071: 10 Inspired Money Tips for the New Year | Best of 2018

Let's close out 2018 strong: Listen to ten tips from the most popular Inspired Money episodes of 2018. Listen, get inspired, and set your big audacious goal for 2019.

As we approach 2019, it's an opportune time to take inventory and reflect on what worked and what didn't work over the past 12 months. Did you achieve the goals you set out to accomplish in January? This week, we revisit the most popular Inspired Money episodes of 2018 and highlight ten tips to consider as we plan for the new year.

1. Track Your Spending as a First Step
   

   Peter Polson, CEO of Tiller Money, wants you to better manage your money by tracking and budgeting with automated spreadsheets. He says that most people know their income but have a harder time explaining exactly where their money is spent every month.  When you start tracking your spending, you become more aware of where you're money is going and based on this feedback, you're likely to change your spending habits and better align spending with your values. Today's technology makes it so easy to spend with a click, a swipe, or tap, it's no wonder people have no idea where they're spending. Tracking your expenses is the first step to gaining control over your personal finances.
   
   Listen to the full episode: 045: The Power of Spreadsheets and Tracking Your Money | Peter Polson
   
   

2. Chasing Your Passion Sometimes Requires Living Frugally

   Professional wrestler Colt Cabana loved wrestling from an early age and knew that's what he wanted to do when he grew up. He romanticized the money mindset of the circus folk wrestlers who came from the carnival and independent wrestlers of the 1970s who had to budget wisely based on their meager earnings. Early in his career, he took pride in living on just $3 a day, when necessary. Even today, now that he has found success, he lives and works knowing the importance of saving by spending less than what he earns.
   
   Listen to the full episode: 051: The Remarkable Rise of an Indie Pro Wrestler | Colt Cabana
   
   

3. Form Good Money Habits

   Bola Sokunbi of Clever Girl Finance saved her first $100,000 in 3.5 years after college by committing to a high savings rate and side hustles to generated extra income. She says, "If you have money coming in, you have the opportunity to save." A lot of people think that when money is coming in but there's only a couple dollars left over, it's not worth the effort to save. Bola says even if you have just 50 cents extra, it's worth saving because it's critical to start learning the habit and consistency of saving early. She recalls driving 20 minutes to the bank to deposit $1! Building good money habits early, even when you are only earning a little, will benefit you when you're making a higher income and able to save more.
   
   Listen to the full episode: 048: How I Saved $100,000 Right After College | Bola Sokunbi
   

4. Owning a Business Can Be Very Rewarding

   Howard Gogel, President and CEO of My Limo and Gogel Auto, says owning a business is a blessing, a curse, and something that's allowed him to live an extraordinary life. He and his brother took their father's gas station and grew it into multiple business divisions that includes tires, car rentals, and limousine services. In this episode he shares his path in business, leadership, and the importance of listening to customers and adjusting your business accordingly. As a veteran of the transportation space. he also wants to educate you about risks of using rideshare services like Uber and Lyft.
   
   Listen to the full episode: 047: Building a Business From Gas Station to Rentals and Limousines | Howard Gogel
   
   

5. Start Meaningful Conversations to Build Connections for Better Sales

   Ryan Serhant, as seen on Bravo's popular series "Million Dollar Listing New York," is one of the most successful real estate brokers in the world with at team that sold nearly $1 billion in real estate last year. Ryan says we are all in sales whether you're selling a product or service, yourself, or trying to convince your boss why you deserve a promotion. The trouble is that no one likes to be sold yet many sales people make the mistake of identifying a prospect and immediately trying to sell something. Instead, your focus should be on starting conversations with the intent to build connections. Since you only have a few seconds to make a first impression, start with a solid introduction, smile, compliment, and try to find something that you have in common. Another mistake that salespeople make is talking too much. Everybody loves to hear themselves talk so ask questions. Once a conversation is started, eventually get them to talk about what you do for a living and how that can benefit them. From there, opportunities can open up.
    
   Listen to the full episode: 065: How to Sell and Earn More Like a "Million Dollar Listing New York" Star | Ryan Serhant
   

6. Create and Develop a "Customer Map"

   Nicole Walters quit her six-figure sales job, took what she knew, and built a million-dollar business in one short year. She teaches everyday entrepreneurs to grow their networks and monetize their lives using proven corporate strategies. Nicole suggests entrepreneurs should create and develop a customer map for their business. This allows customers to enter the map at different areas and to move up to higher level offerings and grow with you. Looking at Nicole's business as an example, she brings many new clients under Fierce Clarity, an intro product to help entrepreneurs with business ideas or idea validation. They can move up to $1K1Day, a mid-range product and Nicole's flagship online course developed exclusively for those looking to launch, grow and improve monetization strategies in their business. She runs a million dollar membership group to her students and invites students to high-ticket opportunities. She also offers a certification program. 
   
   Listen to the full episode: 058: From 9 to 5 to Building a Million Dollar Business | Nicole Walters
   

7. Be Willing to Take Risk But Don't Be Risky

   Chandler Bolt is the author of 6 bestselling books including "Book Launch" and his most recent book titled "Published." He's founder & CEO of Self Publishing School, the #1 online resource for writing your first book and the company has achieved more than $10 million in total business since February of 2015! As an entrepreneur, he's made many seemingly crazy decisions from dropping out of college to taking on multiple 6-figures of debt to buy out his business partner. He had a mentor who taught him there's a difference between taking risk and being risky. The smartest, most successful people take risks while the poorest, least successful people are risky. For example, playing the lottery is risky but taking a a calculated risk of buying out his business partner was taking a risk. Think about this difference with every big decision can pay dividends over time.
   
   Listen to the full episode: 050: Passive Income and The Art of Self-Publishing | Chandler Bolt
   

8. Once You Make and Spend Money, Learn to Give

   Claudia Romo Edelman is an advocate for the inclusion equity and representation. Her mission is to use her voice to build bridges and remind us that we are all human. She is a Special Adviser for the We Are All Human Foundation; she is also the Co-Host of 'Global GoalsCast', a podcast distributed by CBS News Digital. Claudia says the Bill & Linda Gates Foundation changed the way people give because they made it acceptable to talk about money and giving. Moreover, the Gates challenged and encouraged Warren Buffet and others to give creating a domino effect of supporting worthy causes. Even if you are not Gates or Buffet, starting a habit of giving can lead to fulfillment and happiness.
   
   Listen to the full episode: 052: Global Advocate and Champion for Change | Claudia Romo Edelman
   

9. Don't Fear Investing, Just Start

   Danielle Town is a New York Times bestselling author and Investing Practice expert who started out desperately afraid of numbers and stock markets, until she took her head out of the sand and discovered that, with a little knowledge and practice, her weaknesses were actually strengths. Starting to invest can be hard but don't fall victim to inertia. Remember the saying, "An object at rest tends to stay at rest?" Kick start your investing by reading business news. Skip the things that seem boring or things you don't understand. Make it a point to notice things around you to see if the products and services that you enjoy are produced by publicly traded companies. By making it personal, you'll quickly start seeing things differently. For example, if you're an iPhone user, start reading about Apple to better understand what is driving earnings and what new product launches are coming.
   
   Listen to the full episode: 044: Learn to Invest Like Warren Buffett | Danielle Town
    

10. Embrace the Process

    Implementing change in your life is never easy. From $60,000 in debt to creator of P90X, the #1 home fitness program of all time, Tony Horton was a late bloomer who achieved financial success and fulfilled his purpose by motivating people to be their best. Tony is a huge proponent of personal development. Whether we desire to be more fit or financially independent, we are affected by genetics, environment, and behavior. Tony enthusiastically says that you can control two out of three of those things which are pretty good odds. Through consistency, purpose, and accountability, you can reach your goals. Resist comparing yourself against others and expect to stumble along the way. Tony is most often talking about physical fitness; but whether it's working out, learning to invest, or improving your personal finances, it's all the same in that it requires you to set goals and to embrace the process.
    
    Listen to the full episode: 057: Healthier Means Wealthier With P90X | Tony Horton

Do any of these tips resonate with you? Commit to one in 2019. Even better, consider writing down a big audacious goal to achieve by year end. Then, set small, achievable goals for each month to keep you focused and moving forward toward your big goal. Strive to be consistent and purposeful. Find partners who can help keep you accountable or post to social media so your online friends can help you stay honest. Good luck and I look forward to hearing your progress. 

Show notes: http://www.inspiredmoney.fm/071

 

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Special thanks to Jim Kimo West for the music.