Six Principles of Wealth
NEW YORK, NY, November 14, 2019 /24-7PressRelease/ — Money Answers Show host, Jordan Goodman, invited Adam “Sos” Sosnick—national speaker and expert money coach for young Americans—to tell his unique story from rags to riches and why he’s on a mission to teach millenials the value of saving money for investments.
The Money Answers Show episode, “Save That Money! Investing in Appreciating Assets & Yourself”, breaks down key lessons of the 2008 recession and how young Americans can leverage them to invest big in assets and themselves.
Sos begins by explaining his journey in 2006 as a cold caller to witnessing the 2008 recession firsthand as a finance worker to hosting his own show as a financial authority at sostalksmoney.com.
He transcribed the lessons learned into six finance principles he calls the Sos Six Principles of Wealth. They were born out of his interviews with the financial advisers he was working with as he noticed six universal themes that kept recurring. “Every financial adviser basically said,” Sos explains, “that it all starts with a game plan, and whether you’re making $50k a year or $500k a year, you need to have a game and a budget as a game plan for your money.”
Principle one is budgeting. The most important expenses are housing, transportation, and food and bev. “Once you can manage those three on a monthly basis…you’re 75% of the way done with your budget.” He draws an analogy of Tom Brady, saying he’s not the biggest and the fastest quarterback in the league but he has a game plan and executes on that plan. Once you start budgeting, your money gets better from there. “If it’s good enough for Tom Brady, it’s good enough for me and you,” he says.
Principle two is developing strategies to tackle debt. Start with writing down all your debt and interest rates so you can own up to your debt with awareness and implement a way out. There’s no best way to attack debt, Sos says. The important thing is that you’re tackling it in the first place and understand your options. Younger generations thinking about taking on student debt, for example, don’t have to go straight to college, or attend at all. They can alternatively upskill at a technical school or go straight to work to gather experience. “There’s no rule that says you have to take on 50 grand of student debt. It’s BS.”
Principle three is saving and represents the slogan of Sos’s show: #savethatmoney. “The most important thing is the saver’s mentality and understanding the benefit of saving versus spending.” Once the saver’s mentality is adopted, the financial doors start to open up to investment opportunities.
Principle four is investing in appreciating assets, the most confusing step for most millenials. Investing should be simple and simplified. Start with the basics. For most Americans, that means starting a 401k or Roth IRA, if you don’t work for a major company. “Just getting started with the basics is so important…when it comes to investing.”
We budgeted, tackled debt, started saving and investing. What’s next? Number five in the Sos Six is insuring and protecting your blindside. Sos underlines the importance of having health insurance, especially if you have kids. “You need term, term, term, and when you think about it again, you need term again,” regarding the type of life insurance people should seek. He recommends Health IQ and Policygenius as sites that can help.
Step six is chillin’. “Chillin is when you own your time,” Sos says, “…what I call the ‘new retirement’.” Sos says reaching this stage depends on a combination of factors that implement the Six Principles by learning them and sitting down with a money coach to gather a deeper understanding of finances.
By gathering Sos’s Six Principles of Wealth and putting them into practice, millenials can gain the mindset that leads to financial freedom. Retirement just might then be not only an option but the time of their lives.
For more information on how to save money and make wise investments, listen to Money Answers Show episode, “Smashing Your Savings Goals Bit By Bit” and other great podcasts from the Money Answers Show.
You can listen to The Money Answers Show with Jordan Goodman live every Monday at 12pm PST, 3pm EST, or by downloading the podcast on iTunes, Stitcher, or wherever you get your podcasts. You can also catch Goodman on Money Answers TV. If you’re looking for additional information on finance, you can read Goodman’s books on everything from repaying your student loans to real estate.
Jordan E. Goodman is “America’s Money Answers Man” and a nationally-recognized expert on personal finance. He is a regular guest on numerous radio and television call-in shows across the country, answering questions on personal financial topics. He appears frequently on The View, Fox News Network, Fox Business Network, CNN, CNBC, and the CBS Evening News. He is the author/co-author of 13 best-selling books on personal finance including “Master Your Debt Fast Profits in Hard Times,” “Everyone’s Money Book,” “Master Your Money Type,” “Barron’s Dictionary of Finance and Investment Terms and Barron’s Finance and Investment Handbook.” Jordan is also a speaker and seminar leader on personal finance topics for business executives, students, associations, investment clubs, employees and others. For more information, please visit https://www.moneyanswers.com.
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