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Cash FLOW is King: Building Your Financial Castle with Smart Money Management
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Treść dostarczona przez Kevin Wenke, CFP, Kevin Wenke, and CFP. Cała zawartość podcastów, w tym odcinki, grafika i opisy podcastów, jest przesyłana i udostępniana bezpośrednio przez Kevin Wenke, CFP, Kevin Wenke, and CFP lub jego partnera na platformie podcastów. Jeśli uważasz, że ktoś wykorzystuje Twoje dzieło chronione prawem autorskim bez Twojej zgody, możesz postępować zgodnie z procedurą opisaną tutaj https://pl.player.fm/legal.
Welcome to our latest podcast episode of "Beyond the Financial Matrix", where we dive into the reality of cash flow concerning personal finances!
We start by discussing the three types of financial statements – the statement of cash flows, the balance sheet and the income statement. The cash flow statement shows where money is coming into and going out of a household, the balance sheet provides a snapshot of what you own (assets), what you owe (liabilities), and what is yours at a specific time, while the income statement shows how much money you made and where over a period. By understanding these three financial documents, we can better grasp the concept of cash flow and how it impacts our financial lives.
As we progress through the episode, we delve into the idea of creating a cash reserve by going into debt, as illustrated by the stories of Ford Motor Company and the residents of New Orleans before Hurricane Katrina. These examples show how separating equity from assets and putting it into cash can expand a balance sheet, creating two assets - the original asset and cash.
Next, we touch upon Robert Kiyosaki's "Cash Flow Quadrant," an incredible concept that simplifies the process of generating wealth. We briefly review the quadrant and its importance, but more importantly, we discuss how Kiyosaki's teachings can lead some followers to take on more risk in pursuit of higher incomes. In this episode, we expand on this idea and explain how cash flow management can help mitigate those risks.
Connecting cash flow to the financial castle analogy, we describe the workers who build and maintain the castle as a representation of cash flow itself. By having a healthy cash flow, you can ensure your financial castle remains strong and secure.
Finally, we wrap up the episode with a discussion on the importance of having a strong cash reserve to weather any financial storm. Whether it's an unexpected expense or a downturn in the economy, having a solid cash flow can help you navigate through these difficult times and come out on top.
Join us in this informative episode as we challenge the status quo way of thinking about cash flow and discover how it can empower you to take control of your financial future. Tune in now to learn more!
https://www.kevinwenke.com/financial-freedom-process
https://decisiontree.financial/
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