Making Simple Money Moves to Create Wealth

On this episode:

Whether you are a young professional in the middle of your career, getting married or just starting a family, there are simple steps you can take right now to accumulate wealth and face the financial challenges ahead with clarity and confidence. All it takes is making the right “money moves” in your 30s and 40s. Think of it as a simple strategy that could put your money to work harder for you, so you can continue living your life without second-guessing each and every financial decision.


[01:13] What is a “Money Move”

[01:46] Money Move #1 – The 5-minute Money Audit

[04:10] Money Move #2 – Automatic Monthly System

[06:21] Money Move #3 – Your Agile Money Roadmap

[09:41] You don’t have to go it alone

Episode Transcript:

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[00:00:01] Imagine a future in which you've uncovered over a thousand dollars in extra annual savings hiding in your bills and put it to work for you by turning a money hemorrhage into a conscious money making choice. Or imagine you're enjoying your lifestyle knowing you're saving for the future automatically each month. Imagine you have a precise roadmap to your future and you have a place to get every financial question answered. Well you don't have to simply imagine it. On this episode you'll discover how to create a better financial future for yourself and the people you love. Starting right now. Welcome the money moves. I'm your host of Evelio Silvera. My goal is to share practical insights about business worth and money so you can design your financial future and enjoy life on your terms. Now let's get moving. One of the biggest myths about building wealth is that you have to start rich or make a million dollars a year. And that's just not true. All it takes is making the right money moves in your 30s and 40s and you're wondering what a money move is. Think of it as a simple strategy that could put your money to work harder for you so you can continue living your life without second guessing each and every financial decision. And that's why on this episode I'm going to share with you the three simple money moves you can make right now to start creating wealth. Money move. No one stop the bleeding and find over a hundred dollars a month in hidden savings. With this five minute money on it now you may not be thinking that little over a hundred dollars a month is a lot. But but keep this in mind that one hundred and fifty dollars and forgotten monthly spending could turn into twenty five thousand eight hundred and two dollars in just ten years. [00:02:11][129.9]

[00:02:11] If you invest it at a conservative 7 percent so we're going to use a three step system to keep what you're actually using and stop hemorrhaging money on what you don't need anymore. This is the five minute money on it. All right. Here is step one. I want you to pull your bank credit card pay pal App Store and Google Play accounts together and highlight every recurring subscription. That's not one hundred percent critical. We're only interested in elective expenses. This isn't your light bill. These aren't necessities. These are things that are just absolutely not critical to live. All right. Step two. You're going to cancel each and every one that you haven't used in the last 24 hours. Now don't worry you'll get them back. Go ahead. If you haven't used it in the last 24 hours a subscription or an app cancel it. Step three. Every time you actually miss that subscription that you canceled then you can read subscribe. That's it. That's the five minute money audit by simply forcing yourself to make a decision about every subscription. You are transforming these recurring expenses from an unconscious bleeding to conscious choices and you're putting yourself back in control. It also isn't the tired myths of giving up your life today or changing your entire lifestyle but it really is. Hidden expenses that you've made at one time a trial that you forgot to cancel. I'm very guilty of and they end up piling up on average. This can save over one hundred dollars a month. And it's that time and compounding of making the money work for you after the audit. That makes a real real difference. Money move. No to build a simple automatic system so your wealth grows and you can spend less than one hour a month maintaining it. [00:04:21][129.7]

[00:04:22] Building wealth doesn't require getting rich or earning a lot more money. It just means you need to be smart about where your money goes and that the power of time and compound growth do the rest. See building a system to funnel your money where you wanted to go means doing the work once and then using the psychological power of inertia and momentum. That's the same power that caused you to forget all those monthly subscriptions and money moved number one so that you keep on track. So here's how you build your money system. Step 1 pay yourself first. Look you know you want to save. So just make the decision once and let that power of inertia take over. At minimum you should be contributing to your workplace plan up to your employer match. If you don't you're literally leaving free money on the table. If you don't have a workplace plan set an amount that you're gonna have automatically transferred into saving or money market at the beginning of every month. First see by earmarking funds for your goals you're taking concrete steps to create your happy future and you're giving yourself the power to respond to financial emergencies with ease. All by paying yourself first step to go ahead and pay your bills. Put an automatic bill pay on so your bills get paid each and every month without you having to worry about it or occurring late fees. Step 3 split the leftovers. Once you've got your necessities covered you can split what's left between guilt free spending and more contributions to long term investments. Remember time is your biggest asset. The more you save and invest now the further ahead you'll be in the future. Three steps of simple money system that allows you to grow your money without you having to spend a lot of time or hassle maintaining it. [00:06:19][117.1]

[00:06:21] Money move. Number three create an agile road map to your ideal future that adapts to your age income and priorities create clarity around your essential priorities and have a blueprint for your ideal future. So then you can get the coaching and accountability you need to build and see the life that you want. Come to fruition. So step one need to define your vision of your ideal life. You know some people like my wife create an actual vision board where they have photos and different statements or you have something on your bathroom mirror. You keep something inside of your inside of your briefcase or your wallet to constantly remind you but you've got to answer certain questions like What work are you doing in your ideal life. Where are you living. Ideally what is your lifestyle your typical day look like. Right. So what kind of specific amount from each paycheck are you putting towards these goals. What kind of negotiated raise are you going to ask for. So you can put extra cash towards that goal. What specific amount are you investing each year into an account to hit those goals and you want to actually put that in writing and put it in a place that's very very visible to remind yourself to make it concrete and so you come into an agreement and understanding. What does your ideal look like. What are you shooting for what are you making sacrifices and changes on a monthly basis for now. Step two leads to that we're going to break this ideal life into specific financial goals and the keyword here is specific. So here are the three things you really need to cover by a specific future date. I'll have saved specific amount for this financial goal. [00:08:13][112.5]

[00:08:15] The next one is by a specific future date. You will have paid off specific amount in debt and finally by a specific age. Work will become optional when you get specific on dates amounts and ages. Step 3 starts becoming a lot easier. Step 3 is distill your financial goals into your daily monthly and yearly action steps. So what specific actions can you take right now to move you towards your goal. Well once you know what the ideal is you've broken down specific goals. It's easy to know if what you're doing today this month and this year is getting you closer or farther away. That's why it's so important to write down those goals to keep them top of mind. I would even recommend if you're in a relationship set a money date that's just like a regular date night but you're specifically going to go over all these steps together talk about what your ideal life looks like and what you're going to do to get there and have some fun with it. Dinner drinks music really make it a regular date night but around some money and just let your mind go into what is possible so that you can start taking those practical steps today. Right now you may be asking yourself a bunch of different questions. After thinking about these different money moves like how should I be investing. Should I be contributing to an IRA or putting more money in my employer's retirement account. Do I need term or permanent life insurance. Now how do I live. Well now while investing enough for my future what would it take to retire early or take a sabbatical and travel. Well you don't have to walk the path alone. These money moves are a great start but it's also beneficial to seek out help and guidance. [00:10:11][117.0]

[00:10:12] You know the accountability and regular check ins of working with someone will help keep you in the path you've mapped out and get back on track when you slip. It's empirically proven that people who commit to written goals create an action based plan and share their progress with an accountability partner are more likely to achieve those goals instead of burning your precious free time on research projections accounting tax planning investing risk management and more. Wouldn't you rather be pursuing your ideal life knowing that your got a team of experts and accountability partners working to keep you on track. If you want to take control of your money put it to work for you and knock out financial goals that once seemed impossibly out of reach. Then shoot me a message or give me a call. I'd be happy to help visit financial security group dot com to get a hold of me. I'm really excited to see what you can achieve by making these simple money moves to create wealth. If you want the full money moves guide with checklists and more details visit money moves podcast dot com. There you can opt in for free access to the full guide. Thanks for listening. I hope you enjoyed this episode if it provided you value and got you charged up to make some new money moves. Do me a favor and share it with others on social media. Use the hashtag money moves and you never know what kind of swag will send your way. If you're looking for the show knows links to resources and more visit. Money moves podcast dot com. When you subscribe I'll give you a free copy of my latest guide. The three key money moves to create wealth. Now as my way of saying thank you that's w w w dot. [00:12:05][112.9]

[00:12:06] Money moves podcast dot com wherever he may be listening or however you may be listening. Thanks for making money moves part of your day. And remember if you make the right money moves today you'll be able to navigate your financial life without sacrificing your lifestyle so you can enjoy a prosperous future. [00:12:06][0.0]


About the Author

Evelio Silvera is a business development and financial services professional. Evelio is an best-selling author and acclaimed speaker and speechwriter with numerous national and international awards who has appeared on national radio and television programs and been featured in several publications.