Residual Income - Wealth Strategies - Financial Freedom With Murray Miller

Your personal blueprint to total financial freedom. The Full Monty, totally EXPOSED edition!

In this podcast, I am giving you the formula used by virtually everyone I have ever known that are financially free. It’s worked for me and it is going to work for you! So that being said let’s dive right in. 

Today, we’re going to discuss a plan for you to reach your “Freedom Lifestyle” AKA Early Retirement, in as little as 7-10 years, even if you’re starting from $0.00. This may sound a little extreme for some people but it is possible… however, spoiler alert, you have to be all in! 

The first step is all about what we are going to call your “Freedom Figure” this is the target you’ll want to reach in order to have full control of your financial life.

Your Freedom Figure is a very individual thing and it all depends on how much you want to pay yourself each year when you stop working your day to day.

Your Freedom Figure is one of the targets you want to reach to have full control of your financial life. One way that people use to figure it is called the “Times 25” rule.

So first let’s put some numbers to this strategy. Let’s use the example of building a residual income of $1,000 weekly. For easy math purposes

• Let’s round it to $50,000/year
• $50,000 times 25 = $1.25 million 

The idea is that you’ll be able to withdraw 4% of this number per year (which has been a standard in the traditional financial planning industry) without ever running out of money and 4% of $1.25 million is $50,000.

So, $1.25 million dollars, how are you going to get to that?

There are 5 stages to building towards your Freedom Lifestyle. 

Stage One: All bad debt needs to be paid off as soon as possible. This is the focus of phase one. It’s almost impossible to invest and build wealth when being weighed down by bad debt!

Stage Two: Putting aside an emergency fund. This is essential because when you start investing without an emergency fund you might find a few months down the line you get into a tight spot with an unexpected expense and no cash to pay for it.

Stage Three: Building a great credit score! A credit score is a bit like your resume, it follows you around in life and is regularly updated. The difference is your credit score helps lenders decide whether you are a reliable borrower.

Stage Four: Reducing your tax liability, which is the sneakiest hidden costs of all the expenses! That being said taxes can sting the most and take the biggest bite out of your money. 

For me, I simply have begun converting those traditional retirement assets into tax free investments prior to taking the money out for income. This is also something that is not uncommon. I have helped a lot of my personal clients with this.

By the way I also discussed this on Episode 17 which I titled “Financial Strategies of the Super Wealthy” and if you haven’t heard that episode and you are interested in this strategy I would suggest you go and listen to that one.

Or if you prefer learning more by asking questions you can call or text me at 508-905-5561. 

Stage Five: Begin creating passive or residual income from your side hustles. Why you want passive income streams is so your money can make more money while you sleep. It’s the complete opposite of active income which is money that you basically sell your time for.

Most people won’t tell you this but I’m going to be frank, this step-by-step strategy to reach your Freedom Figure will be hard to achieve if you don’t start a profit generating side hustle. You can download my FREE e-book to explore the 8 Sources of Residual Income.

And yes! It’s still possible with a 9-5 job or career. Most people need a side hustle to kickstart that wealth building. When my daughter Chelsea was on the show last week she said that most millennials have gone from considering a side hustle to having one. It as a normal as a part-time job for extra money however it’s usually something you are excited about and is building a future. You’ve got this!

The post Episode Twenty-Two: Your Blueprint to Total Financial Freedom first appeared on The Family Business.

The post Episode Twenty-Two: Your Blueprint to Total Financial Freedom appeared first on The Family Business.

Chelsea Miller is back!! On today’s episode we discuss the financial strategies that successful millennials are implementing. Research shows that Millennials are currently the LEAST wealthy generation to date! WHY?Possibly because they are split in the middle between the highest student debt in history, skyrocketing home prices and trying to move with the new trends. Chelsea talks about the gap in wealth and what you can do to create freedom living and generational wealth.

Highlights include:

• Massive transition of millennials owning businesses and getting smarter about taxes.

• Building income through side hustles, such as driving Uber, network marketing and consistent investing.

• Investing in property ownership instead of home ownership.

Many people don’t realize how much our economy is shifting right now. This will be the time you look back and see massive industries, including education, advertising, and marketing, shifting and becoming more accessible to the average person.

To follow Chelsea on IG go to instagram.com/chelsealauren_m

Join the conversation.

Remember: you can also download our Free e-book on the 8 Sources of Residual Income at www.thefamilybusiness.info

Welcome to the family!

https://www.instagram.com/tfb.podcast/

The post Episode Twenty-One: Financial Strategies That Successful Millennials Have Implemented with Chelsea Miller first appeared on The Family Business.

The post Episode Twenty-One: Financial Strategies That Successful Millennials Have Implemented with Chelsea Miller appeared first on The Family Business.

The post Episode Twenty: Strategies of Multi-Million Real Estate Investor Henry Eisenstein Interview first appeared on The Family Business.

The post Episode Twenty: Strategies of Multi-Million Real Estate Investor Henry Eisenstein Interview appeared first on The Family Business.

The post Episode Nineteen: Can Money Make You Happy? Part Two first appeared on The Family Business.

The post Episode Nineteen: Can Money Make You Happy? Part Two appeared first on The Family Business.

Today we are going to be talking about the FIRE Movement! Have you heard of it?! It stands for Financial Independence Retire Early.

Financial Independence is so important to me. I mean we built this podcast around it! If you haven’t heard of it then I hope today gets you FIRED up about it!

Things to think about as you listen:

In its essence, the FIRE Movement is a retirement method that means: be frugal and retire early.

I think FIRE is a good goal! FIRE is about building a life that you truly want to live. It’s about abandoning what society and marketing deems is important and finding it for yourself. FIRE says you can save up and invest wisely.

During this episode, I talk about abandoning the society norms and finding your community that supports you in your financial goals. Stripping away those ideas of what you thought you needed to do to be successful.

I discuss the important points of the method and talk about how those ideas help people see a goal, such as the light at the end of the tunnel of a stressful or bad job. I also talk about what I grew up learning and believing, and how that shaped my approach to earn money and find success. I believe how we approach life is often influenced by how you were raised. Your view of the world is colored by the scripts of your life.

So, tune in and see what you think about the FIRE movement and if it is right for you. There is no right or wrong answer! Don’t forget to join us on social media and comment on our post, what were your biggest takeaways from the FIRE movement?

The post Episode Eighteen: The FIRE Movement first appeared on The Family Business.

The post Episode Eighteen: The FIRE Movement appeared first on The Family Business.

In today’s episode you will learn:

Why Wealthy Families don’t work for Income

Learn two strategies that you can implement immediately!

The post Episode Seventeen: Financial Strategies of the Super Wealthy first appeared on The Family Business.

The post Episode Seventeen: Financial Strategies of the Super Wealthy appeared first on The Family Business.

~ How to develop a successful mindset.

The post Episode Sixteen: How can you build an unwavering belief even if you have not yet reached the pinnacle of your success yet? first appeared on The Family Business.

The post Episode Sixteen: How can you build an unwavering belief even if you have not yet reached the pinnacle of your success yet? appeared first on The Family Business.

What is the secret sauce for personal and financial success? It’s becoming the best version of you. In today’s episode we’ll discuss the 5 Daily Habits that will put you on the fast track which include:

1. Waking Up Early!

Morning is an important time of day, because how you spend your morning can often tell you what kind of day you are going to have.

2. Staying Motivated

Once you figure out what you want to do in life this comes easier. Inspiration will never happen, unless you do something you have a calling for.

3. Reading Every Day

Did you know that the most successful millionaires, entrepreneurs, and leaders read almost 100 books every year? 

4. Setting Smart Goals

Don’t create just any goal; pick the right tasks to accomplish that which will help you achieve what you want. While it is essential to have lifelong dreams, it is vital to construct an achievement that will work, based on what is practical.

5. Thinking Differently

Many people appear to have no trouble reaching goals, perhaps they have a higher IQ or more time to get stuff done. Wrong!

Try Focusing on: 

The post Episode Fifteen: Becoming The Best Version Of Yourself first appeared on The Family Business.

The post Episode Fifteen: Becoming The Best Version Of Yourself appeared first on The Family Business.

Another week, another great interview with Sam Crowley form EverydayIsSaturday.com. In today’s episode Sam and I talk about the power of cash flow and share an affinity for one of our favorite books about money, The Cash Flow Quadrant.

The post Episode Fourteen: Harnessing the Awesome Power of Cash Flow! first appeared on The Family Business.

The post Episode Fourteen: Harnessing the Awesome Power of Cash Flow! appeared first on The Family Business.

Today’s Family Business Podcast is me being interviewed once again by my friend and Podcast host Sam Crowley from the Everyday is Saturday Podcast! Sam does an outstanding job interviewing me and focusing in on the crucial steps and mindset we all must have in order to get on track to create true financial freedom!

The post Episode Thirteen: Dissecting What is True Financial Freedom with Sam Crowley first appeared on The Family Business.

The post Episode Thirteen: Dissecting What is True Financial Freedom with Sam Crowley appeared first on The Family Business.