Being financially smart is less about intelligence and more about having a plan and being disciplined. I think being a rocket scientist verse running a marathon is a good comparison. Having a high financial IQ is more akin to preparing for a marathon than being a super intelligent person. Not everyone is going to have the intelligence necessary to be a rocket scientist, but I think just about anyone can get to the point where they can finish a marathon. It might take years to get there, but if you have the desire and discipline, almost anyone can run a marathon. Anyone with the desire and discipline can be financially smart and gain financial freedom can do it, but in almost every case it will take a good portion of your lifetime to get there. In this episode Craig and I are going to cover steps anyone can take to be financially smart and eventually gain financial freedom.
What To Expect From Episode 125
One of the first books I ever read that had a big impact on my financial IQ is an older book called, “The Richest Man in Babylon” by George S. Clason. It’s a great book, that teaches simple financial principles that are easy to understand and he does it in an entertaining way. You can learn more about it by clicking here. Most of what we are going to talk about is not trucking specific, but we will try to relate some of it to owning a trucking company. Here are some of the principles we’ll cover during this episode:
- Believe YOU control your own destiny (This is one of my own principles and I think it is the most important, listen to learn why)
- Increase your income
- Manage your expenses
- Reinvest your earnings
- Is your home an investment? (My answer to this question might surprise you.)