What is your financial goal? How do you define financial freedom? Have you really thought about what is a need vs. a want in your life? These are just some of the questions you might have asked yourself every now and then when people talk about future finances. Or maybe you have your business and you are not sure what to do with your finances or how to improve them?
These questions are not new. A lot of Travelpreneurs I know also have the same questions. That is why I have invited Shlomo Freund a Keynote Speaker, Financial Coach, and Entrepreneur. He is location independent & enjoys travelling with his family as they explore new places and experiences. Shlomo is a former Forbes writer, and a mentor for startup accelerators to talk about how to create a roadmap to eliminate stress over your finances and what are the two destructive mindsets of entrepreneurs.
If you really want to know more about your finances and how to handle them, this video is a must-watch and surely a must-share episode as well. Get ready to have your mind blown by how easy it is to gain financial freedom! A good tip is to also get a pen and paper as you watch the video and write helpful tips as you watch.
Did you get a lot of takeaways from the video? Share it in the comments section below. Here is mine…
Shlomo recommended a financial roadmap to get started and be on track with one’s finances. As Travelprenuers, he said we need to look at our finances in a holistic way – on how we want to live or where we want to live and what we want to reach. From there we will be able to understand our finances. The most important thing that we need to do is to complete our financial education – meaning know where we are and measure where we are financially.
How can we measure ourselves financially? It would be good to define what is our net worth goal and know what is our current net worth. How do you calculate this? Shlomo generously shares a spreadsheet on how to help you reach financial freedom that you can download for FREE and compute your net worth.
He added that the getting to control your finances control your numbers. It’s gathering all your financial information together putting it in a nice table realizing where you can optimize it. That you can do better budgeting- bring all these things together and from taking your desired designed lifestyle and controlling your numbers, you can then create a plan of what you need to do next year, or on the next five years, or thirty years. It’s a plan that you can then adjust to however you need but you need that plan to know where you’re at right now.
In creating the roadmap the life design comes first before the numbers. There is a knowledge part and then there is the life design part because Shlomo thinks it’s so important to really realize this before you’re actually getting to those numbers and many people have no idea where they want to go. That is why it is important to have a goal on where you’re going so you also can measure where you’re at.
Another tidbit I learned from this interview is the two destructive mindsets of entrepreneurs. Shlomo mentioned that entrepreneurs, in general, might be great with their company’s finances but they really stuck with their personal finances. He quoted “I’m building my company it’s going to be a multi-million dollar company, so dealing with my personal finances right now is really a non-issue, because I’m going to make my exit and everything will be fine. Hence 99.99% of the entrepreneurs don’t make it and it’s not that I don’t want people to make it, it just that it statistically doesn’t happen. So you need to get ready for that and be prepared. Be ready to take care of your personal finances even if you are an entrepreneur who was about to make a multi-million dollar company.”
The second destructive mindset he mentioned is when entrepreneurs say that they are too poor so they really don’t have money. He says, “Save. Even if you start really really small and start learning about this and then saving and investing even if it’s just a little that can be a huge amount over thirty forty, fifty years of doing this. Don’t have the mindset of I’m too poor I only have this five dollars. So do it with five dollars! Even just get into the habit of saving. Don’t postpone it for whenever when you’ll be ready.”
I will be ending this by quoting the book that Shlomo recommended in this interview which is “Your Money or Your Life: 9 Steps to Transforming Your Relationship with Money and Achieving Financial Independence” by Vicki Robin and Joe Dominguez… “We shift from comparing ourselves to others to considering our real needs and desires. We shift from “more” to “enough” and ultimately get more of what money can’t buy. Priceless.”