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
Spend on Purpose
Save Before You Spend
Increase Your Financial Margin
Invest Wisely
Overview
1. Spend on Purpose
spend on purpose...so that you always know where you are financially.
Live on a written plan
Track your expenses
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.
One month of Living Expenses in Stability Fund (bare minimum)
Continue savings (any increment of $50 based on income)
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.
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
Tax-favored retirement accounts
Real-Estate
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