I am downright deliberate about helping clients find their Motivation, Mindset & Method - the 3 M's of financial independence
I am downright deliberate about helping clients find their Motivation, Mindset & Method - the 3 M's of financial independence
Motivation is what gets you out of bed in the morning...it's the difference between hitting the alarm clock and jumping up with excitement.
Our 3m process starts with Vision. We must have a strong, detailed vision that gives enough clarity to guide decisions.
The next part of the process is Identity. How do you see yourself? I've seen it over and over again, we want to achieve great things but seem to self-sabotage ourselves as soon as things start getting good. Without a harmonious identity, worthy ideals are short lived.
A clear vision and identity allows you to make financial decisions that benefit your worthy financial ideals with much more ease and clarity.
The right Mindset must is about the alignment of your vision with your personal values, beliefs, and capabilities. .
Not knowing your values gets in the way of ones financial success. Some of us have negative money beliefs such as "Money doesn't grow on trees. Money is the root of all evil."
Without consciously chosen values, we are doomed to external circumstances that have been thrust upon us by the outside world. The lucky among us have empowering beliefs while the unlucky have beliefs that simply destroy our abilities to move forward.
By knowing your values, beliefs, and capabilities, you will know what areas to work on in order to provide consistency towards your objective.
Method is all about behavior, environment and taking ACTION. The method is all about the how, what and how you are going to go about accomplishing your ultimate financial vision.
Method is about exploiting your resources so they work for you in every way possible!
Once you have a clear cut method you can actually implement, your financial well-being is certainly a matter of practice.
Method is the carefully crafted plan that you have complete control over which dissolves worry about money. You will have a roadmap to know: how much to save, how to pay off debt, if/when to use leverage and every other important area regarding finances.
These clients are either financially independent or want to be. They have a desire to be independent so they can live their ideal life. Money is not a reason for them, it is only a means to freedom.
We live in the best time ever. We all have an abundant amount of resources. Chances are if you want to learn something, you can do a quick search and find a multitude of ways to do so. Our clients understand there is a difference between being adequate and a practicing professional.
There are as many investment strategies and tactics as there are investors. The best investors are in harmony with the 3 M's. Our clients practice methods that align with their Motivation and Mindset so they can sleep at night knowing they are practicing their best selves.
Everything is my fault. It's hard to swallow, but I believe it. This is empowering because when we look at our circumstances from this lens, it is two-fold - we give ourselves the power to change and we can learn from our mistakes. Our best clients take personal responsibility so they learn and grow from experience.
We are either green and growing OR ripe and rotting. The choice is up to us as individuals. We best serve those that are ambitious enough to learn and humble enough to realize the more we learn, the more we realize we don't know. Our best clients have a love for life and want to help and serve others as they work towards their own personal endeavors.
The first step all starts with what you want to accomplish. We work together to determine your own Vision of financial success. If you just aren't sure where to start, we start with the worthy ideal of being financially independent.
We collaborate by constructing a mind map template that outlines your vision, Definite Chief Aims (financial objectives) and all the important areas of personal finance. This tool gives a great overview of what you want and where you currently stand. The financial areas we start to become familiar with are the income statement, cash savings, passive income, speculation/growth, and risk management.
We review the mind map together looking at the different areas and which types of investments you own and possibly some other investment vehicles that fall into those different areas so you can get a good sense of what different investments can do for you.
After completing the first draft of the mind map, you will have a quick snapshot of where you stand financially, your overall Vision, and what Definite Chief Aims to focus on first while completing the remainder of the stages.
The Income Statement is your budget. The next step is to dive deep into the budget so that you you can absolutely make sure your spending aligns with what is most important to you. This is where we talk about savings rates, paying off debt (if any), and the different types of income.
The budget is one of the easiest things to control, but often the most neglected. We want to implement to what is referred to as a cash budget. This type of budgeting goes beyond spending money and tracking where it went. It adds another dynamic which is determining where you are going to spend your capital before you receive it. This is called being purposeful with your resources.
After completing this step, you will have a purposeful way in which you budget and plan to allocate your income. You will know that your spending is aligned with your overall objectives.
Passive Income is the type of income that allows you to be financially free. There are many different types of investments that provide passive income which vary in risk, yield and effort. We categorize passive income into three separate categories: Pension, Reliable, & Juice Income.
Pension Income is guaranteed by a company, government, or insurance company. It is essentially a stream of income with very little risk in regards to payment and frequency.
Reliable Income doesn't have any guarantees, but the investment itself is constructed to provide income with an extensive track history of making payments.
Juice Income is either leveraged or derived from businesses income that is easily adjusted in different economic conditions.
All of the above passive incomes are viable sources. The type or mix you prefer comes down to your personal philosophy about risk and the yields you desire. After completing this stage, you will have a good idea of what types of investment vehicles fit into these different categories and which area of passive income you'd like to focus on first.
Growth and/or Speculation is about purchasing investments with the intent of selling them at a higher price in the future. These types of vehicles tend to fluctuate more in value than the passive income investments but can have more potential for increasing your balance sheet.
We discuss the different types of investment vehicles that typically fall into this category as well as the two general schools of thought when it comes to investing in these investments. The strategies for purchasing these types of investments range from ultra conservative to highly risky depending upon the vehicle and the amount of capital risked.
After we complete this process, you will have a good idea some of the different strategies, the time involved with each one, and the pros and cons of the different strategies.
Your investment philosophy will certainly be influenced based upon your past investment experience, your views on money itself, your opinion about different markets and assets, and what you would like to accomplish financially.
It's important to know your investment philosophy because it will frame many important decisions such as - whether or not to build passive income now or wait, to use leverage or not, to pay off debt or not, how much time you spend monitoring investments, and how often you make investment decisions.
Your investment philosophy will more than likely change over time as new information and experiences are presented. No one philosophy is better or worse than another, but it will certainly have an effect on how you invest and manage your investments moving forward.
We dive deep into this for two main reasons: So you can sleep at night and so you can implement the investment plans. After this stage, you will have a good strategy for moving forward and adopting the investment strategies and plans that best suite you.
Risk Management is about curtailing the unexpected but possible unfortunate circumstances that may lie ahead. Risk management includes such things as estate planning, life insurance, disability insurance, and health insurance.
We look at the biggest risks you face and look at the different alternatives to hedge against those risks. Once this is done, you will know how much risk you are taking and what to do in order to mitigate those risks.
Definite Chief Aims are specific items we want accomplished in the next month to quarter. The Definite Chief Aims work towards your ultimate Vision. Each meeting we work in a constant process of clarifying your vision, defining your Definite Chief Aims to meet that vision, developing a action plans, implementing, evaluating and adjusting. These meetings are held as needed.
After each meeting, each of us will have a specific objective and a way to achieve it. If you want to work with someone that will constantly review your financial progress, challenge you to do more, and motivate you along the way. Click on the link below and schedule a time now!
Click on the link below to schedule a Zoom Meeting. We review your Vision, Definite Chief Aims (investment goals), Your Current Situation, an Overview of Working Together, Costs, How We are Compensated and Next Steps (if any).
Since 1999 I've worked in the personal finance space. I've helped investors do everything from get out of debt, to producing passive income, to executing options strategies. So if you want to align your finances with your Vision of Financial Success, I can help. Click the link below and set a convenient time.
Adam Straseske, CMT
humble investor
512-327-4747
2201 Double Creek Drive, 5005
Round Rock, TX 78664
Investment advice offered through Strategic Financial Concepts, LLC.,
a registered investment advisor.
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