Unlocking Financial Freedom: Mindset and Process
- Author
- Randy Wilson
- Published
- Wed 06 Sep 2023
- Episode Link
- https://therichmindpodcast.podbean.com/e/unlocking-financial-freedom-a-conversation-with-prosperity-coach-joel-salomon/
In the latest episode of the RichMind Podcast, we sit down with Joel Salomon, a prosperity coach on a mission to help at least 100,000 people achieve financial freedom. Joel's expertise spans the worlds of finance, personal development, and successful investing, making him a sought-after guide in the quest for financial independence.
Joel shares his proprietary 5-step stock screening process, a method he's honed over years of experience in the financial industry. But it's not just about the process; it's about discipline. Joel emphasizes the importance of not letting emotions cloud your investment decisions. He believes that setting a price target for your stocks and sticking to it is crucial. Fear and greed can often lead to costly mistakes, so Joel advises investors to remain steadfast in their strategy.
Nobody can predict the market with 100% accuracy, but Joel has a track record of achieving success rates in the 70-80% range. His mantra is simple: cut your losses and let your winners run. It's a principle he stands by as he helps others navigate the financial landscape.
One key takeaway from the episode is Joel's approach to calculating price targets for companies. He suggests multiplying the average analyst estimates for a company's future earnings by the highest price-to-earnings ratio over the last five years. Alternatively, you can use the shareholders' equity divided by the outstanding shares of the company. Joel's personal goal is to aim for a 100% upside while keeping the downside limited to 25%.
Drawing from his book, "The 9 Money Rules Millionaires Use," Joel delves into Rule #2: Trust your intuition. He shares anecdotes from his own journey where failing to trust his intuition resulted in less profitable outcomes. Joel considers himself an investor, not a stock trader, and encourages listeners to write down their beliefs about each investment before taking the plunge. According to Joel, only invest in stocks where your belief ranks at a level of 7, 8, 9, or 10.
Tune in to this episode of the RichMind Podcast to gain valuable insights from Joel Salomon's wealth of knowledge and experience. Whether you're new to investing or a seasoned pro, Joel's wisdom will inspire you to take control of your financial future and work toward achieving true financial freedom
Want to connect with Joel? Check out the following links to learn how you can have Joel become of your Financial Freedom Team
Website: https://www.salaurmor.com/
Free Prosperity Coaching session here
How to Create Money Miracles course here
Money Miracles membership here
Register for Free Webinar on September 12th here
I would also love to connect! Check out the following links where you can learn more about the products and services I provide
