In this episode of "Money Grows On Trees," Lloyd Ross dives into the essential hack for taking control of your finances. The focus is on one crucial habit practiced by the wealthy and financially savvy – doing a regular financial audit. Inspired by personal experiences and philosophical insights, Lloyd emphasizes the importance of knowing where your money is going to achieve financial stability and success.
**Key Takeaways:**
1. **The Importance of Tracking Expenses:**
- Understand where your money is going to make prudent financial decisions.
2. **Lifestyle Creep and Entitlement:**
- Recognize how your spending habits reflect a sense of entitlement.
3. **Conducting a Financial Audit:**
- Download your bank statements and categorize your expenses.
- Perform this audit monthly to stay on top of your financial situation.
4. **Behavioral Economics:**
- Manage smaller emotional purchases to control larger financial decisions.
5. **Long-term Financial Benefits:**
- Create more savings to invest in starting a business, paying off debts, or funding an emergency.
**Actionable Advice:**
- Schedule a monthly financial audit in your calendar.
- Review your bank statement for the last 30 days and categorize your spending.
- Identify subscriptions or services that are non-essential and cut them out.
- Challenge yourself to reduce monthly expenses progressively.
**Listener Engagement:**
- If you found this episode helpful, please leave a 5-star review and share it with your friends.
- Follow the podcast for more no-nonsense financial education.
- Tag Lloyd Ross on Instagram and get a shoutout on his stories.
Who is The Millionaire Money Mentor, Lloyd Ross:
Lloyd James Ross serves as the Founder and Director of Money Buys Happiness LLC, a prominent company specializing in financial education, coaching, and engaging events.
With a remarkable track record of entrepreneurial success spanning various industries, Lloyd has attained the highest echelons in both network marketing and digital marketing.
He is celebrated as a 2-Comma Club Award Winner by Clickfunnels.com and holds the distinguished title of Legacy Club Millionaire with Isagenix LLC.
Moreover, he’s the esteemed host of the critically acclaimed podcast, “Money Grows On Trees,” which boasts over one hundred 5-star reviews, and aims to achieve one million downloads by the end of 2024.
Lloyd is a seasoned international platform speaker, captivating audiences of 7,000+ worldwide with his inspiring keynote presentations. Beyond his professional endeavors,
Lloyd is a devoted husband to his beloved wife, Alisha, and proud father of a charming sausage dog named Elvis.
During his leisure moments, he immerses himself in writing books, globetrotting, and skillfully managing a personal multi-million-dollar share portfolio.
Resources and Links:
- Explore Lloyd’s insightful books: Money Buys Happiness Book
- Connect with Lloyd on Telegram: Lloyd’s Telegram
- Leave a review and get a shoutout on the podcast: Spotify Review
The material in this publication is of the nature of general comment only and does not represent professional advice. The author does not hold an Australian Financial Services License and is not licensed to provide financial advice. As such, this material is not intended to provide specific guidance for particular circumstances. It should not be relied on as the basis for any decision to take action or not take action on any matter it covers. Listeners should obtain professional advice, where appropriate, before making any such decision. To the maximum extent permitted by law, the author and publisher disclaim all responsibility and liability to any person, arising directly or indirectly from any person taking or not taking action based on the information in this publication.
This podcast is produced by Phil Better Inc.
14 mins