In episode 124 of the Better Than Success Podcast host Nicole Purvy interviews financial consultant Curtis May.
Curtis May, the principal of Practical Wealth Advisors LLC , He helps families and business owners learn to plan wisely for the future and to achieve financial independence. Much of Curtis’ time is devoted to hosting financial workshops where he lectures on financial literacy, cash flow management, managing home equity, and how to create a Private Family Capital Reserve System that lets families operate their personal economies like banks and financial companies operate theirs. He also teaches small business owners The 7 Steps to More Sales System – how to increase revenue from existing business assets with an effective marketing system. Curtis believes education has become an integral part of his work as a financial consultant.
How I Became My Own Bank?
After growing up in a self-employed family, Curtis explains why he grew up with a self-employed mindset. Curtis’s grandfather had his own business which was followed by his father who always told Curtis ‘You’ll never make good money working for someone else’. Never getting the traditional ‘go to school and get a job talk’, Curtis was able to create a lane for himself being a financial consultant. In this episode, he goes to telling the audience about his natural state of being an introvert and being an advisor for 20 years through and after college. He helped people with all types of finance consulting with retirement plans, 401K plans and many more. After going through 3 crashes in the market, Curtis lost his belief in the equity market and reconstructed his way of thinking in order to help others more efficiently. He then structed a strategy and realized his approach to financials is ‘what rich people do’. Curtis references the book The Richest Man in Babylon that teaches you how to save.
The way to becoming your own bank is in this order:
“There is no stock that will make you rich. Your #1 asset is yourself” - Curtis May
In order to create wealth, you have to have all 3 things (mindset, network and skillset). Most people think they key is finding better investments for a high return, Curtis explains that there is more opportunity to minimize than picking winning investments. In order to become your own bank, you have to understand wealth transfer which are things such as how you pay mortgage, how you fund your taxes, retirement plans and more. Understanding that most people are just giving away money and when you pay extra all you are doing is transferring your money to the bank is important when becoming your own bank.
Make money, save money, and invest your money - keys to creating wealth.
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