How I Mastered My Finances!

Author

Lawrence Briscoe
April 20, 2024

How I Mastered My Finances

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Who is this Newsletter for?

This newsletter shares my personal system for effortlessly managing my finances, everything’s on autopilot, so I can focus on making more money and increasing my net worth. Here’s how you can do the same:

Conscious Spending

Conscious spending is using your money on things that are important to you, instead of just following a strict budget. It lets you choose how to spend based on what you value most.

When I first started I wanted to save as much money as I could because I realized if I got into a car accident my fault or not, the deductible would put my checking account in the RED.

So here was my conscious spending plan:

  1. I only kept 4 streaming services; Netflix, Hulu and HBOMax! Everything else got CANCELLED!

  2. No more UberEats or eating out.

    I bought a big bag of rice, potatoes, fish, and chicken (before I became vegan). I found out everything is cheaper in bulk so I used my mom’s Costco membership until I got a BJ’s membership of my own.

Also, this might sound unorthodox and maybe not as detailed as you may expect but it’s simple.

  1. I gamified my spending by seeing how long I could go without swiping my card.

  2. I use self-checkout a lot for any discount opportunities.

  3. I withdrew cash and that’s all I get to spend every pay period.

I just set my goals very simple:

  • Spend as least as possible

  • Go to an event for less than $50 per week, every event after that should be no more than $25.

  • Stock up on basics like rice, potatoes, chicken, fish, and pasta, and have fun mixing up the flavors and dishes.

Learn a High-Income Skill

Our #1 Problem is we do not make enough money.

I’m against budgeting because it feeds the ‘scarcity mindset’ meaning that you have to sacrifice something to gain something else.

I can’t tell you how many times, I had to hold off on going out with friends or skipping trips to the mall so I could save money to buy something I really wanted. Granted that does teach discipline but we live in an abundant world and I truly believe you can have more without sacrificing.

Budgeting is a prescription, a prescription is medicine for a temporary fix. Making more money is the healer, making yourself more valuable will be the permanent solution to all of your financial problems.

Read my “Unlock Your Hidden Value” Newsletter to tap into your hidden value, and how to bring it out and monetize it!

The more money you make, the easier life CAN be. But take it from someone who has been broke and in debt to now grazing financial freedom.

Having more money requires 100x more discipline!

It’s easier to lose the money than to make it.

I say this so you can understand that how responsible you are now will determine how long your wealth and success will last once you reach the top of the Wealth Pyramid.

Side note: if you don’t know where you are in the Wealth Pyramid download my FREE PDF “6 Stages of Wealth Building” Here:

6 Stages of Wealth Building

I won’t go into too much detail regarding the Wealth Building Pyramid but to sum it up,

Here's a streamlined version of your guide to becoming financially independent. Before diving in, if it’s not too much to ask,
please screenshot this, save it for later, and share this newsletter with five friends!

  1. Choose a High-Paying Job, Low Debt: Pick a career that pays well without needing a lot of school debt.

    • If this is you, move to #5.

    • If this is you but you hate your job move to #2.

  2. Turn Passion into Profit: If you love your job but want more money, start a business doing the same thing you do now. Learn more in my newsletter, "Unlock Your Hidden Value. You can read it HERE:
    Unlock Your Hidden Value Newsletter

  3. Check Your Earning Limit: See if your job's pay has peaked.

    • If this is you move to #4.

  4. Start a Side Hustle: Use your skills from your 9-5 to make extra money on the side.

    • If this is you move to #6.

  5. Invest for Regular Income: Invest your money into things like real estate or stocks that pay you back regularly.

  6. Go Full-Time with Your Business: If your side business is doing well, make it your main focus.

    • If this is you execute #5

Building an Emergency Fund

Establishing an emergency fund is your #1 priority, it’s your first line of defense for any unfortunate events.

Of course, everyone says your emergency fund should equal at least 3 months of your monthly cost of living expenses.

But this is how I see it, there are 3 types of emergency funds:

  1. Partial Emergency Fund: Aim for 3-6 months of your living expenses.

    • This fund helps you manage sudden bills and keeps you afloat if you suddenly need to find a new job.

  2. Full Emergency Fund: Save 11-12 months of your living expenses.

    • I chose 11-12 months because that's typically how long a recession can last in the U.S., giving you a longer cushion.

  3. Freedom Fund: 500 months or 41 years of your living expenses saved.

    • This fund is about peace of mind for the long haul. Imagine not working for up to 41 years while covering your current monthly bills.

Investing for Retirement

No one has ever saved their way to financial independence, you have to own equity.

Equity means owning an asset like real estate or a company. For example, purchasing a rental property or buying stocks.

When you buy stocks, you give money to a company so it can grow. If the company does well, your stocks become more valuable because you own a piece of the company and that increases your net worth.

Many people don’t know anything about stocks or they get a misconception about them, if you’re curious, read my newsletter “The Truth About Stocks” Here:
The Truth About Stocks Newsletter

Investing doesn’t have to be hard, it’s best to keep it simple by creating a stock portfolio that works for you.

I provide this portfolio creation as a service,
Here is what I give my clients:

  1. A questionnaire where they can find out what type of investor they are.

  2. A retirement calculator to quantify your retirement goals!

  3. Create a simple stock portfolio that’s tailored to them to reach their goals.

  4. Provide the tools needed to automate 90% of the process.

If you’re interested schedule a FREE Zoom call with me with the link below:

Quick Recap

Here’s a quick overview of How I Mastered My Finances, feel free to steal it:

  • Conscious Spending

    "Conscious Spending is using your money on things that are important to you, instead of just following a strict budget."

  • Learn a High-Income Skill

    "Our #1 Problem is we do not make enough money. Making more money is the healer and creates an abundance mindset."

  • Build an Emergency Fund

    "Establishing an emergency fund is your #1 priority, it’s your first line of defense for any unfortunate events."

  • Investing for Retirement

    "No one has ever saved their way to financial independence, you have to own equity."

ALSO, I created a Wealth Building Program that will put you in control of your finances, know where your money's going, how to invest your money, measure your time for retirement, and reach your goals. At a fraction of the cost of a financial advisor!

Let's start planting seeds today so they can turn into something truly amazing down the road.

- Lawrence The Investor

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