6 Ways to Manage & Master Your Finances (in Disruptive Times)
Rob Moore breaks down six stages to financial freedom: kill high-interest debt first, cover living expenses from assets not work, save more than you spend, invest conservatively to protect capital, add speculative bets only after a solid base, then diversify and self-insure across asset classes.
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6 ways to manage and master your finances in 7 minutes or less. Here we go, are you ready? We are in disruptive times. Inflation super high, cost of living super high, food, energy, gas, electric, taxes super high, ability to earn income lower. So let's disrupt, let's push back. Here are the 6 ways to manage and master your finances. These are rules and these are stages in order. Ready? Let's do it. Number 1, you've got to get yourself out of debt. You pay your highest interest first because it costs you the most, and you chip down debt highest to lowest until you are free and clear. Compounding is the 8th wonder of the world, but unfortunately it works very powerfully in reverse. So once you're out of debt, then step 2 is you need to cover your basic living costs from assets, from income from assets. Nothing wrong with working and exchanging your time for money, but the problem is you have to work every next month to cover your costs. Whereas if you can invest in digital assets, if you can have recurring and residual income and royalties, and you can pay your basic living costs, you have managed and mastered money, and you are technically financially free. Number 3: Never spend more than you earn. And month by month, year by year, increase the amount extra and surplus that you save. Most people are spending 110%, 120% of what they earn, so they're getting more and more into debt, and then debt compounds, and then they're paying interest on interest, and they get themselves tens or hundreds of thousands of pounds in debt. It takes 26 years to pay off the average credit card. Holy smoke. Whereas if you can, at least to start, Save just 5% of your monthly wage, and then 3 to 6 months' time, save 10%, 15%, 20%, and never spend more than you earn. Even if it takes months or years, you can get out of debt, you can have savings, you can have investments, and then you can move towards financial management mastery and freedom. Number 4 is once you started to save your basic 5 or 10% a month, your surplus, then you're going to start investing it. Because actually, saving your way to wealth is near on impossible. The only way to gain true wealth and financial freedom is to invest in assets. Assets that protect your cash from inflation, assets that grow in capital value, and assets that produce income. So savings should only be temporary, a bridge into investing. So as soon as you've saved 5% and 10%, put it in a savings account. You've amassed 5 grand or 10 grand or something some lump of money that you could then invest. Then you invest. Start with low risk, then go to medium risk, and then go to speculative high risk. By the way, I do much more deep dive content on each of these steps on my podcast Money and in my book Money, so just make sure you're consuming the rest of my content. Okay, and then stage 5, once you've got yourself out of debt, covered your basic living costs, in recurring and passive income, you're never spending more than you earn, you're saving an increased percentage of your, um, monthly earnings, and then you're turning the saving into investment and you're building recurring income streams, then you can speculate. So you can buy companies, you can take higher risks, you can buy into cryptocurrencies. The speculations, the higher risks is where you're going to get the higher returns. But you don't want to do that when you start because they can go to zero. And then stage 6, once you've done some speculations and you've lost a bit but you've won big on some, then you insure and diversify. So you start, for example, you make sure you've got a will, you self-insure by saving into accounts that acts as an insurance policy, you diversify your money into different asset classes that you otherwise aren't a specialist in. So let me recount these 6 steps to managing and mastering your money in 7 minutes or less. I think we've got a minute left. I've got something for you, so don't go away. Stage 1: get out of debt. Stage 2: cover your basic living costs with income from assets. Stage 3: never spend more than you earn and save a percentage of your income and grow that over the month. Stage 4: you want to convert that savings into investment and invest into assets that protect the capital, have capital growth, and create recurring income, and protect from inflation, and protect from quantitative easing, and protect from your spending habits. Then stage 5, once you've got some good secure investments, you can start to speculate, take bigger risks— cryptocurrencies, NFTs, and riskier companies. And then stage 6, you ensure you diversify, you spread across different asset classes so no one can take your wealth away from you. And on the note of no one taking your wealth away from you and you increasing your wealth, how would you like to learn how to close the sale and put the money in the bank? How would you like to spend 90 minutes with me in a masterclass and mastermind on Zoom where I can ask your— answer your personal questions about saving, managing, mastering, and making money, and closing the sale and putting money in the bank and making extra income in disruptive times? If you would like to do that, uh, for free from me as a gift, if you go right now to tiny.cc/robmoney, tiny.cc/robmoney, and there you will learn how to close the sale, put the money in the bank, and how to save, invest, and create financial freedom. Now I'm going to cover how to get uncomfortable earning small so you can earn big. I'm going to cover how to ask for the sale and get the cash in the bank and overcome your fears and doubts about making, and, um, making money and making a sale. Clarity on your compelling offer and product and service and making your offer a no-brainer. Powerful and profitable pricing with the 6 ways to increase your prices. What to do when others reject you, when others say no, when others say you can't afford it, and how to overcome those objections to close the sale. I'm also going to give you access to my previous recording in this series called Self-Worth into Net Worth, if you feel like you can improve your self-worth, if you'd like to improve your net worth. So if you go right now to tiny.cc/robmoney, you can gain this 90-minute masterclass Zoom with me completely for free. It's Sunday, 8 PM BST, so it's coming up in a couple of days' time, so register now. Quick word of warning, these are usually only for my paid Rob.team subscribers. I'll have a max of 200 people on and I'm only allowing 50 free tickets. So go right now to the link tiny.cc/robmoney. I'll see you there. The 6 ways to save, manage, and master your money. The stages to go from debt to wealth are: stage 1, get yourself out of debt, pay the highest interest off first. Stage 2, cover your basic needs, basic living costs, um, from income from assets, and then you're financially free. Stage 3, never spend more than you earn and save an increased percentage of your earnings per month— 5%, then 10%, then 15%, then more. Stage 4, quickly then take your savings and invest in low-risk assets that protect the capital, have capital growth, and recurring income. Stage 5, then you can invest in higher speculative asset classes to get that higher growth. And then Stage 6, you diversify your wealth and you, you self-insure and spread that risk to have unbreakable, impenetrable wealth and financial freedom. By the way, please hit the share button if you think my content is useful. I'm going to go on a campaign of content daily on saving, making, managing, and mastering money in these disruptive times. So hit the share button, share that love, help people, because let's be honest, it's very difficult right now with high inflation, high cost of living, high taxation, high fuel energy, food, travel, everything. So we must be vigilant, we must educate ourselves. But there is a way that not only can you save money, but you can make money and manage money and master money and gain and attain financial freedom, because there is opportunity out there. So please hit the share button and then register for my How to Close the Sale and Put Money in the Bank, and get my Turn Your Self-Worth into Net Worth content completely for free. Sunday, 8 PM British Summer Time, London time, at tiny.cc/robmoney. And remember this: if you don't risk anything, you risk everything.
