GMR 144: The Plan for Purposeful Living

Trying to reach your financial goals and fulfill your life purpose won’t happen without a solid plan. In this episode of GMR, we review our 4 Principles of Purposeful Living so you can have a roadmap to financial success and begin pursuing your life’s purpose.

Show Notes

4 Principles of Purposeful Living

  1. Spend on Purpose

  2. Save Before You Spend

  3. Increase Your Financial Margin

  4. Invest Wisely

Overview

1. Spend on Purpose

spend on purpose...so that you always know where you are financially.

  1. Live on a written plan

  2. Track your expenses

  3. Net worth statement

Recommended episodes for deeper learning:

  • GMR 85 – The Financial Superpower: Tracking Expenses

  • GMR 86 – The Financial Superpower: The One Step to Better Finances

  • GMR 125 – Which App is the Best – YNAB, EveryDollar, or Mint?

2. Save Before You Spend

Save before you spend...so you experience stability today and in the future.

  1. One month of Living Expenses in Stability Fund (bare minimum)

  2. Continue savings (any increment of $50 based on income)

  3. 3-6 Month Stability Fund

    • Levels of Saving

      • Short-Term (stability)

      • Mid-Term (replacement)

      • Long-Term (education/retirement)

Recommended episodes for deeper learning:

  • GMR 49 – Lifestyle Choices That Will Make You Wealthy

  • GMR 136 – Things You Can Do to Save More

3. Increase Your Financial Margin

Increase your financial margin...to pursue your true life’s purpose.

  1. Spend Less

    • Debt elimination (snowball)

    • Pursue a LIfe-long consumer debt-free lifestyle

2. Make More

  • Increase skill and focus on improving existing career

  • Start a side business - work full-time on your job, work part-time on your passion

Recommended episodes for deeper learning:

  • GMR 98 – Identifying the Root Cause of Financial Problems

  • GMR 99 – Dealing with the Root Cause of Financial Problems

  • GMR 101 – RAMP System for Life-Long Success: Chris Missimo Interview Part 1

  • GMR 102 – RAMP System for Life-Long Success: Chris Missimo Interview Part 2

4. Invest Wisely

Invest wisely...to increase your impact.

Strategy

  1. Tax-favored retirement accounts

  2. Real-Estate

  3. Invest in a business

Recommended episodes for deeper learning:

  • GMR 11 – Investing: Stocks, Bonds, Mutual Funds, IRAs, Roths, and 401(k)s

  • GMR 12 – Investing: Index Funds and Brokerages Part 1

  • GMR 13 – Investing: Index Funds and Brokerages Part 2

  • GMR 14 – Investing: Real Estate

  • GMR 92 – Investing Series: Four Places to Invest

  • GMR 93 – Investing Series: Risk Tolerance, News Media Advice, Basic Principles

  • GMR 94 – Investing Series: Re-Defining Financial Freedom

  • GMR 95 – Investing Series: Investing In Yourself, Talents, Passion, Calling

  • GMR 96 – Investing Series: Rules and Terms of Investing Part 1

  • GMR 97 – Investing Series: Rules and Terms of Investing Part 2

Resources


Debt tools and other free resources - https://leosabo.com/resources
David’s website - www.stewardshippastors.com