The science – and mindset – of wealth

In this episode, we’re taking a look at one thing that’s top of mind for most people: money. Money is what makes the world go ‘round. And it’s also what stresses a lot of us out. In fact, 85% of Americans say that they worry about their financial situation – whether it’s mounting debt, not having money set aside for unexpected expenses, or not having enough to retire.

But even when we feel financially comfortable – we have enough money to meet our needs, pay our bills, save for the future and even accumulate wealth, one thing remains true: having more money doesn’t guarantee happiness. That’s because, as Tony says, “Problems and happiness have no relationship.” You can be poor and be happy. You can be rich and be miserable. Your happiness isn’t related to money. It’s related to finding your purpose.

When we say that we want money, what do we really want? The truth is that we want freedom, security, a certain lifestyle, opportunities for our families, the ability to contribute and any number of other things. There’s no right or wrong and it’s different for everyone. Ultimately, creating wealth is about what makes you feel abundant. What makes you feel alive. True wealth is your brain and your heart working together. Learning how to create wealth means defining what life on your terms looks like and putting a plan in place to make it happen.

Once you shift your mindset to realize that money is just a vehicle, not the end goal, you can take massive action to grow wealth and improve your life. In this podcast, you’ll hear from Tony on why it’s important to consider the meaning of wealth as you build it. You’ll also hear from Liz Weston, a financial planner and columnist at NerdWallet, who gives practical tips about how to save more money, pay off debt and get ahead – so you can focus on making progress in other areas of your life.

You’ll also learn about the science of creating wealth. There are certain fundamental things that everyone who is successful in this area has in common. Saving for retirement is one of them. Listen to the podcast to hear more about:

• The three fundamentals that make up the science of creating wealth
• What toxic debt is – and what it isn’t
• How much to save for retirement
• How to take positive steps to put a barrier between you and the impulse to spend
• The 50/30/20 budget used by most financial advisors

EPISODE NOTES

[00:38] Get $20 off the Rapid Planning Method with promo code POD20
[01:41] Episode introduction
[02:52] The meaning of true wealth
[03:31] What makes you feel truly abundant?[04:00] Problems and happiness have no relationship[04:30] Our brain is trained to make us survive, not happy[05:05] If you’re in poverty, you’re in the 1%[05:33] Money isn’t the solution, it’s the vehicle[05:55] How to figure out what true wealth means to you[06:37] The science of achievement[07:10] The fundamentals that you can’t violate[07:53] Ask yourself: What do you have now that once seemed impossible?[08:28] Beware of the law of familiarity[09:02] The key to achievement is becoming focused[09:40] The power of the RAS – Reticular Activating System[10:19] If you flex your approach, you find effective execution[11:18] Grace shows up when you acknowledge it[12:20] Two thirds of Americans worry about a recession[12:47] Instead of living in fear, prepare for it[13:15] The step by step playbook that will transform your financial life[13:30] Go to www.unshakeable.com to order a free copy of Unshakeable[13:44] Introduction to Liz Weston[14:21] Financial disclaimer[15:00] Automate your savings[15:36] Hide your money from yourself[15:58] Name your accounts with nicknames[16:38] Put your money someplace you can’t take it out[17:00] Divert the money you save[17:49] How much to save for retirement[19:00] Gradual steps to creating an emergency fund[20:50] How to save for life events[21:40] Consumer credit card debt in America[22:03] How to evaluate your debt[22:43] Pay off toxic debt first[23:01] Strategies to pay off toxic debt[23:45] Don’t be in a rush to pay off m[24:15] When to file for bankruptcy[25:06] How to stop spending money online[25:36] Put barriers between impulse and act of buying[26:55] How to create balance in your financial plan[27:55] The 50/30/20 budget[29:44] Credits