{"version":1,"type":"rich","provider_name":"Libsyn","provider_url":"https:\/\/www.libsyn.com","height":90,"width":600,"title":"231: Money Podcast","description":"Learn the truth about money and wealth building. I\u2019m going to push back on experts who write about how to build wealth! The articles usually go something like this:  Budget yourself silly. Don\u2019t spend any money. Don\u2019t live beyond your means. Pay off all debt. Contribute to your 401k. Have a great life! Lol! Some of these have merit, but some don\u2019t. I\u2019ll go through each point in a minute. I\u2019m going to give you a step-by-step plan. There are two different financial scenarios - one scenario for people that have massive credit card debt and one for those who don\u2019t. Credit card debt and student loans are a real problem that need to be taken care of first. High interest rates compound and grow quickly so the debt will grow fast unless you vigorously attack it. Make them Priority #1! Student loans may be at low interest rate, but it is not excusable in court even in bankruptcy. It\u2019s a permanent weight around your neck that has to go! Let\u2019s revisit the points I mentioned earlier.  1. Budget yourself silly. 2. Don\u2019t spend any money. Budgets can be hazardous to your wealth! Like diets: feel restrictive, want to go off them, can give you a bad relationship to money. Don\u2019t live beyond your means - Obviously! Don't get yourself into consumer debt except a mortgage. Pay off all debt - wrong! A mortgage is ok, tax deductible. You need to establish credit. Pay off debt that\u2019s not mortgage debt or business debt that you are successfully using to grow your business. Contribute to your 401k - yes, but it\u2019s not enough if that\u2019s all you do to save and invest! Have a great life! Lol! How can you spend nothing, try to pay off a huge mortgage, pay for kids to go to college and have any money left to enjoy life? The second financial scenario is for people who earn more than they spend. For them I have advice that I call the 6 Steps to Wealth. 1. Create a wealthy mindset Work on a positive mind, thoughts, goals. Repetition. 2. Save a nestegg Save money to invest, need capital to start. 3. Find a mentor Follow people who have successfully made millions, not starving journalist. 4. Invest in a money engine Must invest to create wealth! Can be a business, stocks, real estate, etc. No one way is right, but be smart about valuations you are paying! Money moves in cycles and peaks in bubbles. 5. Compound at a high rate Let your money compound. Try to improve your rate of return. Bank vs. stocks 6. Protect your wealth Don\u2019t lose the wealth you have created.  To get \u201c11 Quick Financial Tips to Boost Your Wealth\u201d, go to www.lindapjones.com. &amp;nbsp; &amp;nbsp; ","author_name":"Be Wealthy &amp; Smart","author_url":"https:\/\/www.lindapjones.com","html":"<iframe title=\"Libsyn Player\" style=\"border: none\" src=\"\/\/html5-player.libsyn.com\/embed\/episode\/id\/5102133\/height\/90\/theme\/custom\/thumbnail\/yes\/direction\/forward\/render-playlist\/no\/custom-color\/88AA3C\/\" height=\"90\" width=\"600\" scrolling=\"no\"  allowfullscreen webkitallowfullscreen mozallowfullscreen oallowfullscreen msallowfullscreen><\/iframe>","thumbnail_url":"https:\/\/assets.libsyn.com\/secure\/item\/5102133"}