Someone once asked me a question about budgeting. They were obviously struggling with how to spend their money.
I’m not a big believer when it comes to budgeting. The truth is that hardly anyone follows the budget to the letter. Of course, there are exceptions.
I also believe that you can remain wealthy while maintaining your luxurious lifestyle if you know how to plug the holes in your financial bucket- places you’re leaking money away unknowingly.
But budgeting is also important for you to see where your money is going, identify wasteful spending, and prioritize your financial goals.
P.S If you need a money app to help you monitor your spending and help you save at the same time, you can download the Qube App.
You don’t want to keep using your social security number or be a personal guarantee all the time for your business. If you’re running a business and have a tax ID, you need to start building your business score.
There are two types of credit:
Many people see debt as a horrible thing. They think of their creditors as having a hold of their peace. We have also been brainwashed by unqualified financial experts that paying interest rates or financing your assets for a long time is bad.
But this is not how the super wealthy think. They see debt as an opportunity to build their wealth.
When you pay cash, you are borrowing money from your future self. You’re 37 today, for example. In 10 years, your 47-year-old self will need that money, but you have already spent it today.
One practical example is financing your car. You take a loan for 96 months to buy your dream car for $100,000 at 7% interest. You’re obligated to pay $540 monthly.
Instead of hurrying to repay the loan, you can put the difference in a well structured cash value life insurance policy that guarantees compounding interest.
By the time you are done financing the car in 8 years, your policy will have earned you more, which can then be borrowed against to invest- a win-win.
This is the money game the super wealthy play
Albert Einstein called compound interest “the seventh wonder of the world.” Yet, most people don’t understand how it works for them.
Remember that mutual funds or stocks are not compounding interests. They are controlled by the market.
However, cash value life insurance guarantees compounding interest.
When you decide to save money, you must consider what I call the 4Cs:
For example, if you have $30,000 in a compounding interest account at 4%, at the end of 5 years, your interest is guaranteed to have increased to $6,630- which totals to $36,630. But if you paid cash outrightly, you’d have nothing compounding.
This is how the wealthy stay on top forever
Most schools train students to get a job, not to become financially independent. But the wealthy don’t rely solely on earned income, they create systems that work for them.
Real wealth is built through control: businesses, assets, investments, and financial strategies like infinite banking.
It’s time to bridge the financial education gap. By understanding these 5 core principles, you can take control of your money, reduce stress, and build a future you’re proud of.
Book a strategy call to discover how you can build the right financial foundation and start creating wealth the smart way.
Generational wealth is not just for the ultra-rich or giant corporations. As a seasoned financial strategist, I, Douglas
As a young boy in Nigeria, my dream was to achieve remarkable wealth. In Nigeria, the concept of
If you’ve been navigating the world of financial growth, you might know me as the ‘cash value king.’
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