What is Cashflow? Basically Money In, Money Out

How much you earn determines how much you spend.

How do we determine where the money goes? We have obligations, needs & wants.Do you know how much you need to meet these expenses?

What about Debt? What type of debt do you have? How much debt do you have? Is it good debt? (borrow to invest and earn an income) Or is it bad debt? (borrow to consume or to spend on stuff that depreciates in value or wears out) Who is helping you best manage your debt? (Who do you go to for advice on the proper use of debt?

Why do you spend the way you do? What is the motivator? Are you an impulse spender? Do you have a budget? Or do you have a spending plan?

Do you know the difference between Working Cash Flow and Active Cash Flow?

Who do you go to for help to regain control over your cashflow? I would like to suggest that it’s not the current institutions who are currently in control of it. Who would that be? Canada Revenue Agency, Banks, Insurance Companies, Wayfair, Amazon, Credit Card Companies, Walmart, Best Buy, EBay?

You can earn more money. You can spend less money. You can keep more of what you earn. You can save your money.

Every dollar you spend should be a conscious decision. Credit cards and debit cards make this hard to achieve. Listen up. You will learn something today that you may not have heard before.

“If you continue to think the way you have always thought, you will continue to get what you have always got.” How has that been working for you?  

If you discovered something that was no longer true, when would you want to know the truth?  In this episode, we discuss the importance of regaining control over your cash flow, debt unification & debt reduction strategies, Crypto opportunities, real estate and home ownership, access to cash or capital, emergency savings and how wealth is created.  

The first thing we need to change is our attitude and our perspective.  "When you change the way you look at things, the things you look at change." Dr. Wayne Dyer.  

What we have done for years may no longer be working. What can or should we be doing differently?  

You will not be interested in a solutions until you realize you have a problem.  Part of our responsibility, is to help you identify some of these problems.

What can we do to protect ourselves from the continual devaluing of the Canadian dollar? The past year of the government aid to the Canadian people has brought a HUGE devaluation of the dollar as compared to other years. What does this mean for us? What does it mean for our grandchildren? How can we, as everyday citizens, mitigate our risk against what is happening and the decisions being made by our government? This episode goes over some of the options we have, some of the actions we can take, and what to work towards in the future.

What do we say about cryptocurrencies? Well, there is a lot out there about it and a lot of people who will sing it's praises to the rooftops. For the most part, we are talking in this episode about the technology relating to currencies (and not about it's other uses). What are the pros and cons? How is it different than the standard currency of a country? And how can we position ourselves to maintain control of our wealth in the years to come (regardless of how the adoption of crypto currencies ends up). Take a listen!

One of the best first steps in getting your finances under control and moving towards being financially independent is the idea of Debt Unification.  Many other people call this same term "Debt Consolidation", but we prefer the term Debt Unification. In this episode we discuss what that entails and why you'd want to do it. We also discuss the pitfalls of debt unification in terms of what might go through a persons psychology when they suddenly have empty credit cards and lines of credit. 

How can we increase cashflow? How can we look at life in terms of cashflow? Why is cashflow important to someone? 

The reality is that we need income. Most people need to work harder to make more money, but we can learn to leverage what we do in order to make money without having to work more. As we increase our cashflow over the years, we can eventually get to the point where all our monthly necessities are covered by the cashflow coming from assets that we don't have to work to get. That's when true financial freedom happens. 

So this episode talks about cashflow and why you might want to do a cashflow plan NOW so that you will have real cashflow later.

If you'd like to get a cashflow plan done, contact us through our website to setup an online appointment where we can put your numbers into our Snapshot Calculator and see where we are at. http://mycustombank.com/contact-us/

A lot of people have the goal to pay off their house before they retire, but there is a slight problem with that; once the house is paid off, you lose access to the money and the equity in your house. In this episode, we discuss why it might make sense to get a line of credit on your house before you retire (while you are still making a good income). This can substantially increase your financial freedom when you retire and unlock one of your biggest assets. 

What is it that people want to know when the are planning for retirement? How much income do I need for when I retire? The truth is, we plan based on a LOT of speculation and based on factors that are 100% out of our control.

In this episode, we go over what you need to think about and how you need to change your planning of future income to keep more of the growth of your money under YOUR control. It's important to choose investments that give you more certainty for the future and also put you in a place to be able to take advantage of opportunities as they come up. 

After hearing some of this information, a lot of our clients say 2 things:

If you are asking the sames questions, contact us to setup a free consult call and we'll see how we can help you. Phone 250-563-0777

Our True Wealth Workshop teaches you what the problems are with what you are currently doing and how you can change what you are doing to become truely wealthy. Signup for the on-demand video workshop at http://mycustombank.com/true-wealth-workshop/ 

If you've been told to wait until you are making over $50k to incorporate your business, you've probably been given some advice that was not looking at the big picture. In this episode, we go over all the reasons you might want to incorporate and pay yourself differently than you do as a "Sole Proprietor" small business owner. 

Our True Wealth Workshop teaches you what the problems are with what you are currently doing and how you can change what you are doing to become truely wealthy. Signup for the on-demand video workshop at http://mycustombank.com/true-wealth-workshop/

As a business owner, how do you pay yourself? Do you pay yourself as an employee? Do you take a draw from your account and then settle the taxes at tax time? Do you pay yourself as a shareholder with dividends (you have to have the right business type to do this)? 

There are many ways to pay yourself and each may have benefits that you think are good for you. This episode goes over what you need to consider and how you might be able to put more money in your pocket while legitimately paying less taxes. 

Want to get some extra wealth insights as we think of them? Subscribe to our Telegram channel and get instant notifications each time we add an extra insight or revelation that is worth talking about. Here is the link to join: http://mycustombank.com/revelations/

If you liked this episode, you are going to love our free online workshop that explains this concept and many others in more detail. The True Wealth Workshop will give you the tools to get out of debt quicker and get your finances in order the right way. Signup for free for the online video workshop at http://mycustombank.com