The number one question that Brad, Ryan, and Jimmy get asked is the topic of this week’s episode. We’re discussing cash flow. Essentially, how can we become financially free? When coming up with a financial plan, there are a number of things that have to be evaluated. Oftentimes there are a series of misconceptions revolving around financial independence and to get on the right track those misunderstandings have to be cleared up.
There is one important question that we address and help people to reframe. We ask them what they are trying to accomplish. Usually people mention wanting to increase their rate of return. This isn’t an inherently wrong approach but we do believe that it isn’t the most effective strategy.
We find that the biggest challenge most people face in their financial plan is that they have no way to determine if they’re winning or losing. They don’t have a target for what they are trying to achieve. This is because the traditional way of keeping score is based on an almost arbitrary value. It is based on net worth which doesn’t give us any insight as to where we stand.
So, what is the goal of all long term savings? How do you keep score and know if you are winning inside of your financial strategy? We will cut right to the chase and outline the most important thing to be measuring and tracking in your financial game plan.
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