KK starts us off and tells us today’s topic is Money and Finance
She introduces Brian who gives us our daily warmup exercise
Then KK tells us they’re up to over 375,000 participants in the challenge and have they donated 8.4 million meals through feeding America
My one takeaway from her rant today was “Entrepreneurial Mindset”
Then she introduces Tony
Investing isn’t based on employees
He talks about two books that he has written “Money – Master The Game” and “Unshakable”. Here are Amazon affiliate links for both books https://amzn.to/2VklZoX https://amzn.to/3g6LpOQ
He talks about what a fiduciary is – a financial advisor who has your best interest in mind – not a broker – and says everybody should use one
Then he introduces Peter Mallouk who was the Co-author for Unshakeable and The Path from the company Creative Planning
Peter talked about public investments versus private investments
He talked about the stock market and how every year it goes down 14% but it always comes back up
For the market to do well people need to have money to spend
Then they showed a slide with two examples Joe was 19 years old and started investing $300 a month. Bob at 27 years old started investing $300 a month. Joe stopped investing when he was 27 and leaves it to compound in a tax free environment at 10% per year he invests $28,800 total. When he retires it is worth $1,863,287. Bob stops paying when he’s 65 and invest a total of $140,000. When Bob retires he only has $1,589,733.
Then Tony introduces Ajay Gupta
He talks about going from consumer mindset to owner mindset.an example of this is instead of buying a $5 coffee from Starbucks twice a day, to make your own coffee at home. When you compound this savings on one simple thing it turns into a lot of money.
Put the savings away into investments
The time to start investing is right away
Then they show a few slides and talk about diversified portfolios
They mentioned that fees really matter 1% is best and 3% is high and will give you a huge difference in return
He encourages everyone to pay your mortgage every two weeks instead of once per month this would make an extra payment per year and cut your mortgage by 7 years and save an incredible amount of interest
Acronym CNEI Constant Never Ending Improvement
Back to Tony
Make fundamental principle decisions
Most people trading time for money which is terrible you can’t get back time
Make a decision How much you will pay yourself 1st
Set up an automated payment based on a percentage of your income minimum 10%
Security bucket versus growth bucket
1 What you invest in is controlled by your goals
2 How much cash flow do you have
3 What is your real risk tolerance
Again he tells us to get a fiduciary
Then he shows a bunch of slides
Next he introduces Maria Menounos
She agreed about paying the mortgage biweekly and recommends both the books Unshakable and Money Master The Game
Divorce your story . Get out of victim mode.
She learned how to access happiness
Back to Tony hey quickly talks about the UPW virtual event
Back to KK for our challenge for the day
That’s it for today. Thanks for reading!
Nick