AUTO-Mate Your Financial Success
Audio Transcription
Today everything seems to be automated. Why not automate your way to financial success? During today’s broadcast of The Thrive Time Business Coach Radio Show, the former U.S SBA Entrepreneur of the Year and Doctor Zoellner team up with CPA, Paul Hood to teach you how to automate your financial success in the areas of small business accounting.
SUPER MOVE #1 – Cut Your Expenses By 3%
NOTABLE QUOTABLE – “Beware of little expense: a small leak will sink a great ship.” – Benjamin Franklin
NOTABLE QUOTABLE – “Too many people spend money they earned..to buy things they don’t want..to impress people that they don’t like.” – Will Rogers
SUPER MOVE #2 – Increase Your Income By 3%
NOTABLE QUOTABLE – “Opportunity is missed by most people because it is dressed in overalls and looks like work.” – Thomas Edison (Inventor of the modern (An American inventor and businessman, who has been described as America’s greatest inventor. He developed many devices that greatly influenced life around the world including the first modern motion picture camera, the first recorded audio and the first practical electric light bulb)
MARINATION MOMENT – How different would the world be without Thomas Edison’s inventions?
NOTABLE QUOTABLE – “Work like hell. I mean you just have to put in 80 to 100 hour weeks every week. [This] improves the odds of success. If other people are putting in 40 hour work weeks and you’re putting in 100 hour work weeks, then even if you’re doing the same thing you know that you will achieve in 4 months what it takes them a year to achieve.” – Elon Musk (Musk is the founder, CEO, and CTO of SpaceX; a co-founder, a Series A investor, CEO, and product architect of Tesla Inc.; co-chairman of OpenAI; founder and CEO of Neuralink. He was previously co-founder and chairman of SolarCity; co-founder of Zip2; and founder of X.com, which merged with Confinity and took the name PayPal.)
SUPER MOVE #3 – Commit to Automatically Investing 3% of Your Gross Revenue
NOTABLE QUOTABLE – “Financial peace isn’t the acquisition of stuff. It’s learning to live on less than you make, so you can give money back and have money to invest. You can’t win until you do this.” – Dave Ramsey (National talk radio host and a New York Times best-selling author)
SUPER MOVE #4 – Compound Interest Works Harder Than You Do
AMPLE EXAMPLE – Dow Jones 1989 versus Now (insert chart)
NOTABLE QUOTABLE – “Compound interest is the eighth wonder of the world. He who understands it, earns it … he who doesn’t … pays it.” – Albert Einstein (A German born-theoretical physicist responsible for convincing President Roosevelt that America must be the first to create an atomic weapon to defeat the Germans and the Japanese in World War II)
SUPER MOVE #5 – Use the Power of Dollar Cost Averaging
DEFINITION MAGICIAN – “Dollar-cost averaging (DCA) is an investment technique of buying a fixed dollar amount of a particular investment on a regular schedule, regardless of the share price. The investor purchases more shares when prices are low and fewer shares when prices are high. The premise is that DCA lowers the average share cost over time, increasing the opportunity to profit. The DCA technique does not guarantee that an investor won’t lose money on investments. Rather, it is meant to allow investment over time instead of investment as a lump sum.” – Investopedia
NOTABLE QUOTABLE – “Never depend on a single income. Make investments to create a second source.” – Warren Buffett (The founder of Berkshire Hathaway and one of the most successful investors in https://www.stephencovey.com/7habits/7habits-habit1.phpAmerican history)
