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The Holy Trinity of Financial Fitness: Move One - Crafting a Superior Savings Strategy

The Holy Trinity of Financial Fitness: Move One - Crafting a Superior Savings Strategy

May 24, 2024

This morning, I was up at 4 am, ready to take on the day. Just kidding, I was awake, but my mind was racing with questions as I lay in the warm embrace of my bed, contemplating my goals, my business, a conversation I had with my wife, and, of course, the welfare of my kids. Such is the life of an entrepreneur. We go to bed with our minds going 120 miles per hour and wake up in the same state. It was my intention to make the arduous journey (two flights of stairs) to the gym (in my basement) by 5 am. However, by the time I finished gathering my thoughts and conversing with ChatGPT regarding my marketing strategy, it was 6 am.

I was left with just 25 available minutes out of a usual 45-minute routine to weight train, excluding a 15-minute warm-up on the treadmill. After 5 minutes of stretching, I began the holy trinity of exercises. These are three compound movements that enable one to do a total body workout by hitting multiple major muscle groups at one time. This holy alliance of moves consists of stupendous squats, behemoth bench presses, and dynamic deadlifts.

As I wrapped up my cool down and put the oatmeal on the stove before hopping in the shower, I thought about the holy trinity of financial fitness moves. These are three steps that anyone can take today to improve their overall financial wellness. This holy alliance of moves consists of having a superior savings strategy, invincible investment intelligence, and mastery of money as it relates to your expenses and goals. In this three-part series, I will train you to transcend the mediocrity of the financial status quo. Master these three, and you will be well on your way to pursuing financial nirvana.

But what does a superior saving strategy look like? Is it stuffing money in a pair of gym socks and hiding it in a shoebox in the back of your closet? Of course not, that’s like using an ab twister and thinking you're going to walk out of the gym with 6-pack abs. Sure, you're saving, and that’s better than nothing, but it’s not optimal because your buying power is eroding like unworked muscles due to inflation over time.

Your superior savings strategy should build up over time and allow you to flex your money muscles. By flex, I don’t mean blow it frivolously, but it is a flex to be able to repair that old water heater without taking out a loan or replace your flat tire without riding the spare donut like Sea Biscuit. We often think of a savings strategy in terms of building that ever-elusive emergency fund, but it can be so much more. I mean, what’s amazing about saving for an emergency? Who gets excited about that? No one, that’s why it’s so hard to get motivated to move in the right direction.

A superior savings strategy goes beyond the “oh crap I need to get it fixed fund” and extends to the “look Ma, I’m swimming with dolphins in Cancun fund.” I have clients that pay off their cars and then save the amount they were paying towards their car note to purchase their next vehicle in cash in 5 years. Notice I didn’t say they paid off their car and then traded it in for another car payment the next day. Waiting 5 years takes discipline and allows the magic of compound interest to assist with lifting the financial weight. Kind of like a spotter in the gym. Of course, we must save for the unexpected, but even more so we should save for the expected, realizing our desired goals at some point in the future!

I admit, it’s easier said than done, transitioning from doing cardio on the credit card treadmill to flexing your money muscles like Mr. or Mrs. Olympia. But the muscle pump is so worth the effort!

Having a superior savings strategy means you have a plan of action that will enable you to reach your desired goals. It is considering what you’re saving towards like a rainy-day fund, embarking on a new business or retirement, as well as what rate of return is optimal for your desired outcome. It’s knowing how much to save, how long to save, and what types of accounts to save in. Such accounts could be taxable, tax-free, or tax-deferred. Finally, for your savings strategy to truly be superior, it should be automated as much as possible. Meaning, you should pay yourself first without having to think about it. It should trump your Netflix or Amazon Prime subscription because your so worth it!

To wrap up Part One of our series, we've unlocked the foundational move of the Holy Trinity of Financial Fitness, laying the groundwork for your journey to financial empowerment. Now, get ready to dive even deeper into the realms of wealth creation and strategic financial planning.

Part Two: Unleashing Invincible Investment Intelligence

In our next installment, we'll unravel the secrets of crafting an investment strategy that stands the test of time. Discover how to navigate the complexities of the financial market, make informed decisions, and cultivate wealth with confidence. Don't miss out on the keys to building a resilient financial future.

Part Three: Mastering Money – Your Guide to Expenses and Goals

As we conclude our series, we'll equip you with the tools to master money in relation to your expenses and goals. Learn how to align your financial resources with your aspirations, strike a balance between spending and saving, and forge a path towards financial fulfillment.

The journey doesn't end here – it evolves. Subscribe, follow, and stay tuned for the upcoming installments. Each part is a stepping stone towards financial mastery, and together, we'll transform your financial landscape.

Ready to take control of your financial destiny? Contact me today to explore personalized strategies for your financial journey. Your invitation to a financially empowered future awaits.

Contact Info: Samuel Richmond Email:samuel.richmond@nvestfit.com Phone: 770-648-2348

Schedule an Appointment: Click here to schedule a personalized financial consultation

Don't miss the wisdom that awaits you in Parts Two and Three. Your financial transformation is just beginning.