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Money Guy Show

The 1 Thing You Need to Do to Build Financial Independence

Money Guy Show

Brian Preston, CPA, CFP®, PFS and Bo Hanson, CFA, CFP® | Fee-Only Fiduciary Advisors

Education, Retirement, Moneyadvice, Investing, Savingmoney, Personalfinance, Business

4.62.8K Ratings

🗓️ 19 May 2017

⏱️ 40 minutes

🧾️ Download transcript

Summary

The 1 Thing You Need to Do to Build Financial Independence
Ever wonder if there was one thing in particular you could do that would truly help you build financial independence? While we share this simple concept in many of our podcast episodes, this is the first time we are dedicating an entire episode of The Money Guy Show to it. Tune in to find out how to implement the concept of forced scarcity into your day-to-day life and what it can do for your long-term financial situation.

Transcript

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0:00.0

The holy grail of building financial independence is built off of one key concept.

0:06.4

Listen a day and we're going to teach you how to do it.

0:08.9

It's Brian Preston, the money guy, restoring order to your financial chaos, retirement,

0:15.8

investing, taxes. You've got financial questions, he's got financial answers. It's Brian Preston,

0:22.9

the money guy. So, but this is one we have talked about this for a,

0:29.2

it's a decade in the making. Oh, it really is, is because we get so excited about this concept.

0:34.8

Have implemented this in our own personal lives. We've talked about it so many times in a podcast,

0:39.9

but I've never actually done an entire show where I've devoted it entirely on this awesome

0:47.7

concept of forescarcity. That's right guys. We're going to help you today learn how to tighten

0:54.8

that financial belt of yours to live a little bit leaner, but when you live leaner,

1:02.2

you fast forward 15 years, you fast forward 20 years and you're like holy cow, where did all

1:07.5

this money come from? Would you agree Brian that when it comes to like financial decision making,

1:11.5

even if you don't get everything right, you don't have the most efficiently designed portfolio.

1:16.4

And maybe when you go shopping, you don't get the best deals and you're not always looking for

1:21.3

the right sales and maybe you don't buy the best value. All these other financial ideas,

1:27.2

even if you're getting all of those wrong, but there's one thing that you get right and it's

1:32.5

forescarcity are the odds pretty high that you're still setting yourself up for success?

1:37.6

I'm still that my skin's kind of crawling from you saying I get the best deal on something,

1:41.4

but yes, that is true that I think as long as you get this key component and concept taken care of,

1:48.4

you really are setting yourself up for success for the future. This is, you know, I like to think,

1:53.5

and you know, maybe it's because we're quickly approaching the summer months and all the comic book

1:58.0

movies come out, but when you think about Batman and his tool belt, this is kind of that tool that's

...

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