A summary of things you should know about Build Your Money Muscles according to Joan Sotkin: Introduction In this episode Joan Sotkin takes a deep dive into her book, BuildRead More
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]]>In this episode Joan Sotkin takes a deep dive into her book, Build Your Money Muscles, where she shares 9 simple exercises for improving your relationship with money.
In her book Sotkin provides a common sense, step-by-step guide that will create an achievable pathway to financial security and prosperity through personal growth rather than quick fixes. The goal of the book is to help you build a secure financial base, understand why you are struggling with money, manage money more healthfully, and climb out of any financial slump.
This book is perfect for entrepreneurs who have a hard time managing personal finances and want a natural approach to becoming financially happy with their money.
There is nothing quite like it because of the depth that I go in to about emotions and money. It’s very practically and really helps you get in touch with yourself and not just your money.
It’s good to read straight through and then go back as you feel needed.
I like the idea that your emotions are behind your behaviors and to understand that there are no good or bad emotions. They are just emotions and habits and whatever those habits are they can change.
If you read the book and do the exercises I can promise you that your ideas about money and yourself are going to change and improve because your money is really an extension of who you are. If you want to change your money there is an awful lot that has to change internally.
The book is structures in to two parts. The first is preparation for financial change and the second part is working towards a new financial identity. You can’t just dive in and expect to change your life very quickly and dramatically and not have resistance.
Exercise one is conditioning yourself for change and the idea is to be able to recognize the discomfort that comes with change so you don’t give up and walk backwards. Then there is developing financial awareness which is about overcoming financial vagueness syndrome. The idea is to become more financially aware and not to be afraid at looking at your numbers. Exercise three is identifying financial patterns and underlying emotional themes. There is a chart in that exercise which outlines what I call the five main feelings that people act out through their money. These five feelings are anger, shame, deprivation, aloneness, and a since of being trapped. So the chart shows you what you are probably feeling underneath the behaviors because the theory in the book is that you create your life stories with emotions as the creative force. So by understanding your emotions you can understand your behaviors and you don’t have to have a good emotional vocabulary in order to do what I talk about in the book. The fourth exercise is setting attainable goals. A lot of people will set goals that are so far beyond what the position they are in now and it paralyzes them and they wind up doing nothing.
In the second part, which is the healing part, exercise five is replacing unproductive financial thoughts. This helps you look at the voices you hear in your head and what you believe about money. Exercise six is adopting functional financial beliefs. There is a great chart in this chapter where it shows the beliefs that are holding you back and ones that are going to work instead. Exercise seven is cultivating healthy money feelings. Once you learn to recognize these feelings that are behind your money you need to learn what to do to change the programing in your brain. Exercise eight is establishing responsible behaviors and includes how you have to adapt to these behaviors. The final exercise is improving your relationship with yourself and others which is about connecting and learning to trust yourself.
NOTE: That was just a summary. To get the full deep dive, play the audio clip at 03:56
“Money represents the energy of relationship and the way individuals handle money reflects how they deal with their relationships with themselves and others.” – Joan Sotkin
I started out in life on the lower end, I had two very successful brothers and I could barely make it. I was sick emotionally, financially, and it’s been a journey. I love to share what I’ve learned along the way and I’ve been on the internet since 1995 doing just that.
I really like sharing what I learned and I saw that a lot of financial books were either heavy on the mindset piece or they were very hardcore how to count your money and handle cash flow books. I wanted something that combined both because that’s what I saw had to be done.
Be Here Now by Ram Dass
The Power of Now by Eckhart Tolle
Buy Build Your Money Muscles by Joan Sotkin on Amazon today
Visit ProsperityPlace.com to learn more about Joan and her podcast
Follow Joan Sotkin on Facebook and Twitter
Download the full transcript here (coming soon)
Listen on iTunes, Stitcher , and SoundCloud
Related books:
The Financially Savvy Entrepreneur by Emily Chase Smith
Live Richer Challenge by Tiffany Aliche
From Worry to Wealthy by Chellie Campbell
Relevant advice and tips:
5 Personal Wealth Management Tips For Financial Stability
What did you like and not like about this episode? Fill out this one minute survey here.
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]]>A summary of things you should know about The 3% Signal according to Jason Kelly: Introduction In this episode Jason Kelly shares all the insights on his book, The 3%Read More
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]]>In this episode Jason Kelly shares all the insights on his book, The 3% Signal, where he reveals a revolutionary investing strategy that will change your life.
In his book Kelly takes the stress out of investing by providing a simple formula that can be added to any type of financial account in order to help novice investors level the playing field. The goal of the book is to help you ensure a secure retirement plan, react intelligently to price changes, learn how to buy low and sell high, and understand the basic language that is utilized in the investing industry.
This book is perfect for entrepreneurs that are interested in increasing their personal wealth and are looking for a simple beginners guide into the world of financial investments.
It’s not a book that is trying to show you how to be smarter than everybody else. This system is based on history, based on a simple timeframe and it’s something somebody can manage with just 15 minutes of effort per quarter using only prices alone.
Reading the book front to back is the best way to go.
It’s that prices are all that matter. Ideas count for nothing and opinions are distractions. The only thing that matters is the price of an investment whether it’s below a level indicating a good time to buy or above a level indicating a good time to sell. We can know that level and this is a system that tells us.
The first chapter is called Why Markets Baffle Us and this is where I introduce a concept that comes throughout the book called Zero Validity Environment. This chapter looks at why it’s so hard for us to get financial markets right.
At the end of each chapter in the book I include an executive summary to review the key parts of the chapter the reader should obtain.
The next chapter is called Harnessing Fluctuation. Flat lines are not conducive to profit, we need rises and we need falls, and we need to use them intelligently. If we can’t predict them what can we do instead? All we want from a growth fund in our account is 3% per quarter and that’s what this chapter lays out.
Chapter three is titled Setting A Performance Goal and this shows the background on why I go with 3%. The reason it turns out to be a sweet spot is that annually it turns into 12.6% per year which is 26% more than the stock markets average 10% per year over the last 90 years or so.
Chapter four is titled What Investments to Use and this is where you find out why small companies are best for the growth side. This chapter also looks at why bonds are best to use for safety.
Chapter five is Managing Money in the Plan and this goes over some brass tacks of how to handle regular contributions to your funds.
Chapter six is called The Plan in Action and this looks at more brass tacks things such as what time of account you have, what types of funds are in there, and how to find the right ones.
The last chapter is called The Life of the Plan and this is where it all comes together in a look at three investors. These three investors are fictional people working at a fictional company but it’s a real life scenario that takes all three of them with identical incomes and 401k plans through a 50 quarter time period (12 and ½ years).
NOTE: That was just a summary. To get the full deep dive, play the audio clip at 09:23
“The stock market is humanities money mind writ large. For many there is no greater distraction from life than the new cycle connected to financial markets. The more enlightened way to navigate the market is by letting it all go, reducing the chaos to a concise list of prices, visiting that list just four times a year, letting an unemotional formula tell you what the prices mean you should do, and then doing it. This higher state of investing not only performs better; it costs less and uses less of your limited time on earth.” – Jason Kelly
I started out writing for IBM at the Silicon Valley laboratory in San Jose California right out of college. I learned there to write about complex topics and I had a great editor there who really focused on surprising readers. Four years after working there I finally had enough income after writing books on my own about the stock market to leave IBM and become a fulltime freelance writer. So for the past two decades I have been writing about the stock market. I moved to Japan 13 years ago after being here on a book tour and falling in love with the place.
The inspiration was noticing friends and family that had been struggling with the stock market for years. Over the years for writing for people and helping them with their investments I came to realize that almost everything in the stock market is geared against the individual investor. This is hard for professional investors to get right much less the part-time investor. I wanted to give people a system that does work that doesn’t require any input from the media, beats the market in almost all pros over time, and is simple enough that anybody can do it. It’s the product of two decades of research and is the best practice I’ve been able to come up with.
The Interpretation of Dreams by Sigmund Freud
Buy The 3% Signal by Jason Kelly on Amazon today
Visit JasonKelly.com to learn more about Jason and his book
Follow Jason Kelly on Facebook and Twitter
Download the full transcript here (coming soon)
Listen on iTunes, Stitcher , and SoundCloud
Related books:
Buy, Hold, and Sell! by Ken Moraif
The Millionaire Fastlane by MJ DeMarco
Get What’s Yours by Larry Kotlikoff
Relevant advice and tips:
5 Personal Wealth Management Tips For Financial Stability
What did you like and not like about this episode? Fill out this one minute survey here.
The post A Preview of The 3% Signal with Jason Kelly appeared first on The Entrepreneurs Library.
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