Thought Hustle

Financial basics:

Here are the key points from today’s show!

1.  Track your daily expenses, to start, at end of week track spending, and do it again at end of month. Once you get familiar with spending patterns once monthly is fine. Be patient with yourself, Most of Buffet’s wealth came after age 59. It pays off.
2. Hold yourself accountable for your spending, build a budget. If you have trouble saving, use cash when you spend.
3. How should you budget? Based largely on you, have goals et for the next 3 months, year, and 5 years. Learn your income and expenses. Pay yourself first. 
4. Figure out the type of budget you want – Zero-based or 50-30-20
5. Utilize tools, use Excel, Mint or You Need a Budget, or pen and paper, whatever you feel comfortable with.
6. Start investing, if you haven’t already, this is critical, you need to invest, the sooner you start, the more beneficial it will be down the line.

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Can you remember the last time that you didn’t do something, not because you didn’t want to, but because you were afraid?

When was the last time that happened? Yesterday, a week ago, a month ago? It could be related to anything, from asking for a raise to applying for a new job, everyday, we let fear hold us back.

Failure though, failure is inevitable, and you cannot allow it to stop you from trying new things. You don’t fail when you don’t succeed, you fail when you give up.

The best and simplest way to overcome your fears is to lean into them. If you want to defeat fear, whenever it rears its ugly head, lean into it, don’t run away. In the beginning, this will be difficult, but the more you do it, the more you’ll realize how your fears are misplaced.

There will be obstacles and struggles, when you lean into fear, you are often doing one of the bravest things you could do, it won’t be easy. Because it’s challenging, many people give up, they let fear and failure, coupled together, destroy their dreams and ambitions. Don’t be that person, when an obstacle comes up, you figure it out.

If you had a baby and they were learning to walk, but they kept falling over after taking a few steps, would you give up on that baby? Would you say “Give up little one, you clearly can’t walk?” Or would you encourage that baby?

So often, we find that our first few steps are wobbly, and we GIVE UP!

Why would you let a couple of failures cause you to give up? Of course, you’re going to be wobbly, like a baby learning to walk, but that doesn’t mean you can’t do it. Pick yourself back up, those obstacles, that’s you wobbling, but you get stronger as you keep pushing forward.

How do you become a successful person?

You lean into failure, you keep pushing forward, you don’t give up and you fail over and over again until your failures have made you the strongest person in the room. Then, you will be kicking down doors, instead of being blocked by them.

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In today's episode here on Thought Hustle, we go over my first home purchase, the numbers can be found below!

1.       The total closing costs came out to $10,911 for the inspection, Appraisal, Radon Test, Insurance, attorney fees, and closing costs. I saved about 50% of my income for months to pay for this!

2.       The mortgage on the home is $1081 and I plan to rent it for $1250. My yearly income will be about $2000, which I will set aside for any repairs and maintenance the property requires.

3.       Cash On Cash return in nearly 19%, the COC is how much income you will receive, divided by the closing costs. Once I move out and rent both units, for $1250, my Cash on cash return will be over 150%, which means that the amount I put down, will be paid back within a year. Under an FHA loan, you must live in the home for a year. 

4.       In total, for the spackling, repainting, and minor repairs, it will cost me about $2,000

Those are the numbers, listen to the episode to learn about my first employee, my upcoming book release, and how YOU can get a free copy of my book. So you can learn how much you need to invest today, to retire a millionaire!

Click HERE to get your free copy today!

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In today’s podcast episode, we take a deep dive into the habits of great leaders. We examine what makes a great leader and how you can become the best leader possible. 

To be a great leader, you must lead by example. Elon Musk is reported to have slept on his factory floor, that’s an example of leading by example.

A good leader shows their passion and positivity for their tasks. A great leader builds up their team and emphasizes their strengths. A phenomenal leader leads by example supports their team and gives their all to ensure the success of those who are following them.

The characteristics of a great leader are as follows:

One of the best books I’ve read on leadership was Steven Covey’s book Principle-Centered leadership, in it, Covey outlines 7 characteristics of a great leader

1. Never stop learning, sharpen the saw
2. Be service-oriented, seek to give to others, life is a mission and responsibility, always give and be your best, improve the lives of others, and in turn, your life will get better
3. Radiate positive energy, be the person others get energy from. Be optimistic and forward-thinking
4. Believe in others, recognize strengths and weaknesses, build off of strengths. See the potential that is obvious and not obvious, bring it out.
5. Balanced life – great leaders balance things. They practice self-control, they balance pride and humility, they balance reactions and understand that things balance out, failures and successes balance each other out.
6. Build synergy, develop a team. Operate as a team.
7. Leaders are always seeking to grow in all areas. Not just the mind, they balance their physical, mental, spiritual, and emotional well-being. Seeking to grow all four areas for a brilliantly balanced life.

Always seek to balance your life, build up others and create an atmosphere of comradery. 

Challenges for you to become a great leader:

1. Evaluate your financial well-being, where are you now and where do you want to be? What do you need to do in order to bring balance to this area of your life?
2. Evaluate your mental state, are you sharpening your saw? What areas do you need to work on?
3. Evaluate your spiritual life, what areas are you lacking in? How can you improve your spiritual health?
4. Evaluate your physical health, are you satisfied with your health? How could you improve your health so that you have more energy, positivity, and enjoyment in your life?

Layout your goals for your financial, mental, spiritual, and physical health, then create an action plan for how you can get to where you want to be! 

Do it now, don’t wait, act, today, now! A great leader doesn’t wait for an opportunity, they create an opportunity. Start taking those small steps today, so that you can take huge leaps tomorrow.

Principle-Centered Leadership Book: Purchase Here

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If you want to change, aim for the root, not the leaves

     “For every thousand hacking at the leaves, there is only one striking at the root” – Henry David Thoreau

Today we are going to be going over the topic of striking at the root of your problems.

So often, we find ourselves facing the same obstacles, each and every day. In today's episode, we will highlight the ways you can overcome any obstacles you might be facing. By striking at the root of the problem, instead of repeatedly hacking at the leaves.

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Today we cover the importance of gratitude, including the following:
-        Giving thanks is a game-changer, it changes your outlook, mood, and health.

-        More gratitude has been strongly associated with greater happiness. 

-        In several studies, it was found that those who wrote about gratitude were more optimistic, felt better about their lives, and even exercised more.

-        It was even found that managers who said two simple words, “thank you” to people who work for them, had employees who were motivated to work harder for them.

-        Quite the mouthful, I know, and In one of my earlier podcasts, during my lazy days, I did share the importance of gratitude in my own life.

-        Today, I would implore you to take the step towards acting more grateful in your life. Not only will it make your life overall better, but it will also change your perspective on the world.

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CONSISTENCY – Stay consistent by writing down your goals, getting really clear on what it is you want. It’s easy to get sidetracked when you are trying to stick to one thing. You need to FOCUS though, you’ve probably heard the acronym FOCUS – Follow one course until success. Stick to it and know what it is you are working towards.

DISCIPLINE – Discipline is about setting yourself up for success by making the tasks you want to complete as easy as possible. It’s partly about will power and partly about making smart decisions. In order to remain disciplined you want to do the following:

1.       Make your choices in advance, reduce decision fatigue

2.       Remove temptation, make it easy to be disciplined

3.       Make it who you are

4.       Measure your progress and successes, along with your failures. 

5.       Eat the frog first, mark twain said: "If it's your job to eat a frog, it's best to do it first thing in the morning. If it's your job to eat two frogs, it's best to eat the biggest one first." Do the hard things first and everything else will be easy. 

6.       Trick yourself into your discipline

7.       Find an accountability partner

8.       "People often say that motivation doesn't last. Well, neither does bathing - that's why we recommend it daily." - Zig Ziglar. Don’t be too hard on yourself if you fail, remember, tomorrow is another chance to do better.

Don’t be the person who looks, dreams, and never acts, be the person who looks, dreams, and achieves.

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Have you ever heard some criticism that made you want to quit whatever it was you were doing when criticized?

Today, at ThoughtHustle, we go over the importance of leaning into criticism, embracing it, and using it to develop ourselves.

When you are building a business or trying something new, you are bound to do some things that don’t work. You are bound to do things that don’t make sense, this is where the criticism comes into play and benefits you. Criticism enables you to grow! Use it and utilize it!

If you enjoy the show, please be sure to leave a review!

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There's an old story that talks about Henry Ford and how he was once challenged. And people were asking him if he knew everything, did he know enough? And they started asking him all of these questions as if that would qualify whether or not he was capable of running this massive car company. And so what he did is he started calling people into his office. 

He called him his CFO, his CMO, he called in all the people who knew the answers to their questions. And he said I don't need to know the answer to your questions. I'm hiring the people who do and they make me the smartest man because they can answer any question that comes up. 

Today, we cover how you can be like Mr. Ford.

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In our 24th episode of the ThoughtHustle show, we give a review of my past week!

Hear about my goals, aspirations, and the changes that have occurred over the past week.

In this weeks update:

1. Hear about my latest property
2. Hear about my investing plans
3. Learn about my future real estate plans
4. Information on how options work

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