Want to be the person with 7-figures in the bank? This is the best way to get there (and stay there)
- Author
- Tyson Durfey
- Published
- Fri 10 Nov 2023
- Episode Link
- https://the-tyson-durfey-show.simplecast.com/episodes/want-to-be-the-person-with-7-figures-in-the-bank-this-is-the-best-way-to-get-there-and-stay-there-Z_6z__0Y
- Introduction to the "50/20/20/10 rule" for budgeting
- Explanation of the rule:
- 50% for living expenses (needs)
- 20% for wants
- 20% for savings and investments
- 10% for giving away
- The importance of distinguishing needs from wants
- The concept of "money suckers" and how to eliminate them
- Examples include unused subscriptions, excessive habits like smoking or drinking, and unnecessary expenses like pet care for multiple animals
- The necessity of a catastrophe fund and how to build it
- Strategies for paying off debt effectively
- The concept of money forecasting to prepare for future expenses
- The speaker's personal journey from financial scarcity to success
- Encouragement to practice discipline in financial management
- Introduction to The Cowboy Challenge for building momentum and resilience
