Wealth Decisions by Brian

Most of us have two lives: the life we live and the life we are capable of living.

How is it that some people seem to accomplish so much, while the vast majority of us never accomplish what we are capable of? If you could fully tap your potential, imagine what could be different for you. How would your life change if each and every day you performed up to your full potential? What would be different six months, three years, and ten years down the road if each day you lived with intention with a compelling vision for your life.

Creating a richer life sounds pretty great doesn’t it? But how do you create that richer more optimal life? What does it take?” It takes vision. It takes intention. It’s about taking the time to design the life you want for you and your family.

A rich life is not achieved when the result is reached, but rather long before that, when you choose to do the things that you know you need to do to live the life you want and desire.

Download the Creating a Compelling Vision For Your Life Worksheet here:

⁠https://www.momentouswealthadvisors.com/compellingvision

Pre-order my new book "Momentous Decisions: 7 Steps to Better Health, More Wealth, and a Richer Life" at:

⁠⁠⁠⁠https://www.momentouswealthadvisors.com/book

To see what it would look like to hire me as your fiduciary financial advisor go to:

⁠https://www.momentouswealthadvisors.com/newclients

To schedule a Discovery Call go to: 

⁠⁠⁠⁠⁠⁠⁠⁠⁠https://www.momentouswealthadvisors.com/contact⁠⁠⁠⁠⁠⁠⁠⁠⁠

⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠

Brian D Muller(AAMS©), Founder, Wealth Advisor

Podcast Disclaimer:

The Wealth Decisions Podcast is provided solely for general information purposes and should not be construed as accounting, legal, tax, or any other professional advice. Visitors are advised not to act upon the information or content found here without first seeking appropriate guidance from a qualified accountant, financial planner, lawyer, or other relevant professional.

Please note that any federal tax advice is not intended to be used to avoid penalties under the Internal Revenue Code or to promote, market, or recommend any transaction or matter addressed herein. It is important to ensure compliance with the requirements imposed by the IRS and Circular 230. 

We strive to ensure that the content published on the Wealth Decisions Podcast is accurate and up-to-date. However, we cannot guarantee the accuracy, timeliness, or relevance of any of the information provided. We are not responsible for any information present on the Wealth Decisions Podcast and disclaim any liability for the accuracy, completeness, or reliability of any information. This includes but is not limited to, any errors, omissions, or misleading or defamatory statements.

Takeaways:

• In order to create a richer life, one must first establish a compelling vision that aligns with their deepest desires and aspirations.
• The journey to achieving one's full potential begins with the intention of living deliberately and with purpose each day.
• Without a well-defined vision, individuals may struggle to remain committed to their goals, especially during challenging times.
• Emotional connection to one's vision is crucial; it should inspire and motivate action towards achieving long-term objectives.
• Daily actions must reflect the overarching vision for one's life, as they serve as the foundation for future success and fulfillment.
• Creating a meaningful vision requires introspection and ongoing refinement to ensure it resonates deeply with one's true self.

James Clear said in his book Atomic Habits that, “True behavior change is identity change.” You and I can act ourselves into a new identity by behaving a specific way. You can act your way into believing something different about yourself. Clear goes on to say that every time you take an action, you’re giving your mind evidence that you are a new person, a different kind of person.

A standard is the thing that we have become “okay” with. It’s the thing that we have learned to tolerate in our lives, and it’s what we consider to be the “norm.”

Did you know that you always get your standard? Your standard is the thing that must happen in your life. We don’t always get what we want or desire, but we will get our standard.

You and I are where we are today because of what we tolerate and what we have established as our standard.

How can you change or raise your standards?

STEP 1- Become disgusted with your current standard

STEP 2- Change your identity.

STEP 3- Model what works

STEP 4- Create a Financial and Life Plan

Download the M.A.D.E LifePlan Worksheet here:

⁠https://www.momentouswealthadvisors.com/madelifeplan⁠

Pre-order my new book "Momentous Decisions: 7 Steps to Better Health, More Wealth, and a Richer Life" at:

⁠⁠⁠⁠https://www.momentouswealthadvisors.com/book

To schedule a Discovery Call go to: 

⁠⁠⁠⁠⁠⁠⁠⁠⁠https://www.momentouswealthadvisors.com/contact⁠⁠⁠⁠⁠⁠⁠⁠⁠

⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Brian D Muller(AAMS©), Founder, Wealth Advisor

Podcast Disclaimer:

The Wealth Decisions Podcast is provided solely for general information purposes and should not be construed as accounting, legal, tax, or any other professional advice. Visitors are advised not to act upon the information or content found here without first seeking appropriate guidance from a qualified accountant, financial planner, lawyer, or other relevant professional.

Please note that any federal tax advice is not intended to be used to avoid penalties under the Internal Revenue Code or to promote, market, or recommend any transaction or matter addressed herein. It is important to ensure compliance with the requirements imposed by the IRS and Circular 230. 

We strive to ensure that the content published on the Wealth Decisions Podcast is accurate and up-to-date. However, we cannot guarantee the accuracy, timeliness, or relevance of any of the information provided. We are not responsible for any information present on the Wealth Decisions Podcast and disclaim any liability for the accuracy, completeness, or reliability of any information. This includes but is not limited to, any errors, omissions, or misleading or defamatory statements.

Takeaways:

• In order to elevate your life standards, you must first become dissatisfied with your current situation and say enough is enough.
• Raising your standards necessitates a transformation in identity, wherein you must perceive yourself as capable of achieving more.
• To improve one's financial situation, it is essential to create a detailed written plan that includes budgeting and saving strategies.
• Surrounding oneself with successful individuals is crucial, as their influence can elevate your own standards and aspirations for success.
• Behavioral change is fundamentally linked to identity change; you must act in alignment with the person you aspire to become.
• The success cycle indicates that higher standards lead to increased belief, which in turn fosters further success and achievement.

A rich life is not just about wealth. I have a philosophy on life, health, and wealth that I call the M.A.D.E Life Philosophy.

The M.A.D.E Life centers around living a richer more fulfilling life. It is about living with intention. Every 90 days, you focus on things to create more Meaning, Accomplishment, Difference, and Experiences in your life.

MEANING 

What 3 areas do I need or want to improve now on my LifePlan to have better balance and more meaning? 

ACCOMPLISHMENT 

What is the ONE THING you could do over the next 90 days, to accomplish your desired level of success in your career or your health?

DIFFERENCE

What is the ONE THING you could do to make a difference in the lives of your family, friends, and the causes you care about?

EXPERIENCES

What is the ONE THING you could do to create experiences and memorable moments with your family and friends?

Over the next 90 days, I am committing to living a more fulfilling and richer life filled with more meaning, accomplishment, difference, and experiences.

Download the M.A.D.E LifePlan Worksheet here:

https://www.momentouswealthadvisors.com/madelifeplan

Pre-order my new book "Momentous Decisions: 7 Steps to Better Health, More Wealth, and a Richer Life" at:

⁠⁠⁠⁠https://www.momentouswealthadvisors.com/book

To see what it would look like to hire me as your fiduciary financial advisor go to:

⁠https://www.momentouswealthadvisors.com/newclients

Steve Jobs's Five Undeniable Facts of Life :

1. Don’t educate your children to be rich. Educate them to be Happy. So when they grow up they will know the value of things, not the price.

2. Best awarded words in London ... "Eat your food as your medicines. Otherwise, you have to eat medicines as your food."

3. The One who loves you will never leave you for another because even if there are 100 reasons to give up he or she will find one reason to hold on.

4. There is a big difference between a human being and being human.

Only a few really understand it.

5. You are loved when you are born. You will be loved when you die. In between, You have to manage

To schedule a Discovery Call go to: 

⁠⁠⁠⁠⁠⁠⁠⁠https://www.momentouswealthadvisors.com/contact⁠⁠⁠⁠⁠⁠⁠⁠

⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠

Brian D Muller(AAMS©), Founder, Wealth Advisor

Podcast Disclaimer:

The Wealth Decisions Podcast is provided solely for general information purposes and should not be construed as accounting, legal, tax, or any other professional advice. Visitors are advised not to act upon the information or content found here without first seeking appropriate guidance from a qualified accountant, financial planner, lawyer, or other relevant professional.

Please note that any federal tax advice is not intended to be used to avoid penalties under the Internal Revenue Code or to promote, market, or recommend any transaction or matter addressed herein. It is important to ensure compliance with the requirements imposed by the IRS and Circular 230. 

We strive to ensure that the content published on the Wealth Decisions Podcast is accurate and up-to-date. However, we cannot guarantee the accuracy, timeliness, or relevance of any of the information provided. We are not responsible for any information present on the Wealth Decisions Podcast and disclaim any liability for the accuracy, completeness, or reliability of any information. This includes but is not limited to, any errors, omissions, or misleading or defamatory statements.

The Wealth Decisions Podcast delves into the intricate tapestry of wealth and personal fulfillment, emphasizing that true wealth transcends mere monetary accumulation. Host Brian Muller, a seasoned expert in financial services and a certified life coach, articulates a compelling philosophy grounded in the belief that a rich life is defined by meaningful experiences and impactful relationships. Drawing inspiration from Steve Jobs' profound insights, Muller underscores the significance of happiness over material wealth, advocating for an approach to life that prioritizes well-being, health, and personal connections. He introduces the 'Made Life' framework, encompassing four pillars: Meaning, Accomplishment, Difference, and Experiences, which serve as a guide for listeners aiming to design their unique journeys towards a richer existence. Through personal anecdotes, including his own life-altering experiences, Muller invites listeners to reflect on their past and envision their future, recognizing that the pursuit of wealth is ultimately about creating a life filled with purpose and joy.

Takeaways:

• The Wealth Decisions Podcast emphasizes the importance of designing a life rich in meaning and experiences, rather than solely focusing on monetary wealth.
• According to Brian Muller, true wealth encompasses health, relationships, and impactful experiences that contribute to one's overall well-being.
• The Made Life philosophy, developed by Brian, centers around four pillars: meaning, accomplishment, difference, and experiences, guiding individuals to live richer lives.
• Reflecting on the past and planning for the future are essential components of designing a fulfilling life, encouraging individuals to envision their goals over a decade.
• Brian shares personal insights on resilience following the loss of his wife, illustrating how adversity can lead to deeper understanding and appreciation of life.
• The podcast advocates for intentional living, urging listeners to assess their values and prioritize experiences that create meaningful memories with loved ones.

“No thought lives in your head rent-free.” Each thought you have will either be an investment or a cost.

T. Harv Eker

To improve your relationship with money, you need to look at the roots of the beliefs you have about money. Without doing this, you can learn all you can about Roth IRAs, stock investing, or ETFs, but there will still be a piece of the puzzle missing that will hold you back from making the right decisions.

This Episode is for anyone who:

• Feels anxious just thinking about money
• Never has felt in control of your money.
• Maybe feel pessimistic about your financial future.
• Tend to procrastinate with financial decisions 
• Thinks they don’t deserve to have money
• Or for someone who feels they have saved enough but wants to learn to enjoy the wealth they have accumulate

Creating a Money Success Statement:

HOW DO I FEEL ABOUT MONEY?

WHAT MONEY BLOCK HAS COME UP THE MOST?

WHY I WILL BE SUCCESSFUL WITH MONEY GOING FORWARD?

WHAT WILL I DO THAT MOST DON’T?

SKILLS AND TRAITS I HAVE THAT MOST DON’T

ALLOWING STATEMENTS

Whenever you start hearing yourself stating a limiting belief or having doubt, an allowing statement will lessen or remove your doubt. 

STEPS TO CREATE AN ALLOWING STATEMENT:

1. Start by asking yourself if there is anyone currently doing what you want to do or having what you want.

2. If so, how many people have been doing this today?

3. Write your statements in general terms(3rd person), because referring to yourself might create more doubt. 

4. Ensure the statements are plausible

Ex. Ideal Financial Situation:

-To be making 150k per year

-Have 250k saved in retirement accounts

-Saving 20% for the future

ALLOWING STATEMENTS

• Hundreds of thousands of people are making 150,000 per year
• Somebody reached their goal today of having 250,000 saved
• More and more individuals are finding creative ways to earn more income
• Someone got a big promotion today- I can work toward that too
• Thousands of people check in with their money every day, and are feeling better about their current financial situation.

Financial Success Statement

I have identified my money blocks and commit to becoming better with money today and every day going forward. I will check in with my money each week and set goals to make progress each month.

Conclusion:

Remember, you are in control of your finances. Believe in your worth and find ways to be grateful for the stage of life you are at and where you are headed.

Book: "Secrets of a Millionaire Mind" by T. Harv Eker

Kansas State University Study

Pre-order my new book "Momentous Decisions: 7 Steps to Better Health, More Wealth, and a Richer Life" at:

⁠⁠⁠⁠https://www.momentouswealthadvisors.com/book

To see what it would look like to hire me as your fiduciary financial advisor go to:

⁠https://www.momentouswealthadvisors.com/newclients

To schedule a Discovery Call go to: 

⁠⁠⁠⁠⁠⁠⁠https://www.momentouswealthadvisors.com/contact⁠⁠⁠⁠⁠⁠⁠

To download your complimentary Money Success Statement Worksheet go to:

⁠⁠⁠⁠ https://www.momentouswealthadvisors.com/money-success-statement

⁠⁠⁠

Brian D Muller(AAMS©), Founder, Wealth Advisor

Podcast Disclaimer:

The Wealth Decisions Podcast is provided solely for general information purposes and should not be construed as accounting, legal, tax, or any other professional advice. Visitors are advised not to act upon the information or content found here without first seeking appropriate guidance from a qualified accountant, financial planner, lawyer, or other relevant professional.

Please note that any federal tax advice is not intended to be used to avoid penalties under the Internal Revenue Code or to promote, market, or recommend any transaction or matter addressed herein. It is important to ensure compliance with the requirements imposed by the IRS and Circular 230. 

We strive to ensure that the content published on the Wealth Decisions Podcast is accurate and up-to-date. However, we cannot guarantee the accuracy, timeliness, or relevance of any of the information provided. We are not responsible for any information present on the Wealth Decisions Podcast and disclaim any liability for the accuracy, completeness, or reliability of any information. This includes but is not limited to, any errors, omissions, or misleading or defamatory statements.

Takeaways:

• The Wealth Decisions podcast seeks to assist individuals in making informed wealth decisions, aiming for a richer life.
• Our beliefs about money significantly influence our financial behaviors, shaping how we save and spend.
• Identifying and addressing outdated money beliefs is crucial for enhancing one's relationship with finances.
• A money success statement serves as a powerful tool to redefine one's financial mindset and goals.

"There is a difference between WISHING for a thing and being READY to receive it. No one is ready for a thing, until he believes he can acquire it. The state of mind must be BELIEF, not mere hope or wish. Open-mindedness is essential for belief."

-Napoleon Hill, Think and Grow Rich

When you release money blocks and become self-aware about your relationship with money, you can begin to re-write your story with money. One of the major blocks to financial freedom is our money mindset.

Identifying and overcoming money blocks is crucial on your path to financial success and security. These may be limiting beliefs, fear of failure, or past financial mistakes, and they can hinder your ability to thrive financially. 

It can be difficult to recognize that a money block is the root cause of our financial issues. 

The book Think and Grow Rich is a guide to success by Napoleon Hill, which was first published in 1937 following the Great Depression. It was immediately welcomed as an antidote to hard times and remained a bestseller for decades.

To schedule a Discovery Call go to: 

⁠⁠⁠⁠⁠⁠https://www.momentouswealthadvisors.com/contact⁠⁠⁠⁠⁠⁠

Pre-order my new book "Momentous Decisions: 7 Steps to Better Health, More Wealth, and a Richer Life" at:

⁠⁠⁠⁠https://www.momentouswealthadvisors.com/book

For more information on stock investing go to: 

⁠⁠⁠⁠https://www.momentouswealthadvisors.com/stock-investing⁠⁠⁠⁠

To use the financial freedom calculator go to:

⁠⁠⁠ ⁠⁠https://www.momentouswealthadvisors.com/tools⁠⁠⁠⁠

⁠⁠⁠⁠⁠

Brian D Muller(AAMS©), Founder, Wealth Advisor

Episode Transcript:

https://www.momentouswealthadvisors.com/blog/identify-your-money-blocks

Podcast Disclaimer:

The Wealth Decisions Podcast is provided solely for general information purposes and should not be construed as accounting, legal, tax, or any other professional advice. Visitors are advised not to act upon the information or content found here without first seeking appropriate guidance from a qualified accountant, financial planner, lawyer, or other relevant professional.

Please note that any federal tax advice is not intended to be used to avoid penalties under the Internal Revenue Code or to promote, market, or recommend any transaction or matter addressed herein. It is important to ensure compliance with the requirements imposed by the IRS and Circular 230. 

We strive to ensure that the content published on the Wealth Decisions Podcast is accurate and up-to-date. However, we cannot guarantee the accuracy, timeliness, or relevance of any of the information provided. We are not responsible for any information present on the Wealth Decisions Podcast and disclaim any liability for the accuracy, completeness, or reliability of any information. This includes but is not limited to, any errors, omissions, or misleading or defamatory statements.

Takeaways:

• In the realm of financial success, the identification and understanding of one's money blocks is paramount.
• Our mindset regarding money significantly influences our financial decisions and overall wealth accumulation.
• Challenging and reframing negative money beliefs can facilitate a more abundant financial outlook.
• Establishing clear financial goals and maintaining awareness of one's financial situation is essential for success.
• Active engagement with our finances fosters positive habits and mitigates the impact of detrimental money blocks.
• The journey towards financial freedom necessitates the courage to confront ingrained beliefs about money.

Understanding one's money values is paramount in making informed financial decisions that can lead to a more fulfilling life. In this discourse, we delve into the concept of money values and the pivotal role they play in shaping our financial behaviors and aspirations. It is imperative to recognize that money may signify different things to different individuals, ranging from security and stability to freedom and the pursuit of passions. Throughout our discussion, we emphasize the necessity of introspection regarding one's financial priorities and the implications of spending patterns on long-term wealth accumulation. By examining bank statements and credit habits, we can uncover what truly matters to us and align our expenditures with our intrinsic values, thereby fostering a richer life experience.

We all have established some sort of values in our life, our spirituality, our health, and our relationships, but not many of us have thought about what are money values are or should be to achieve our financial goals.

So the big question, is what is money to you? What are your money values?

This episode is for anyone who feels like they have been living paycheck to paycheck, want to establish a true budget that balances living for today with saving for the future, or for those that want to achieve financial freedom by finding out a way to save more.

Let's talk about money! I'm curious, what does money mean to you? What are your personal money values and beliefs? It's a big question, but an important one to consider

“It’s good to have money and the things that money can buy, but it’s good, too, to check up once in a while and make sure that you haven’t lost the things that money can’t buy.” 

—George Horace Lorimer

To schedule a Discovery Call go to: 

⁠⁠⁠⁠⁠https://www.momentouswealthadvisors.com/contact⁠⁠⁠⁠⁠

Pre-order my new book "Momentous Decisions: 7 Steps to Better Health, More Wealth, and a Richer Life" at:

⁠⁠⁠⁠https://www.momentouswealthadvisors.com/book

For more information on stock investing go to: 

⁠⁠⁠https://www.momentouswealthadvisors.com/stock-investing⁠⁠⁠

To use the financial freedom calculator go to:

⁠⁠ ⁠⁠https://www.momentouswealthadvisors.com/tools⁠⁠⁠

⁠⁠⁠

Brian D Muller(AAMS©), Founder, Wealth Advisor

Podcast Disclaimer:The Wealth Decisions Podcast is provided solely for general information purposes and should not be construed as accounting, legal, tax, or any other professional advice. Visitors are advised not to act upon the information or content found here without first seeking appropriate guidance from a qualified accountant, financial planner, lawyer, or other relevant professional.

Please note that any federal tax advice is not intended to be used to avoid penalties under the Internal Revenue Code or to promote, market, or recommend any transaction or matter addressed herein. It is important to ensure compliance with the requirements imposed by the IRS and Circular 230. 

We strive to ensure that the content published on the Wealth Decisions Podcast is accurate and up-to-date. However, we cannot guarantee the accuracy, timeliness, or relevance of any of the information provided. We are not responsible for any information present on the Wealth Decisions Podcast and disclaim any liability for the accuracy, completeness, or reliability of any information. This includes but is not limited to, any errors, omissions, or misleading or defamatory statements.

Takeaways:

• Understanding one's personal money values is essential for achieving financial goals and stability.
• Analyzing your bank and credit card statements reveals what your spending habits indicate about your values.
• Wealth encompasses not only financial security but also rich experiences and fulfilling relationships in life.
• Balancing spending on immediate pleasures with saving for the future fosters financial peace of mind and security.

What does a financial advisor do?

An advisor will sit down with you, understand what is important to you, and then create a financial plan to help you reach your financial goals by looking at:

• Saving and spending behavior
• Debt levels
• Your cash flow, income, and health costs
• Insurance and risk management
• Legacy and estate planning

An advisor can help give you financial peace of mind:

• Success and sense of accomplishment
• Behavioral coaching
• Confidence in your financial future

An advisor helps create an optimal portfolio for a client by looking at:

• Portfolio risk/return characteristics
• Tax-efficiency of your investments in taxable accounts
• Fees you are paying with your underlying investments

To schedule a Discovery Call go to: 

⁠⁠⁠⁠https://www.momentouswealthadvisors.com/contact⁠⁠⁠⁠

Pre-order my new book "Momentous Decisions: 7 Steps to Better Health, More Wealth, and a Richer Life" at:

⁠⁠⁠⁠https://www.momentouswealthadvisors.com/book

To see what it would look like to hire me as your fiduciary financial advisor go to:

⁠https://www.momentouswealthadvisors.com/newclients

For more information on stock investing go to: 

⁠⁠https://www.momentouswealthadvisors.com/stock-investing⁠⁠

To use the financial freedom calculator go to:

⁠⁠ ⁠⁠https://www.momentouswealthadvisors.com/tools⁠⁠⁠

Brian D Muller(AAMS©), Founder, Wealth Advisor

Podcast Disclaimer:

The Wealth Decisions Podcast is provided solely for general information purposes and should not be construed as accounting, legal, tax, or any other professional advice. Visitors are advised not to act upon the information or content found here without first seeking appropriate guidance from a qualified accountant, financial planner, lawyer, or other relevant professional.

Please note that any federal tax advice is not intended to be used to avoid penalties under the Internal Revenue Code or to promote, market, or recommend any transaction or matter addressed herein. It is important to ensure compliance with the requirements imposed by the IRS and Circular 230. 

We strive to ensure that the content published on the Wealth Decisions Podcast is accurate and up-to-date. However, we cannot guarantee the accuracy, timeliness, or relevance of any of the information provided. We are not responsible for any information present on the Wealth Decisions Podcast and disclaim any liability for the accuracy, completeness, or reliability of any information. This includes but is not limited to, any errors, omissions, or misleading or defamatory statements.

In the Wealth Decisions podcast, the importance of hiring a financial advisor is thoroughly examined, revealing how such professionals can significantly enhance one's financial landscape. The speaker articulates that a financial advisor's role transcends mere investment management; they are instrumental in crafting personalized financial strategies that align with the client's life goals and values. Through a meticulous assessment of various financial aspects—including income, expenditure, debt obligations, and insurance requirements—an advisor can offer tailored advice that not only seeks to grow wealth but also ensures its preservation for future generations.

Moreover, the episode delves into the necessity of behavioral coaching, as advisors guide clients in cultivating sound financial habits and decision-making processes. The peace of mind that arises from having a trusted advisor cannot be understated, particularly as individuals navigate the often tumultuous waters of wealth accumulation and retirement planning. The speaker also provides a framework of critical questions that prospective clients should pose to financial advisors, thus empowering listeners to take charge of their financial futures with confidence. This proactive approach is underscored as essential for anyone seeking to not only accumulate wealth but also to maintain it throughout their lives.

In summation, this episode serves as an essential primer on the multifaceted benefits of hiring a financial advisor, equipping listeners with the knowledge to make informed choices that will ultimately contribute to a richer, more secure financial existence.

Takeaways:

• In today's episode, we discussed the essentiality of hiring a financial advisor to manage one's wealth effectively.
• A financial advisor plays a crucial role in assisting individuals with creating tailored financial plans that address their unique circumstances.
• Understanding the total costs associated with a financial advisor's services is paramount for informed decision-making.
• It is vital to ascertain whether a financial advisor operates as a fiduciary, prioritizing clients' best interests without conflicts of interest.
• A comprehensive assessment of a financial advisor's experience and certifications can enhance confidence in their ability to provide sound advice.
• The distribution phase of wealth management necessitates expertise to ensure that accumulated assets provide sustainable income during retirement.

James Montier once said, "Leverage can never turn a bad investment into a good one, but it has the potential to turn a good investment into a bad one by forcing you to sell at just the wrong point in time."

Investing with borrowed money or buying on margin is one of the greatest ways to 2-3x your returns but is also a good way to 2-3x your losses. I learned this valuable lesson early in my investing life along with many others in the tech boom and bust from 1999-2000.

To schedule a Discovery Call go to: 

⁠⁠⁠https://www.momentouswealthadvisors.com/contact⁠⁠⁠

Pre-order my new book "Momentous Decisions: 7 Steps to Better Health, More Wealth, and a Richer Life" at:

⁠⁠⁠⁠https://www.momentouswealthadvisors.com/book

For more information on stock investing go to: 

⁠https://www.momentouswealthadvisors.com/stock-investing

To use the financial freedom calculator go to:

⁠ ⁠⁠https://www.momentouswealthadvisors.com/tools⁠⁠⁠

Brian D Muller(AAMS©), Founder, Wealth Advisor

Margin Debt Levels Source: Investors Business Daily, Psychological Indicators as of 04/25/2024

Podcast Disclaimer:

The Wealth Decisions Podcast is provided solely for general information purposes and should not be construed as accounting, legal, tax, or any other professional advice. Visitors are advised not to act upon the information or content found here without first seeking appropriate guidance from a qualified accountant, financial planner, lawyer, or other relevant professional.

Please note that any federal tax advice is not intended to be used to avoid penalties under the Internal Revenue Code or to promote, market, or recommend any transaction or matter addressed herein. It is important to ensure compliance with the requirements imposed by the IRS and Circular 230. 

We strive to ensure that the content published on the Wealth Decisions Podcast is accurate and up-to-date. However, we cannot guarantee the accuracy, timeliness, or relevance of any of the information provided. We are not responsible for any information present on the Wealth Decisions Podcast and disclaim any liability for the accuracy, completeness, or reliability of any information. This includes but is not limited to, any errors, omissions, or misleading or defamatory statements.

Takeaways:

• Leverage, while potentially advantageous in enhancing investment returns, can precipitate catastrophic financial losses if the market turns against the investor.
• The historical context of margin trading illustrates that excessive borrowing often leads to irrational decision-making, particularly during market downturns.
• Investing on margin can result in significant financial peril, as demonstrated by the experiences of many investors during the tech boom and subsequent bust.
• Prudent investing necessitates the avoidance of margin borrowing, especially when engaging in speculative stock purchases, to safeguard one's financial future.

Peter Lynch once said, “Far more money has been lost by investors trying to anticipate corrections than lost in the corrections themselves.” “The idea that a bell rings to signal when to get into or out of the stock market is simply not credible. Though tempting, trying to time the market is a loser's game.

The old adage, “It's not about timing the market, but about time in the market,” has been proven true over the years. Research shows that those who stay invested over the long run in a well-diversified portfolio will generally do better than those who try to profit from turning points in the market.

To schedule a Discovery Call go to: 

⁠⁠https://www.momentouswealthadvisors.com/contact⁠⁠

For more information on stock investing go to:

https://www.momentouswealthadvisors.com/stock-investing

Pre-order my new book "Momentous Decisions: 7 Steps to Better Health, More Wealth, and a Richer Life" at:

⁠⁠⁠⁠https://www.momentouswealthadvisors.com/book

To use the financial freedom calculator go to:

 ⁠⁠https://www.momentouswealthadvisors.com/tools⁠⁠

Brian D Muller(AAMS©), Founder, Wealth Advisor

Podcast Disclaimer:

The Wealth Decisions Podcast is provided solely for general information purposes and should not be construed as accounting, legal, tax, or any other professional advice. Visitors are advised not to act upon the information or content found here without first seeking appropriate guidance from a qualified accountant, financial planner, lawyer, or other relevant professional.

Please note that any federal tax advice is not intended to be used to avoid penalties under the Internal Revenue Code or to promote, market, or recommend any transaction or matter addressed herein. It is important to ensure compliance with the requirements imposed by the IRS and Circular 230. 

We strive to ensure that the content published on the Wealth Decisions Podcast is accurate and up-to-date. However, we cannot guarantee the accuracy, timeliness, or relevance of any of the information provided. We are not responsible for any information present on the Wealth Decisions Podcast and disclaim any liability for the accuracy, completeness, or reliability of any information. This includes but is not limited to, any errors, omissions, or misleading or defamatory statements.

Takeaways:

• Investing is not about timing the market, but rather about having time in the market.
• Historical data reveals that many of the best market days occur during periods of downturn.
• Emotional decision-making can lead to suboptimal investment outcomes, particularly during market declines.
• Diversification across various asset classes can mitigate risk and enhance long-term investment success.
• Regular investments, such as dollar-cost averaging, can be more beneficial than attempting to time market fluctuations.
• A well-structured financial plan should precede the construction of an investment portfolio tailored to individual goals.

Companies mentioned in this episode:

• Hartford Mutual Funds
• Fidelity Magellan
• Charles Schwab
• S&P 500
• Longboard Asset Management
• Russell 3000
• Momentous Wealth Advisors

It has been often said that if you divided up all the wealth in the world equally amongst everyone, it would all end up in the hands of the people that were wealthy to begin with.  Not because they are smarter or more educated, it is because they have a wealthy mindset and they know how to manage their wealth.

In today’s episode we are going to be discussing Wealth Decision #6, Be Frugal with Windfalls.  This wealth decision applies to any type of windfall you may get in life.

For more information on my 3-Step Process for Inheritance Planning go to:

⁠https://www.momentouswealthadvisors.com/inheritance-advice

To schedule a Discovery Call go to: 

⁠https://www.momentouswealthadvisors.com/contact⁠

To use my financial freedom calculator go to: ⁠⁠https://www.momentouswealthadvisors.com/tools⁠

Brian D Muller(AAMS©), Founder, Wealth Advisor

Podcast Disclaimer:

The Wealth Decisions Podcast is provided solely for general information purposes and should not be construed as accounting, legal, tax, or any other professional advice. Visitors are advised not to act upon the information or content found here without first seeking appropriate guidance from a qualified accountant, financial planner, lawyer, or other relevant professional.

Please note that any federal tax advice is not intended to be used to avoid penalties under the Internal Revenue Code or to promote, market, or recommend any transaction or matter addressed herein. It is important to ensure compliance with the requirements imposed by the IRS and Circular 230. 

We strive to ensure that the content published on the Wealth Decisions Podcast is accurate and up-to-date. However, we cannot guarantee the accuracy, timeliness, or relevance of any of the information provided. We are not responsible for any information present on the Wealth Decisions Podcast and disclaim any liability for the accuracy, completeness, or reliability of any information. This includes but is not limited to, any errors, omissions, or misleading or defamatory statements.

Takeaways:

• The importance of possessing a wealthy mindset cannot be overstated; it fundamentally influences financial decisions.
• When receiving a financial windfall, it is prudent to invest rather than spend impulsively.
• Utilizing the Rule of 72 can significantly enhance understanding of the potential growth of investments over time.
• Engaging with a financial advisor is essential for establishing clear financial goals and navigating inheritance decisions.
• Avoiding lifestyle inflation upon receiving an inheritance is crucial to maintaining long-term financial stability.
• Consider legacy planning as a vital aspect of wealth management, ensuring a positive impact on future generations.