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Retirement can be much closer than you think!
How? Obtain financial freedom.
So, how do you do that? Well, that is exactly what I’m talking about with contributing expert, Chris Miles today.
Chris dropped out of college to become a financial advisor before he learned that much of that system is broken. He then moved on and started how the rich build massive wealth, and he started seeing the results he had dreamed of. Within a short period of time, Chris had financial freedom, and thus an ultra-early retirement.
This is one of the most impactful episodes of YoPro Wealth to date because Chris shares with you exactly how you need to think and what strategy you need to take to have the most money show up in your life. It’s pure gold. Enjoy!
In this episode, you’ll learn:
- The secret of building multiple streams of income.
- How the rich think about building wealth.
- What the great entrepreneurs do.
- The two questions you need to ask yourself.
- The real impact of inflation that the government won’t tell you.
- The power of knowing your greatest asset, and how to leverage that into a business.
- Why you need to treat money like a jealous lover.
- And much more!
If you have never had any credit before, lenders don’t have anything to go on when you finally do apply – are you going to be a conscientious re-payer or lose track of what’s going on with your finances? To this end, it’s certainly worth signing up for certain credit facilities even if you never use them, just so you can start building up a credible history.
What is the debt doing for you?
Second, and this is important: can you afford the debt? Taking on college debt can be crippling if you can’t get a job after graduation or if your loans are exorbitant. A car can help you but that doesn’t mean you should buy a brand-new luxury model. Same idea with a house, it can be cost efficient to own but if you buy too much house it can be crippling financially too.
“There is no hard line on which types of debt are good or bad because to an irresponsible person, all debt would be bad. To a wise steward, nearly any debt could be good. It depends more on how the person is using it. If you use debt to increase your stewardship and wealth, it can be an amazing tool. Sometimes it’s essential for success. However, if you use debt only to consume, it can be a pain.
immediately after using it so there are no finance charges, and be sure there is no annual fee. Responsible use of a credit card not only builds credit, but also can garner reward points or airline miles. In fact, my wife and I were able to obtain a brand-new big-screen TV courtesy of the reward points we received from using our credit card–all at no cost to us since we always pay off the card as soon as we use it.
In a majority of cases, people are simply trying to justify their need for instant gratification by classifying their spending habits as building “good debt.” Examples of this include opening up 0% credit cards so they can buy a new sofa or go on a much-needed vacation, acquiring a home equity loan to hide cash flow issues, and acquiring retirement loans so they can live now and worry about the future later. All three of these are bad ideas, unless the decision to do this is with controlled intention (not on a whim) and will help you reach your long-term goals.
“No debt is good, but some is often necessary. The best debt, when necessary, is for something that benefits one on a long-term basis, such as a home mortgage. An auto loan is an example of debt that one’s situation may require out of practicality or necessity. This could be considered good debt. Bad debt is debt incurred buying things that one neither needs nor can afford.”
