Hey, friends Kris Krohn here with Limitless Wealth TV and today I've got a
question for Steven Michael Miller. Steven would you mind sharing with us
today the best financial advice you ever got? I will absolutely do that
stick around.
Alright friends, Steven Michael Miller here and this is a question that I
honestly wish for this video. I'm able to do this later on down the road but I
almost wish we had like a panel of different people giving an answer
to this one. Because this question is "what is the best money advice you've ever
received?" I'm going to answer this question from my perspective. But the
best money advice that I've ever received,
I've received a lot of financial advice. A lot of money advice from a lot of
different people. A lot of people that are extremely wealthy, a lot of people
that I look up to, some of my mentors, as well as honestly some people that I've
mentored also. And one of the biggest things for me was it's very simple and
it's something that most people still don't do. And if if you'll take this
advice, if you'll take this information and implement it today, I don't care what
that looks like. But if you'll implement this today and continue to implement
this every single day of your life, it will set you up for a different and
better financial future. And this advice is very simple. It's just - "spend less
than you earn." I know that that's you know super simple sounding and maybe for
some of you who are really struggling financially, may look at that
advice and say, "oh easy for you to say or oh that you know yeah, you know once I'm
I'm making X amount of dollars then I'll do that. Right now, I'm just paycheck
to paycheck or right now I'm behind or even earning less than paycheck to
paycheck." You know and I get it. But that is one of those things. This is one of
those pieces of advice that if you will use and implement right now, it puts your
mind into a little bit of a different space. Deciding, committing to spend less
than you earn and take the excess to save for investment purposes and to
invest that money wisely. It does something to you even taking a small
percentage and before you go to pay your bills, taking that small percentage away
and putting it aside for yourself. Like putting that aside for for investment
purposes. It will set the stage for completely new
possibilities. It'll actually put your mind into a different frame where even
even if you have less than you think you need for the month, if
you still take that money away and set aside and commit to yourself that you
won't touch it. You will then go into a different mode of earning, of receiving
opportunities, of attracting opportunities into your life because
you're putting money aside for investment purposes. And it
tricks your brain in a way that gets you moving and acting differently. So
although it could seem counterintuitive to the person that is paycheck to
paycheck, just trust me. I've been paycheck to paycheck. I completely get it.
I understand paycheck to paycheck very, very well. I grew up in a very poor
household and I experienced it in my marriage as well. You know, we've
struggled financially at different times and so I understand that. But when
you commit to putting that money aside specifically for
investing, when you commit to to saving even when it feels like it's so super
tight. You'll start to find other areas where maybe you're spending differently.
One of the things that is just a true principle for me is instead of ever
looking at your expenditures in a given month as spending, is to look at those
things as investments. All of them. I've talked about this a little bit in a
previous video. But man this to me is such a powerful principle that it's
worth repeating over and over and over again. If you were to right now make a
list of every single expenditure that you have, okay? As a matter of fact in
accounting, you know you've got your your balance sheet, right? You've
got your income and you got your expenses. And typically you
line all those things out. Right? All of your income and
all of your expenses. If you'll take that balance sheet and instead of calling it
income and expenses, you call it income and investments. And from here on out, if
you'll do that, this will actually help you to save more. Because it'll help you
to take those areas. Those expenses or those investments that aren't working
for you. Aren't giving you a your investment. Instead of continuing to
dump money into those things, you'll want to get rid of those that
are not creating return for you, right? If you're acting as a wise steward of your
money, if you are investing wisely, if you are investor, right now begin to tell
yourself that you are an investor then you will begin to spend or invest less
than those things that don't give you return and more than those things that
do, right? So if you've got your electric bill, your cell phone bill, your
mortgage. I mean you just list out all your different expenses. Your food,
your everything. If it's no longer an expense but it's now considered an
investment, how would you do differently? Think about food for a moment. How would
you buy your food differently or would you buy different food if it was no
longer an expense but now it's an investment? If you're investing in food
for yourself, are you going to find yourself going through the nearest fast food
chain to pick up lunch or are you to find yourself picking up healthier food?
By the way, if you're eating healthier is that going to work out for you in the long
run? It's not going to save you money on medical expenses in the future? Is that
going to help you feel healthier and happier, more confident that you are?
and help you step out even more as an entrepreneur, as an investor to do more
things right? To get more confidence in who you are. Absolutely. And if you
look at every expense that way, then all of a sudden you'll start to find that
certain expenses will fall off of that balance sheet and you'll have more and
more money to invest in things that are bringing you a proper return. So honestly,
for me, so the best advice that I've ever had, money advice I guess that the
best financial advice, was to spend less than I make and take that excess and
invest it properly Well, hopefully that advice is something that you can go
ahead and implement today. It was super useful for me. Still is useful for
me. But we'd love to know more questions that you have. Please go ahead and
comment below if you'd like to learn more about how we can help you learn
more financially and actually increase your financial aptitude. Come and join us
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