(#22) Money: Mastering Cashflow And Budgeting (Guest: James Blair & Michael Vincent - Lighthouse Financial)

In this episode, Iyia, Mike, and James from Lighthouse Financial
discuss five ways to build wealth. They start by emphasising the
importance of cashflow and budgeting, highlighting the need to
set goals and work backwards to create a budget. They also
discuss the significance of accountability and controlling your
environment to achieve financial success.











Keywords


money, wealth, cashflow, budgeting, goals, income, property,
leverage, capital gains, property investment, shares, starting
small, property ladder, adding value, new builds, commercial
property, interest-only, principal repayment, timing,
diversification, setting goals, financial plan











Takeaways


Set clear financial goals and work backwards to create a
budget that aligns with those goals.



Accountability and controlling your environment are key to
successful budgeting.



Have open conversations with your employer to explore
opportunities for increasing your income.



Pay your taxes and have a good accountant to ensure
compliance and financial stability.



Investing in property can be a powerful way to build wealth,
leveraging the bank's money and benefiting from potential capital
gains. Start small and get on the property ladder to begin
building wealth



Consider different strategies for property investment, such
as adding value or investing in new builds



Be cautious when investing in commercial property due to the
risks involved



Evaluate the pros and cons of interest-only vs. principal
repayment for investment properties



Timing the property market is difficult, but current
conditions may present opportunities



Shares offer diversification and can be a fun way to engage
with finances, but should not replace paying down debt



Set clear goals and create a financial plan to guide your
investment decisions






https://www.makeithappen.org.nz


https://lighthousefinancial.co.nz/








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