It’s easy to live life just going through the motions, even if you want to do better financially for yourself and your family. A financial breakthrough is something most of us want, but getting one can be tough if you’re not doing the right things to make it happen.
Some fret over their career standing or the size of their paycheck. Others are concerned that they could be doing more, such as saving more money, investing, or planning their own future.
Fortunately, there are ways to take your finances to the next level – you just need to know what the right steps are to take.
Here Are The Show Highlights:
– The deliberate process for achieving a financial breakthrough ([3:10])
– A rock-solid plan for taking advantage of opportunities ([10:45])
– How to free yourself from self-limiting beliefs that hold you back from success ([16:10])
Remember to download Grandma’s free wholesome wealth recipes book by dropping into http://www.grandmaswealth.com. Time-honored wealth strategies served with a helping of balance and trust.
If you’d like to see how Grandma’s timeless wealth strategies can work in your life, schedule your free 15-minute coffee chat with us by visiting https://www.grandmaswealthwisdom.com/call…just like Grandma would want us to do.
A hearty welcome to Grandma’s Wealth Wisdom with your hospitable hosts, Brandon and Amanda Neely. This is the only podcast for strategies to grow your wealth simply and sustainably like grandma used to. Without further ado here are your hosts.
Brandon: Hey, I'm Brandon and welcome to Grandma's Wealth Wisdom where we work with you to build wealth Grandma would be proud of.
Amanda: Howdy. I'm Amanda. If you've been sticking with us for a while, you might know that we promised to wrap up our On The Verge Of series today with On The Verge Of Breakthrough. We've talked, just to catch you up if this is your first time listening or if you need a little refresher from our previous episodes, we've talked about finding a sense of home and how important that concept of home is for a secure financial life. [0:01:03.9] We've talked about protecting your ability and how 1/4 of people will have disability at some point before their retirement age, and that can be a short-term or a long term disability, but you need to like protect your income in that way. We talked about redefining peace and what real peace regarding your finances really can look like. It's something that goes beyond being debt free. And then we have, last episode, we talked about rediscovering hope, and what it looks like to dream again or dream for the first time with regard to your wallet. So today, we're going to bring it all together. We're going to tell some stories of people who have achieved that breakthrough in their finances. Before we jump into those stories, Brandon wanted to kind of set us up for what is breakthrough, and what do we mean when we're talking about this idea of breakthrough, and he's going to quote a really wise guy, and I mean that in a positive way, not like "he's a wise guy," but like a really intelligent person that wrote a really great book that this quote is found in. [0:02:14.2]
Brandon: So, the quote, thanks for setting this up, Amanda. The quote is by Jim Collins from Good to Great: Why Some Companies Make The Leap…And Others Don't so, it's specifically about companies, but I think we can use this quote for our own individual lives for our own people, you know, whatever, some families make the leap and others don't, and really thinking about this quote when it comes to your own financial story, financial life. Again, how going from good to great, why some people make the leap and others don't is something I would think about. So the quote goes like this, "Then it began to dawn on us. There was no miracle moment. Although it may have looked like a single stroke breakthrough to those peering in from the outside, it was anything but that to people experiencing transformation from within. Rather, it was quite a deliberate process of figuring out what needed to be done to create the best future results, and then simply taking those steps, one after the other, turn by turn of the flywheel. After pushing on the flywheel in a constant direction over the extended period of time, they enviably hit a point of breakthrough." [0:03:40.1]
Amanda: And so, what he is saying here is that breakthrough isn't just a single event. There's not, like at least in the companies that he was looking at, and we would say like in individual's lives, breakthrough isn't just like you snap your fingers and there's breakthrough. That what he saw was that and the people experienced who were on the inside was that there was Brandon said "quite" but the word is actually quiet -- [0:04:07.9]
Brandon: Oh, whoops.
Amanda: -- deliberate process.
Amanda: It's this like rumbling under the surface is kind of the picture that I get. Like if you're looking at the ocean or looking at a body of water, it might look still on the surface but underneath it, like the deep waters, there's a movement happening and then that eventually bubbles up to the surface. And that's what looks like the breakthrough then.
Amanda: That's what Jim's talking about here.
Brandon: I think about it somewhat in like from a small business owner, where there's so much foundational work being done to build that business for 3 to 5 years, and you're like you're never going to work like you never worked before and like for us, in building a café, you're building signs, you're putting the refrigerator in the right place. You're building a customer base. You're figuring out how to do emails or whatever, and then all of a sudden there's this, "Hey! All this stuff is created." [0:05:03.6] It becomes easier and there's some time where you're like oh, this breakthrough or whatever happened, but you've built that foundation, that solid core that then makes it easy, and then people then come and say, "Wow! This looks really easy." Right? Does that make sense?
Amanda: Yeah. It's consistent actions over and over again in the same direction that gets to that point where people from the outside look and say, "Oh! They're an overnight success," or you know, "Oh! They are like a success. They're having lots of sales. All the seats are full," you know, whatever it is, and they don’t see all the things that went in behind it. There's some like images out there I've seen on like motivational-type Instagram channels or whatever where you see like the iceberg above the surface but you don’t see all of the iceberg below, like success looks like the iceberg. You don’t see all the stuff that went in underneath of it, and I think the same is true with our finances. [0:06:04.7] Like, we might look at someone who has plenty of money saved for retirement or is able to buy that home for the first time or whatever like measurement we're looking at, and we don’t see all the things they did the patient get to that place. That's kind of the stories you wanted to tell today of like how breakthrough happens because people did those quiet, deliberate, consistent actions like Jim talked about or wrote about in Good To Great.
Brandon: So let's go with some of those stories. Again, this is a financial podcast. We're talking about financial independence, those kinds of things, and we have seen some of those things play out in some of our clients' lives and our own lives and where they have actually built some foundational pieces. And that's what's been really cool to see, the transformation that's happened through these people's lives and their stories. [0:07:00.2] So, what's one of those stories, Amanda?
Amanda: Yeah, so, as most couples do when they're getting married, they talk about money before getting married -what is their plan with how they're going to use their money. Are they going to be budgeters? Are they going to do this? Are they going to do that? And for a lot of young couples including the couple that we're thinking of, there's often the conversation about the debt that the one spouse was in beforehand, before they ever met the other spouse, and where did that come from, how are we going to deal with that?
Amanda: Right. AKA student loans. And if that's a considerable amount of debt, like six figures of student loans, then let's just say the one spouse looks at the other spouse and also sees this debt they're carrying and when the first spouse is choosing to marry them, they're also marrying their debt, and it's like there's a third party in the relationship that is being wed with the couple. [0:08:08.1]
Brandon: So they married like Sallie Mae or whatever companies that bought ---
Amanda: Freddie Mac.
Brandon: Freddie Mac or whoever else is going to own---
Amanda: Navient, I think is what they call themselves now. Yeah, and that can feel really discouraging and like especially with like six figures and if like the people we're thinking of, there's also low income coming out of college. There might not even be the income to cover the entire student loan payment, and so they go into deferral and they're just making maybe just interest payments or maybe the payments that they make like are, the couple we're thinking of, aren’t even covering the interest, and so the balance is actually going up rather than going down. And that is a pretty crazy place to be because then when you project their life expectancy, let's say you go out to age 95, you've died with that debt still. [0:09:08.0] And that's pretty scary. And what is awesome, though, to bring it to the positive, is seeing this couple put together a plan, a strategy of how they can get out of that debt and also build a financial tool that's going to give them a net worth that's going to continue to grow over the course of their lifetime and be able to see the day that's coming that they will be fully out of debt and they can plan a student loan burning party and plan to celebrate with friends and family that that extra party that was part of their marriage has been killed, in like a good way. [0:10:01.2] And to see this couple come out of that and be on the other side of it is really awesome, and it looks like breakthrough, you know, that party is the breakthrough party - we're out of debt. We can burn our documents; just keep the one that says it's totally paid in full, right?
Brandon: And then with some of them, with this person, like they wanted to be entrepreneurs. They wanted to pursue their dream and this debt was something that held them captive and saying well, you need to work for me.
Amanda: It's the ball and chain.
Brandon: Yeah. You need to work for the man. You need to do all this before you can be an entrepreneur or even before you start planning for retirement or any of that stuff. And so, it kind of like puts you in a place of well I can't. I can't do this. I got to work for this person or that or whatever. And to be able to have a strategy and a plan that helps you take advantage of opportunities, take care of debt at the same time, and take care of your future self is what they really felt encouraged by, that they had a plan and a strategy to where they could take care of that debt, but also reach their dreams that they wanted, reach the things they wanted to accomplish at a young age. [0:11:21.2] They're still a young idealist thinking, you know they can change the world and they, I think they can. And sometimes money is a factor that causes you to not be able to think you can accomplish those dreams.
Amanda: Yeah. And knowing this couple, I would just say it's not just that they can change the world. They already are.
Amanda: And I'm super excited to see what happens over the next 30, 40, 50, however long, you know, many years that comes. It's just going to grow exponentially from there. [0:11:53.8]
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Amanda: So the next one is like another couple that are later on in life and they are at a very different place than they thought they would be at this point, and in fact, one of the spouses is disabled and unable to work or whatever work they are able to do, they make a lot less than they thought, and approaching retirement, it's hard to imagine the spouse who is working leaving that and being able to or reducing to just part time, and kind of seeing this wanting to work forever. [0:13:03.3] And that's not where they wanted to be and because of that, they've lost the ability to dream. They are just in the day-to-day, just trying to figure out how to put one foot in front of the other, and that becomes a pretty despairing situation. But then it's been really cool to see them experience breakthrough and I think, Brandon, you worked with them more. Can you tell us a little bit about what breakthrough looks like for them?
Brandon: Yeah. So because of the disability and again, we talked about it in a previous episode, they did not plan to be disabled. They didn’t plan to have those things happen, and so then you know between the challenge that happened and waiting for Social Security, if you know anything about Social Security and getting disability benefits, it takes a long time. You'll probably get rejected the first time, too. And then once you get that money it's like back pay. They pay you back pay. [0:13:59.6] So what they did was rack up a whole lot of credit card debt and a lot of high interest credit card debt that they felt like they were just going deeper and deeper into this hole and they wanted to accomplish, they wanted to buy a house. They wanted some things like everybody does. And she told me, "I haven’t been able to dream for 20 plus years." And by working through a strategy, helping them, and now we've been able to take care of a lot of that debt to be able to position it in a way that's going to help them win, not help the bankers win is what we did with them. She, at our next few meetings, she had a binder and on the binder it says, "Dream Big" or a journal or something. And she's like, "I can dream again, and this has been super helpful just having a plan and a strategy that's going to help me overcome that." [0:15:00.8] But the reality is they could’ve not done that. They could’ve maybe gotten their Social Security benefits and not had a strategy or something set up and gotten back in the same place, but meeting with us while also developing a systematic way to reach their goals helped them to dream again. Helped them to overcome those obstacles and that's been super encouraging to me and to them to see that wow, they have hope. They can dream. But it took systematic steps, one foot in front of the other, like doing, what is that What About Bob, baby steps to make it happen.
Amanda: Let's go onto the third story here. It's our last story. So maybe it's hard to relate to, you know, having student debt or maybe it's hard to relate to being older and having to deal with a disability. But I feel like a lot of people, at some point in their lives, have experienced being without, not having enough to do something they want to do, feeling poor in some way, shape or form. [0:16:14.1] And that can leave a mark. There can be lingering feelings of we don’t have enough, we can't do that, and that can become a phrase that is just repeated over and over again within your head or even out loud any time you're looking at an idea, something you want to do." Well, we don’t have enough for that." " There's not money in the budget for that." " We can't afford that." You know all those kinds of things. Maybe this is sounding familiar. And with a couple we know that had those lingering feelings, that was really struggling with that, had a pretty good net worth. You know, like, was positive, but still had those scars from living without for so long. [0:17:00.0] It was hard to give themselves permission to spend, to do what they really wanted to do and be okay with that, like and celebrate those things. And it was really cool to see them take it by the horns and actually like do something really special for themselves. We can't share the details, obviously, for confidentially reasons, but like, just to see them who had like not done things for themselves, like eating rice and beans, you know, like not bought new clothes, like not done those kinds of things for so long, decide you know what, we're going to do this big thing because it's really important to us to do this, and sure, it's going to cost a lot of money, but we have it. You know, we can do it, like we can choose that. And that, frankly, is an awesome breakthrough to squash down the nose feelings or those phrases like "we don’t have enough" or "we can't afford it" and choose to do something that is totally within your means to do and like shows you the power that you have now to do the things that are really important for you to do. [0:18:14.4] I didn’t share details of that story because of confidentially, but hopefully that made sense.
Brandon: When I think again with being able to create a plan then the strategy, they also were able to leverage what they had, what they had saved, to build more wealth, to be able to leverage it for things that were not just going and spending it on trips or on stuff, but they were able to use it to invest in themselves or in other income-producing things that helped them grow even more. And that's another cool thing that these guys were able to do, that because they had a plan, because they started thinking about that, it also transitioned in their heads, but also grew their net worth at the same time. [0:19:07.1]
Amanda: Yeah. And it’s cool to hear them say things like, "Oh, we can do that! Oh I wonder, how would that work?" instead of "We don’t have enough" or "we can't afford it." Like, it's interesting how the language changes along with that breakthrough.
Amanda: So big bottom line here is that breakthrough is possible. No matter where you're starting, there is a point that can be that breakthrough point for you, but it's not going to be a single stroke kind of thing. It's going to be something that happens quietly and deliberately and because of consistent action over time, but might begin with believing that that statement is true - that breakthrough is possible. Anything you want to add, Brandon?
Brandon: Well, I would say that you have to want to break through, too. I feel like a lot of individuals, they want breakthrough. [0:19:59.8] They'll talk about breakthrough but then they don’t want to do the efforts or the things that it takes to get breakthrough, the small consistent steps that will get breakthrough. And you know I think about this from again money perspective. Money is, even our baby has to have money. Otherwise, he's not going to be able to eat and so somebody has to make sure we have it. And so thinking about it from a lens of money is integral to every facet of our life, and it's going to help us either stay in bondage or be able to breakthrough. And if we don’t have a strategy or plan, we need to build that and so what I think is first step is take a step, to look under the hood of your money story or where you want to go. And that's going to help you have breakthrough in a year or even sooner, but you have to make those steps, right?
Amanda: Yep. Absolutely. [0:21:00.4] So if you would like some help, obviously, with breakthrough, you want to talk through that with someone, we'd love to do that. All you got to do is go to Grandma's Wealth Wisdom.com and click request a meeting and schedule 15, 20-minute call with us. Next time, we're going to be talking about, the title is Walking Around Upside Down Pyramids.
Brandon: Who would do that?
Amanda: I know, right? Like, the pyramid could crash on you at any time. We're going to talk about how so many people do that and don’t even realize that they do. Before we sign off, though, we have a really short podcast review to share with you. The title of this one is They Know Their Stuff with 5 stars, and this is from the DMGH podcast.
Brandon: Which I think you're going to be on there.
Amanda: Yeah. The episode was published recently that I did an interview on their show. Check it out. DMGH stands for Don’t Mind The Golden Handcuffs podcast if you want to look that up - DMGH. And they wrote, "Wealth of knowledge. Keep it up." And I'd say I've listened to some of their episodes, too. [0:22:03.8] They’ve got some really great stuff there talking about, so we'd just say go check them out - DMGH podcast on wherever you're listening to this. You can probably find them, and of course, subscribe to our podcast, comment, leave a review. That would be really awesome, and we'll talk to you next time.
Brandon: So until next time, keep building your wealth simply and sustainably for your own future and the future of our grandchildren's generation.
The topics presented in this podcast are the general information only and not for the purposes of providing legal, accounting, or investment advice. On such matters place consult a professional who knows your specific situation.