Money with Jewlz: Recent Episodes

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I've been reading Atomic Habits by James Clear this summer, and I've been fascinated with the four step process that makes some habits stick and others not.

James Clear has said there are four building blocks (or laws) to building successful habits make it:

1. obvious,

2. attractive,

3. easy and

4. satisfying.

Then, I started thinking - how can we implement these habit building blocks in our own businesses and with our wealth creation?

In this episode we investigate the first building block and review our existing habit base before we 'stack in' new habits.

If you want to read Atomic Habits, you can grab a copy here:

https://www.booktopia.com.au/atomic-habits-james-clear/book/9781847941831.html

or on audible here:

https://www.amazon.com.au/Atomic-Habits-Proven-Build-Break/dp/1847941834?tag=googhydr0au-22&ref=pd_sl_3485ouz3uu_e

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Every year, we're encouraged to set new year's resolutions. It's mid way through January 2022 and I see so many people not knowing where to start with achieving their goals.

I believe there are three main areas people make resolutions for:

1. Health & Wellbeing

Afterall, if you don't put your oxygen mask on first, and get your health in order, you have a harder time of things. I believe your health is your number one asset and drives wealth both spiritually and financially.

1. Financial Wealth

Whether you want to grow your business, make more money or earn a higher salary or to save more in order to improve your financial security. Financial wealth is often on people's agenda when making resolutions to do better, and it doesn't have to be hard. I always say be mindful of your spending and you can always save more.

1. Relationships - both family, friends, love interests

If you don't foster great relationships with positive people, achieving your goals will be harder. You need to foster great relationships with people who are like minded, have similar interests to what align to your goals and aspirations, and you will achieve your goals easily.

But there is also a magic trick to everything you wish to improve. It's called Habit Stacking, and James Clear talks extensively about it in his book Atomic Habits (watch out for episode 10, where I do a full book review!!).

Habit stacking is all about observing your existing habits and stacking the new habit into it.

Example: I want to drink more water; so I observed where I spend time at home. My office, my lounge room, my dining room and reading room. There's now a beautiful looking bottle of water in each of those rooms, and voila, I drink way more water, because it's there.

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This is the final component of creating wealth - enjoying money! The catch is to do so without the debt.

So many people fall into the trap to enjoy money well in excess of what they are earning, and in this episode, we discuss the ways you can ensure that whilst you enjoy yourselves, you aren't also giving up on your wealth goals. 

I always find that the best way to enjoy your money is to use designated savings for that exact purpose. 

When in the past in my 20's I was given a credit card, I never felt like I could get ahead. Instead, I was spending on the credit card well in excess of my earnings, and then going to work (I was already doing a LOT of hours) felt like I was doing so in order to pay off stuff that I already spent / used / had a good time doing.

The day I cut my credit card up into tiny pieces was the most liberating and (sh!t scary) moment of my money career.

This episode, I discuss options to get through Christmas without mounting debt that gives you a heart attack in January (when the credit card bills come in!).

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This week we explore the reasons for investing so you can figure out the right investment strategy for your circumstances.

I personally invest, because I want a strong income stream (so my money does the hard lifting) so that I have the freedom to take mini retirements throughout my career and business. My investment strategy is long term hold and earn strong returns. 

But as we discuss, my friend who has started investing is looking for capital gains - she's not worried about the income stream but wants the capital growth to make money on the purchase price. This is often a shorter term investment structure and often times called "speculative" investment.

Both methods are particularly focused on the buy price. As "Rich Dad Poor Dad" author Robert Kiyosaki says - the profit is made in the purchase price. 

We use the example of Moderna share price - over the past 18 months it has skyrocketed from $USD22 per share to $USD350 which is a 16 times increase in share price. For the same thing to happen if you were to buy the share now (at $USD350 per share) you'd want to sell your share when it was worth $USD5,890 per share which may be unreasonable.

In any investment strategy we're looking for how long it will take to "repay" your initial investment to either earn a capital profit (i.e. when you sell the share) or in strong income stream.

Depending if you want the cash to live on (income stream) or to make lump sum profits upon selling the asset (capital gains) you'll be able to choose your investment strategy.

And look, sometimes, you'll want to do both! My friend and I are both kicking ourselves that we didn't buy Moderna last year!!! :-)

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Warren Buffet has been quoted as saying "If you don't find a way to make money whilst you sleep, you'll be working until you die". That is a pretty grim view of life, but if we're working towards a financially free and independent lifestyle, and continuing the steps towards building wealth, it is important to learn how to responsibly invest your saved money.

NOT those get rich quick schemes or hoping for a win in the lottery.

We want solid returns and low costs when looking to invest. Here, we briefly discuss:

1. The need to ensure you have a low cost, high return Superannuation fund;

2. The need to buy and own your home;

3. Low Cost High LONG TERM growth in your investment strategy (whether it be in stocks or property)

4. Determining your risk profile - are you comfortable with debt (required for property) or do you prefer owning your investments outright (often easier with shares).

Great resources to get you started:

1. "Barefoot Investor" by Scott Pape - especially the chapter about choosing the right super fund for you

2. "Money School" by Lacey Filipich - who aims to have you financially independent from your work within 10-15 years (depending on your start age).

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Not only is saving money great for the environment, it's also amazing for your adventures into creating a financially independent life!

We all love Barefoot Investor where he shows us how to put our money on auto pilot for our personal lives. 

But how do we do the same for our businesses? 

In this episode, we offer you the business strategies on how to save money so that you can keep more money in your pocket.

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Last week, we discussed the four steps to creating Financial Wealth.

Step 1: Earn money.

Easy right? Get a job, start a business - I get it you know this already..

But... What if every job had a high paying and low paying threshold for the SAME WORK?

Or creating a business can be easy money or hard money.

Maybe it isn't as straight forward as any job will do and any business will do. There is a smarter way to earn money in the conventional sense, and we talk about it in this episode!

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Figure out your definition of wealth, and then work towards your Happy Money Game with the 4 step financial wealth creation process.

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Many of my clients have been asking me how I created the lifestyle I wanted.

I now work less, personally earn more, and enjoy life each and every day.

Look, I know that enjoyment is easy when you have a dog like Indiana, and I'm insanely grateful that she came into my life to lead me astray...

But seriously! How do we get out of the standard work hard to earn a living mentality?

And, instead generate the time for mini-retirements / adventures throughout our working lives whilst also kicking some pretty big financial goals.

Owning your home. Investing your money so it's working for you, and building a thriving business that works by itself (even when you're not?).

In this episode, I talk about why I'm creating this podcast for entrepreneurs like yourself.

It's to increase the financial literacy of our Aussie Entrepreneurs, help them to create wealth with four steps to wealth creation, and explore the lessons I've learned along the way. 

See my passion is teaching others how to create the lifestyle they want through their business for purpose.

Making money is just a fun mechanism to keep score. 

But without a strong purpose, it won't get you out of bed on those really hard days.

I'm here to debunk the theory that business life needs to be hard work.

You can create a thriving business Without  the crazy hours.

Look, in the past, I subscribed to the notion that business was hard work. Making money was hard work and to be "successful" you needed to put the long hours in. That's the only

I can tell you from experience, it doesn't make your home life happier; it doesn't make you happier; and it often keeps you up at night worrying about things you cannot change.

For the people around you, it makes you miserable, cranky and not the person people love to be around (both at home or at work).

Scientifically, it also makes you 30% more likely to have a stroke. 

Yes, you heard me. 30% more likely. So no matter how fit you are, long working days = unnecessary health risks!!!

So, if you want to change the course of your business and entrepreneurial life, and learn another way that involves financial freedom from your business, then this podcast is for you!

Hit subscribe, and I'll chat with you on a weekly basis!

Much calculator love,

Jewlz xo

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Welcome back to Tradie Tuesday! This week we look at the business structure that is going to help you achieve the goals of your 5 year lifestyle plan.

Ok so this one is a little deep and meaningful - because we visit the one resource that is finite, non-renewable and filled with uncertainty. Your time.

So, let's get real about the business you are looking to create and how you are going to create it with your 5 year lifestyle in mind. You've hopefully completed you 5 year plan with your life partner (if you have one) or with your future partner in mind, so you can get real about the business you are embarking upon. 

We look at the two most common reasons my clients tell me WHY they went into business in the first place:

1. To make a BLEEP tonne of money;

2. Because their existing boss is a BLEEP head and they can run business / people / customer service better than he / she / they can... etc

AND the common pitfall I see business owners (who come from salary and wages) go into.

THEN we get real about Time. How much you have, and how you want to spend it.

If your 5 year goal has you being ambitious, having a team working for you, and making a lot of money on a big scale, start out with the end in mind.

If your 5 year goal is focused around flexibility, and family time without employees, then again, start out with the end in mind.

BUT be aware of those nay-sayers who tell you to start out small and 'see if you make it' through the first 12 months. 

Screw it! Stay in your OWN lane and ride your own path!

I hope this episode is of help! 

If so, come on over to our www.tradietuesday.com.au and join our Accelerate Crew!

Much Calculator Love,

Jewlz xo

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Hello Welcome back! 

I've really appreciated all the feedback to date and I'm glad that our podcast is of value to you all!

This week, we've recapped where we've been so far and start to figure out what business structure works for you.

If you are happy making enough money for yourself and being super flexible with your hours, perhaps a Sole Trader is for you. But it does have its pit falls as your business isn't separated from you as a person. Meaning all your personal assets aren't protected from the business if things go wrong!

Perhaps you want to go into business with a friend or life partner. A partnership might be the way to go for you, but again, it's got it's down sides as well. If your partner isn't as good with money as you, their decisions are binding to you as well.

A company, although an investment up front is a longer term benefit as your personal assets are separated from your business. 

There's a saying - the poor man pays twice. And it's the same when it comes to setting up your business! Get the structure right up front, and you'll have an easier time of it in the longer term!

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Last week we began creating our 5 year LIFESTYLE plan and looking at what kind of business we need to create in order to feed that lifestyle.

Yup, you heard me, let's put family first and look at how we create the lifestyle we love through our business (and not the other way around).

Last week we learned that most 5 year plans are business centric - meaning we only ever look at one side of the equation. Money. Business. The problem is we often forget about planning our own lives - holidays, significant birthdays... What this business gig is all for anyway - right?!?!?!

The thing is, to really move the needle towards achieving our goals and aspirations, we need to to make decisions today that your future self would be proud of.

Huh? Your future self?

Look, if you really want to learn about him / her, come on over and listen to this week's podcast!

AND if you want to learn more, and become a part of our coaching family, head on over to www.tradietuesday.com.au 

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When it comes to creating a 5 year business plan, I like to turn things upside down and start first with your PERSONAL LIFE.

Yup, you heard me, let's put family first and look at how we create the lifestyle we love through our business (and not the other way around).

Most 5 year plans are business centric - meaning we only ever look at one side of the equation. Money. Business. The problem is we often forget about planning our own lives - holidays, significant birthdays... What this business gig is all for anyway...

As Les Brown used to say - the only way out of this life is through death, SO! We may as well live life to the max on our terms. So, let's get that business of yours focused on creating that lifestyle you want. 

How?

Come on over and listen to this week's podcast!

AND if you want to learn more, and become a part of our coaching family, head on over to www.tradietuesday.com.au 

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In this episode, we create our Stop Doing List. 

This list comprises all of your tasks rated 1, 2 and 3 from last week's challenge of keeping a daily task list journal.

We then categorise the tasks into two piles:

a) those that physically need doing (i.e. by a human); and

b) those that maybe a computer can do (eg send automated text reminders of appointments).

Next week, we'll look at how to find the right human for the task.

www.tradietuesday.com.au

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Tradies! Are you working so much that you feel like you don't see your family and friends?!

If so, this podcast is for you! We share a simple task to get you thinking about how you spend your time! 

When I say a Tradie, I'm meaning any craftsperson - ladies and gentlemen - not just the construction industry!

Feedback to:

tradies@catalystplus.com.au

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Meet Julie-Anne (Jewlz) Ellem - the Queen Calculator - Chartered Accountant; Chartered Company Secretary and soon to be certified Life Coach.

In this episode of Tradie Tuesday, why we're here and how we can help you grow your Trades based business! 

Learn how our proven 5 step program will help you create the lifestyle you dream of THROUGH your business WITHOUT working 60+ hour weeks!!