EPISODE 1: PLANNING
CONTROL YOUR CASH FLOW WITH SAM
EPISODE 1: -PLANNING
Charlie:
Big hello to everyone out there today we're here with Sam Best to discuss our first in a 4 part series on our financial management.
He's from Creative Wealth Engineering and his job description is a cash flow coach.
Sam what exactly does that mean?
Sam:
Cash flow coach is, for one of a better term is, someone that would help you like a personal trainer would help you with physical couching, but for your money.
So I generally say look, I'm a personal trainer for your money.
I guess it's come about because of my experience as a mortgage broker and a financial planner. There's really been a need, I think, for people just to take some of the frustration and get a lot of focus on their results, faster.
Charlie:
So, you think this is a better avenue to help people within your practice?
Sam:
I think so, yeah, absolutely.
Charlie:
If my financial situation is a bit out of control what would be the first thing that I would do?
Sam:
Like with anything whether it’s your financial situation or any aspect of your life the first thing you should do is really take time out.
I always say, this whole aspect of planning is taking time out by yourself, and ideally in a quiet place. Where you can actually get pen and paper and sit down and ask yourself some pretty long hard questions about where you actually want to be.
And that's where I always say to start.
The first thing and golden rule of course is DON'T PANIC
Charlie:
When you are setting these financial goals, what is the best way?
Sam:
Well it starts with, ok, when you are in a quiet place and you got that time by yourself. If you're away from distractions of the day to day, the stuff that tends to cause frustration, and you just ask yourself
“well ok, time wise in 12 months where do I see myself?”
And just ask yourself that, and what ever comes to mind regardless of what circumstances are going on at the moment just write down, “well ok in 12 months I’d like to be ...” and whatever comes to mind, write it down.
Charlie:
It's as easy as that?
Sam:
Absolutely and that's where you start. It's all about starting. You can always change it but first you must start it.
Charlie:
We were discussing before about 3 financial goals and you mention something, the BHAG, so what exactly is the BHAG?
Sam:
BHAG is Big Hairy Audacious Goal.
So you're getting there, a picture in your mind, as you are writing down these goals or the things you really want to achieve but at the same time it's only steering you in a certain direction.
But if you were to ask yourself “if you had all the money in the world”, so the perfect situation. All the money and the time more importantly because there are a lot of quite wealthy people that have a lot of money but no time. Cause their 2 aspects of wealth.
“What would you do?”
“What is your purpose?”
“What would you love to do?”
Is the question I always ask people. “What do you absolutely love to do?”
Charlie:
So defining this goal, how does that exactly help us in our own wealth?
Sam:
It helps you to steer a path. It helps to be more aware of actually what’s going on and helps you make decisions cause ultimately where we are today is a result of all the choices we've made up until this point.
Charlie:
Thank you very much Sam for sharing that information with us. That is the conclusion of the first in the 4 part series for managing our financial wealth.
Stay tuned for the next part on CONTROL.