Join host Chad Sutton as he speaks with Curtis Mayon. Curtis May is the creator and owner of Practical Wealth Advisors (PWA) and host of The Practical Wealth Show Podcast. The primary focus of his financial planning firm is to help individuals and families become financially free by following the principles of wealth creation that have endured for centuries around the world.

This episode covers the five principles of accumulating security, wealth, and growing that wealth: saving 15-20% of one's gross income, maximum protection through insurance, full replacement of assets at death, liquidity by having 6-12 months' worth of income in cash, and velocity which is looking for cash-flowing assets rather than chasing capital gains. Through this discussion, listeners will learn about the different schools of thought when it comes to financial advice and investment strategies, such as accumulation theory and the velocity method. Curtis will also provide key takeaways such as becoming an active passive investor by creating a wealth capture account and paying yourself first from your source of earned income.

Tune into this episode to gain insight into principles based planning and learn how to generate higher returns for your real estate investments!

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[00:00 - 07:06] Maximize Wealth and Amplify Life with Principles-Based Planning

• Chad Sutton is joined by Curtis Mayon of Practical Wealth Solutions to discuss alternative business and investment strategies

• The goal of principles based planning is to teach people principles that help them become and remain financially free

• Financial freedom is the ability to have passive income greater than expenses

[07:07 - 13:55] 5 Principles to Accumulate Security and Wealth

• Save 15-20% of your gross income

• Maximum protection: insurance, asset protection, life insurance, disability insurance

• Full replacement of assets at death

• Liquidity: 6 to 12 months of your income in cash equivalent

• Velocity of money: emphasis on cash flow and becoming financially free

[13:55 - 20:57] Invest in Knowing

• Dan Sullivan's book "A Self-Managing Company" focuses on doubling income and time off

• Quatro talks about the five freedoms: financial, time, geographical, relationship, and purpose

• Accumulation theory is typical financial advice, but velocity method is safer

• Three rules of investing: invest in what you know, invest in knowing or invest in good partners/operators

[20:57 - 27:38] Pay Yourself First

• Invest in what you can influence the outcome of or have good operators to control who you give money to

• Don't chase returns; instead, get a check back every month as your risk goes down

• Build foundations such as insurance, liability protection, savings, and liquidity

• Start with getting your house right by looking at your insurance situation, initial savings, and liquidity

• Create a wealth capture account and save 15% of gross income

• Pay yourself first and live on the 80%; 20% is for an emergency fund

[27:38 - 34:26] Savings, Good Operators and Alternative Investments

• Savings should be intentional and automatic

• Get your savings right, get insured from loss, and collateralize

• Create excess liquidity to create velocity

• Curtis' superpower is simplifying complex information

• Biggest failure was not knowing due diligence for alternative investments

[34:26 - 37:22] 5 Principles of Wealth

• The two most important words in investing are "due diligence"

• Risk tolerance should be zero when investing

• Five principles of wealth include getting your house on four solid pillars and velocity

Quotes:

"All successful people operate with principles." - Curtis May

"You have to literally pay yourself first. Put yourself at the head of the line." - Curtis May

Connect with Curtis through LinkedIn, Facebook,

or visit https://www.podpage.com/the-practical-wealth-show/ or https://curtmay.clickfunnels.com/presell-page22061466

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Real Estate Runway Podcast is all about alternative business and investment strategies to help you amplify life, and maximize wealth! Click here to find out more about the host, Chad Sutton.

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