Remember the joy you got as a kid when you found a quarter or maybe a couple of dollars while playing outside? Or how about in college when you found a $20 bill in the couch? Feels good doesn’t it?
I look back at these days in amazement thinking about how a finding a few extra bucks made me happy. The equivalent today might be finding an extra 10k somewhere. But that doesn’t happen very often does it? Well–are you looking?
I have a lot of businesses and investment assets. I sometimes wonder how much money I could find if I went through it all with a fine tooth comb and started eliminating $1K here and $1K there. I bet it could be pretty significant. In fact…I think I will do that in fact.
How about you? If you are business owner, do you think you might be leaking money somewhere? How about if you are six figure W2 wage earner? When you’re income goes up, so do your expenses for most people (the golden handcuffs syndrome). The problem is that when those numbers start to grow, it is easy for you to overpay for things and for people to start trying to gently steal from you. I mean steal in the nicest of ways. Where I live, we call that the neighborhood discount. Of course that’s tongue and cheek. What it really means is that you are probably over paying for a lot of things and because you are busy, you don’t even know it.
In the past, I have described my perspective on personal finance as similar to running a business. We all have money coming in and money going out. Most people only focus on making more money. They don’t tend to think about keeping more of the money they have. I’m not talking about lattes etc.–I can’t stand that scarcity mentality. What I am talking about is cutting expenses that don’t take away from your quality of life–like taxes for example. In episode 27 of this show, you heard from Tom Wheelwright, Robert Kiyosaki’s tax advisor, all about different tax reduction strategies. My investor club is about to hear even more ninja techniques over the next few months over webinars. Cutting taxes is not cutting lattes. We can do without them.
But taxes aren’t the only way to cut expenses and this week’s guest on Wealth Formula Podcast, Chris Miles, has entire business focussed on how to seal up all those leaks that are draining you of cashflow. Hope you enjoy it!