- Considering a self-managed super fund to achieve better returns on investment
- Prioritising risk management is crucial to avoid losses and maintain consistent returns
- Letting compounding do the heavy lifting can lead to substantial long-term growth
- Patience is key in investing, focusing on long-term strategies rather than seeking quick gains
All this and more, on this week’s episode of THE TOOLSHED.
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Stay tuned next week when I share a new conversation with one of the podcast’s returning guests, Richard Armstrong from Procalc! Also, don’t forget to subscribe to the show to get that episode as soon as it’s released. Until then, stay healthy.
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