Aug 24, 2021
Build wealth with 5 keys to money mastery
“Most people are so focused on debt that they can't see the bigger vision of what's possible .”
In today’s podcast, 154, Brooke and Veronica Singh have a great conversation about things that are really never talked about in network marketing.
Veronica was introduced to the network marketing industry by her best friend in 2012. She learned a ton about the industry, but she also learned a ton about how to also master your finances, how to master your health and things that are typically not taught in the industry as a whole. She shares five keys of money mastery.
“Everybody gets started in network marketing to make more money.” - Veronica Singh.
Most people when they get started in network marketing financially are dealing with debt. If you're constantly focused on debt, what do you think you're going to create more of in long-term debt? When it comes to money, you have to have a strong mindset and start thinking abundantly. What can you create and what value can you bring to the marketplace with your network marketing business that you're building in order to produce sales.
The first key is making money, but making money is only one of the five keys because yes, you need to make money, but you have to have the other four keys working simultaneously in order to create wealth long-term..
Key number two is managing that money. So simply put, it's understanding how to get your cash flow in order. Instead of taking your monthly income and dumping it all into paying off liabilities, start taking a percentage of that and put it into assets that can generate additional cash flow.
Key number three is saving money. Look at strategies or plans where you can put your money in a place where it has the ability to compound. Key number four is protection of money and is actually the most important key. Identity theft is actually the fastest growing crime in America today.
Last is key number five, growing your money. If you can get your cash flow in order, start putting a percentage of that money aside into a plan that can actually start accruing interest and actually compounding that interest over time.
“If you're not passionate about what you do, you're not going to be motivated to work .” - Veronica Singh.
If you would like to get more tips on how to be financially savvy you can find Veronica on Instagram. Veronica has an ebook that she wrote a few years ago, you can find that free ebook at www.understandinglongtermwealth.com She also suggests reading the books The Retirement Miracle and The Power of Zero. Another helpful resource is www.socialtenacity.com/moneymindset
How to get involved
If you liked this episode, be sure to subscribe and leave a quick review on iTunes. It would mean the world to hear your feedback and we’d love for you to help us spread the word!