Kelly Schols is a speaker, author, success mentor, and business consultant. He is currently building his own personal consulting business and writing his first book, “Never By the Book.”

In Part 1 of his interview, he talked about his journey and the investment in personal development that transformed his life and his business. Another key element to his success however, was learning about the power of cultivating financial health.

Kelly’s Five Principles for Financial Success

Kelly shares how when he started investing in personal development and training resources for his business employees, a friend recommended he look into Dave Ramsey. Dave’s processes and values aligned very much with how Kelly had already been living and managing his life, so he decided to become a Facilitator through Dave’s Core Financial Wellness training. He then brought these teachings back to his business, and saw his employees start overcoming their debt and becoming financially healthy.

He went on to get trained to become a Master Financial Coach under the Dave Ramsey Program. Dave Ramsey teaches seven steps for financial success. However, Kelly wanted to distill these steps into a more straightforward process, which includes:

1. Learn the habits of money.
2. Learn the difference between wants and needs.
3. Save an emergency fund and how to do that.
4. Get rid of debt and become debt-free.
5. Create a budget.

Transform Your Habits

“Learn how to control money so money doesn’t control you… Most people get a paycheck and it’s gone. Learn the habits of how to tell your money where your money should go instead of your money telling you where it’s going to go.”

Kelly tells his story of going from a dead broke alcoholic to industry leader. If he hadn’t changed his habits, he would not be where he is today: an author, a business consultant, a father, and a millionaire. Making these habits a priority and being able to distinguish between your wants and needs is key. If you can learn the difference, you will be successful. He also emphasizes the value of establishing an emergency fund, and how borrowing and credit cards do not provide the same stability.

Kelly’s method for becoming debt-free is called “Debtstruction.” He says that while it does take intensity, once you change your habits, you can reach financial freedom.

Protecting Your Assets

One of the most important takeaways Kelly shares is how to protect your assets. As he emphasized in Part 1, about four to five times a week around the dinner table, his family talked about the life and business they were all building together. These are the hard conversations: life, death, debt, medical directives, living wills, and more.

However, as exemplified by Kelly’s life, when his wife passed away unexpectedly, these conversations became more than just treasured memories. They had a plan. A few months later when he had to go into open-heart surgery, he was at peace because he knew everyone he cared about would be taken care of. Protecting your assets requires a plan.

“I was at peace… at this point it was in God’s hands and the doctors’ hands. Since Heather’s death I learned don’t worry about things that you can’t control.”

Why This Matters

Who will care for your family, your business, and your assets if something happens to you? Kelly recognizes these are tough topics, but the benefit of having a plan far outweighs the challenges that come without one.

So, his advice is: have that family dinner conversation. Be honest, open, and share your hopes, dreams, and plans. Kelly also highlights that encouraging your employees to be serious about their financial health, and helping them achieve their goals, is a great way to cultivate and identify loyalty within your company.

For more about Kelly and his future projects, you can connect with him at [email protected].