Take control of your personal finances with Robert Gignac.
Monday, March, 21st, 2016 at 6:00 am by Mike J. Agugliaro
In this week’s episode of The CEO Warrior Podcast, Mike Agugliaro interviews Robert Gignac, who combines knowledge, passion, and visuals to encourage people take control of their personal finances and have a richly imagined future. Robert takes the intimidation out of financial planning and illustrates the importance of perspective and horizon. During this episode, Mike and Robert discuss money as a measuring stick for success and happiness, the family influence on money mindset, generational entitlement, poverty versus abundance mentality, and decision-making criteria.
Main Questions Asked:
- What is money, and what should people be thinking about it?
- What do you say to someone who thinks money equals happiness?
- What do you tell people when they say, “It takes money to make money.”?
- What do you think about the entitlement generation?
- How can someone evaluate their personal money situation, and what should they do to improve it?
- Is access to money built to sabotage people?
- What trends are you seeing?
- What is the difference between a money mindset and a wealth mindset?
Key Lessons Learned:
- Money affects how we feel about ourselves and other people.
- It is about your state of mind.
- Does the money own you, or do you own the money?
- The goal isn’t to ‘make the payments,’ but rather to have no payments to make.
- Money is a great slave but a lousy master. It can do a lot of things for you as a tool.
- The family we grow up in has a massive impact in how we relate and think about money.
- A poverty mindset is in terms on wondering if there is a magic formula some people have to making money and others don’t.
Money as a Measuring Stick for Success
- Money is used as a measuring stick, but it doesn’t show us a whole lot, and what we see is incredibly defective.
- There are people who want to be seen to carry a certain lifestyle, and they think that driving certain cars and wearing certain clothes raises their personal standard. For the vast majority, these things are utilitarian.
Does Money Make You Happy?
- Money makes you happy up to a certain point, which, according to studies, is $76K US.
- $76K US is the point where you get the vast majority of your wants satisfied.
- People who view items in a utilitarian way are much happier with the purchases they make.
It Takes Money to Make Money
- It is the desire within the person in creating something that determines whether they will be successful.
- You have to do what you can, where you are, with what you’ve got.
- There needs to be a want and desire to win.
- Some entitlement notions come from the education system and the “everyone gets a trophy” mentality.
- Recent generations grow up thinking they will get rewarded for just showing up.
Think ‘Why?’ not ‘How?’
- Most people, when it comes to personal finances, are thinking about ‘how.’
- If you can determine the ‘why’ first, then the ‘how’ becomes a whole lot easier.
- People say they want more money, but you can’t do math with the concept of ‘more.’ You have to figure out how much you want and why.
- Joe Polish says it’s not the plane ride people want, it’s the destination.
- If you create it without understanding the ‘why,’ our relationship becomes ‘messed up.’
Decision Making Criteria
- Before you make a decision, you have to understand the criteria and have a set of filters to run it through to ensure you are making a good decision versus a spontaneous decision.
- Make sure you have decision-making criteria with your money so you have questions to ask yourself.
Experiences vs. Stuff
- There is a subtle shift to ‘experiences’ in place of ‘stuff.’
- Experiences are forever, and physical things are often temporary.
- If you have a money mindset, you are focused on the day-to-day paying bills – generating income, making sure the books balance, ensuring you don’t run out of money before the end of the money.
- Ensure you have more money than you are spending, and try to grow some of it for the ‘rainy day.’
- Wealth sees a shift to legacy and helping people.
- With wealth comes a comfort level where you don’t feel like you are living month-to-month.
- Our lives become better in this mindset due to the stress it takes off us on a daily basis.
Robert’s Final Thought
- What simple changes can you make within your own life today that will make the lives of those coming behind you better 50 years from now?
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P.S. – If you were waiting for the perfect time to seize this opportunity, the time is now. Read the Home ServiceMAX Magazine for FREE, today!
P.S.S. – Stephen believes Mike really knows what he’s talking about when it comes to growing a business.