How to Master Your Money in 9 Steps

Introduction: A Simple System for Wealth Building (0:00)

Brian: Building wealth can be so simple when you know what to do and when.

Bo: Brian, I am so excited about this because while yes, personal finance is personal, we know that there are some reliable ways to build wealth no matter who you are. And we want to share those with all of you today.

Brian: So, we’re going to go over what to do with your next dollar in nine simple steps. How to make progress and how to build your great big beautiful tomorrow.

The Financial Order of Operations: Nine Steps to Financial Success (0:33)

Bo: All right, Brian, let’s talk about this system that we have come up with that we affectionately call the Financial Order of Operations. It’s a nine-step process to help you figure out what you should do with your very next dollar because we think that wealth building does not have to be complicated and we want to make it as simple for you as possible.

Brian: Yeah. Please go out there to moneyguy.com/resources and you too can download our nine steps to the Financial Order of Operations.

Ground Rules: The Foundation of Financial Success (1:04)

Bo: Now I think it’s important, Brian, before we jump into these nine steps and kind of go through each one of them, there are some base layers that we ought to uncover and we just affectionately call these the ground rules. These are not necessarily distinct steps in the Financial Order of Operations, but they are foundational to the Financial Order of Operations being able to work for you.

Brian: Yeah, let’s kind of jump into some of these. The first one is know thyself, know your why, because if you realize very early on as you start on this journey of building wealth, money is only a tool. So you have to kind of have some reflection to figure out how you’re actually going to harness the power of this tool to know what makes you happy, what it can and cannot do for you. So that’s why we say spend some time understanding know your why.

Bo: The other thing that we believe is we believe that generosity is rewarding. We don’t think that you have to reach some specific level of financial success to be able to begin being generous. So whether you have $1 or $1 million, we want you to be generous all throughout the process. It’s not a specific step in the order because really money only adds an exclamation mark to who you currently are. So if you can be generous with a little, there’s a good chance that you’re going to be able to be generous with a lot.

Brian: Yeah. And then the last thing is bedazzle your basic life. What in the world does that even mean? Well, here’s what it means. I don’t want you to be such a financial miser through your 20s, 30s, and 40s that you wake up and you think, “Oh, now I’m going to live my best life in my 50s because I’ve done all this sacrifice.” No, you need to actually live a life that lets you maximize each decade of your life. Now, that doesn’t mean that you go run up the credit card or get yourself in a lot of financial trouble. It just means every decade of your life, bedazzle your basic life. There’s ways that you can still go on vacation without breaking the bank. There’s ways that you can make sure that you’re still getting all the memories, the experiences, and everything else without really shortchanging your future self.

Bo: Now, it’s important for us to recognize that while the Financial Order of Operations is these nine steps, and they kind of move sequentially in order, the FOO is not a straight line. Often people think that I’m going to go from step one to step two to step three. But as life happens, as it actually unfolds, our Financial Order of Operations for us personally is a little bit different. We might be in step three for a while and go back to step four and then jump up to step six, then have to go back down to step three again. And that’s okay. It’s okay if the Financial Order of Operations is not linear. What we want it to be is a tool that will equip you to know what to do with your next dollar no matter where you find yourself today.

Step 1: Protect Yourself with Your Highest Deductible Covered (3:47)

Brian: So with that, let’s jump right in. Step number one, this is to protect you from making those desperate decisions. We got to have your highest insurance deductible covered.

Bo: What I think is so interesting, Brian, is this is before investing. This is before saving. This is before putting your money to work because we believe when it comes to your finances, the things you want to make sure you do right out of the gate is keep your life from falling in the ditch.

Brian: Well, it’s not a matter of if, it’s just a matter of when life is going to take a left turn on you. And sadly, we know the stat out there is every year, you can set a clock to it, approximately 59 to 60% of Americans can’t even come up with $1,000. So, you can already see it doesn’t take much for the typical American to get in a situation where they are making desperate decisions because they don’t have enough cash in the bank to even get them out of those emergencies.

Bo: So, what a lot of people don’t realize, Brian, is that, okay, they’re going to say, “All right, I don’t want my money sitting idly by. I don’t want to have my highest deductible, my auto insurance deductible, my health deductible, my home deductible. I want my money to be working for me.” So, don’t mishear us. We’re not saying bury this highest deductible inside your mattress. What we are saying is, hey, put that money aside. Even if you hold it inside like a high-yield savings account earning three and a half, 4% interest, you can have it there. But once you do that, once you set it aside, then you can start thinking about the exciting part of wealth building.

Brian: Yeah. I mean, I think the biggest thing is it keeps you from making those desperate decisions. They’re going to be way more expensive than even the opportunity cost and what this could be earning. And that leads to let’s talk about what do you need to do to complete step number one.

Bo: Yeah. If you want to be able to move on in the Financial Order of Operations, number one, you need to determine where to save. Okay. Where am I going to put this high deductible? We love high-yield savings accounts, high-yield money market mutual funds, somewhere that’s purely liquid, purely cash that can be there for you. And you got to figure out how much. Go look at all your deductibles and figure out, okay, which one’s the highest one? How much am I going to save? And then you got to figure out what’s the behavior that I’m going to implement in order to create that margin so that I can actually put that money aside and check the box on step one.

Step 2: Get That Free Money from Your Employer Match (6:00)

Brian: All right, that’s step one. Let’s get into something a lot more exciting. Go get that free money from your employer match. That’s step number two.

Bo: That’s right. A lot of us, we work for companies and it says, “Okay, if you have a 401(k) or a 403(b) or some type of account like that, if you’re willing to put some of your hard-earned money into that account, your employer is willing to match that, put money in.” It’s literally free money. All you got to do is show up. And a lot of people realize your employer is offering you like 50%, 100% guaranteed rate of return. How do you pass this up? This is why this is step number two of our system because it is that valuable to you.

Brian: But here’s the thing that blows my mind. And by the way, we saw this stat that says one in four Americans are not getting their full employer match. I’ve done 401(k) presentations where different sources have shown this data. Sometimes this point gets as high as 30% of Americans are missing out on employer money. Guys, what are we doing? If I left out free money for you, every one of you would walk by, pick that money up, but somehow we leave thousands of dollars alone that our employer is offering us. And that’s just a disaster for the long term.

Bo: So, you may be asking the question, wait guys, what if I have debt? What if I have credit cards? What if I have this sort of stuff going on? There’s a reason that step two employer match is before we even talk about any of your debt payments because a 50% or 100% imputed rate of return is even better than the predatory rates that credit card companies are charging. That’s why we have it so far up in the Financial Order of Operations. So, if you want to be able to complete step two, there are a few things you need to do. Number one, you need to understand the details of your plan. How does my company calculate my contribution? Is it dollar for dollar? Is it 50 cents on the dollar? Is it some sort of tiered structure? And how does it actually work? If I put money in today, is that money that my employer puts in my money today or is there some sort of vesting schedule? There’s some sort of time period I have to wait before it becomes my money. Once you understand the details, then you can decide, okay, well, how much should I contribute? And our answer is as much as it takes to get all of that employer match.

Brian: And then set it and forget it. I mean, that’s the thing. This is one of those things where I want your long-term behavior to be rewarded by being consistent because it doesn’t do you any good to do this one year and then cut it off. No, I want you to set it, forget it. Let your money be working silently in the background building up that stealth wealth.

Step 3: Eliminate High-Interest Debt (8:36)

Bo: All right, Brian, we talked about how employer match can be like a 50%, 100% imputed rate of return and that’s the reason why we prioritize it over other things. But then as we get to step three, we kind of move down the rung. And this is one that we really want people to focus on. We really want them to knock out after the employer match. And that’s any sort of high-interest debt you have working against you.

Brian: Yeah. I mean, think about this because a lot of people would be like, “Wait a minute, high-interest debt. What about filling up that emergency fund?” I’m like, wait a minute. When you are paying banks 20% plus, we don’t make—when we talk about doing financial planning or investment planning for clients, we’re not putting 20% in any of our assumptions, but somehow it is completely expected that banks are going to charge us this much. You’ll never, ever, ever get ahead if you are paying banks high-interest debt thinking that you’re going to build wealth. No way. It just doesn’t work.

Bo: Now, as a quick aside, I want you to recognize we’re not saying here, okay, you can’t use credit cards, because credit cards are a type of high-interest debt. We’re talking about you cannot carry a credit card balance. If you use credit cards, that’s fine. But if you do not treat debt with the respect it deserves because it can be a very useful tool, but if used inappropriately, it can be very, very dangerous. And if you don’t believe us, just think about this mathematic here. If you had $5,000 in credit card debt and you had a 20% interest rate over the course of a year, that’s going to cost you $1,000. Now, on the flip side of that, you had $5,000 in investments, and it made a very healthy 8% rate of return, which is great. You made $400. You can see that it takes a lot of $400 to replace that $1,000 you would have lost with that egregious, predatory interest rate. It’s why you have to get high-interest debt knocked out.

The True Cost of High-Interest Debt (10:25)

Brian: Well, this is what I hate about debt and this is why we call it chainsaw dangerous because it just seems so simple. It seems like it is a bridge to all of your answers to all of your problems. Because right now you don’t make a lot of money, but you have all these life needs. You’re like, “Well, you know what? I’ll use this debt bridge of credit card debt to protect me and get me there because I’ll make more money down the road. I’ll just pay myself back. I’ll pay it back. And even the money that I miss out on investing, I’ll make that up, too.” But guys, I’m telling you, this is a bridge to nowhere because yes, that $1,000 was already expensive. But guys, anybody who’s listened to our content knows we don’t only talk about just how much was lost. We talk about what that would be worth because you are a billionaire of time. All of my young people watching this, your most valuable resource is that time. For a 20-year-old, $1,000 lost in that year just to consumption could have potentially become $88,000 at retirement. That is what the opportunity cost was on this. So, it’s not only stealing from you through cost of interest that you’re paying to these banks. It’s costing what that money could be for you in the future in your financial independence journey.

Bo: And here’s what’s devastating. We know that right now, according to a Lending Tree survey, half of all Americans, 50% carry a credit card balance month-to-month. 50% of Americans are paying these high-interest rates for absolutely no reason. So, if you’re in this situation, if you’re one of these 50%, what we want you to do is figure out how do I get out of this? How do I get out of this high-interest debt? And there are two very common methods when it comes to paying off debt. The first is a debt snowball. You may have heard of this where you pay off all of your balances, the smallest to largest. And this helps build behavior. You get small wins early on and then it compounds and compounds and compounds. If that is the way that you want to pay off your debt, that’s great. The other alternative is what we like. It’s called the debt avalanche where you list all of your debt starting with the highest interest rate and you begin knocking out that highest interest rate. This is the most effective and optimal way to pay the least amount of interest. But whether you do the avalanche or the snowball does not matter so long as you’re doing something to begin getting out of this high-interest debt.

How to Complete Step 3 (12:47)

Brian: So let’s actually start figuring out how do we get traction? How do we get out of this debt? To complete step number three, here’s the first thing. Let’s write down, actually create a list of all of your debts. List your debts. List what the interest rates are on these debts. Figure out how much you have to wrangle to get control of your financial life because look, we’re not anti-debt people. Now, I will tell you, I use credit cards. Credit card use is A-okay. But credit card debt, no way. Because there’s no way I am going to pay the bank 20 plus%. So, determine which of your debts after you list them all out are what we consider high-interest debt and then create a plan on how you’re going to pay it off as fast as possible.

Bo: And then once you get all those high-interest debts knocked out, then you get to move on. You get to move on to step four in the Financial Order of Operations, building a fully funded emergency fund.

Step 4: Build Your Fully Funded Emergency Fund (13:42)

Brian: Yeah. I think it’s so interesting in our Financial Order of Operations, nine steps. But yet out of nine steps, two of those steps are specifically to having cash on hand for emergencies or bad things. This is back to the point, guys. And it’s not a matter of if an emergency or bad thing is coming your way. It’s a matter of when will this bad situation come. So you can imagine our shock when we find out 72% of Americans do not have a fully funded emergency fund. What are these people going to do when life comes and creates an emergency that they need to have resources for?

Bo: So if you are one of those 72% of Americans that does not have a fully funded emergency fund, here’s what we want you to do. Step number one, we want you to determine what is your actual cash reserve need. Do I need three months of living expenses? Do I need six months of living expenses? Am I nearing or in retirement? And I might need 12 to 18 months of living expenses in liquid cash. Once I’ve defined that number, once I know what that is, once I’ve looked at my variables to determine which one is right for me, then I want to begin building on step one. I already had my highest deductible. I already have that put aside. I want to start adding to that until I get that fully funded emergency fund. Once I’ve done that, I can check off the box for step four and I can move to step five.

Step 5: Maximize Tax-Free Growth with Roth and HSA (15:00)

Brian: All right, let’s talk about step five. What I like, this is where we actually end the wealth building journey, maximizing that beautiful element of tax-free growth.

Bo: And when we think about tax-free growth, there are generally two types of accounts that allow us to have that. The first is a Roth IRA or also potentially a Roth 401(k). And the other is a health savings account, which is a special type of account available to folks who have access to it because they’re covered under a high-deductible insurance plan. These are two of our favorite accounts because of exactly what Brian said. They allow your dollars to grow completely tax-free.

Brian: Yeah. I mean, think about it. The government is going to restrict how much and who can put money in these. Why? Because the getting is so good that that’s why they’re kind of limiting this once-in-a-year opportunity for you. So don’t sleep on this. Now, I want to take some credit for something I think is pretty powerful. For years, I was talking about how health savings accounts are great stealth wealth builders. Meaning, this is something you can start building on your net worth statement every year. And for years the stat was 4% of Americans are using health savings accounts for investments, not just as clearing accounts for their health care costs for the year. I’m happy to report that number has been increased to 13% of Americans are now actually investing the money that they put into these health savings accounts into these long-term investments. I like to think this is what we call a Money Guy echo.

Bo: I love it. And if you are someone who is able to do this and you are able to take advantage of this, health savings accounts give you tons of flexibility over how you’re able to access and use those dollars in the future. Just so that you know, right now this year, the health savings accounts limit is $4,300 for single individuals or $8,550 for families. On the Roth IRA side, assuming you’re eligible to contribute directly to a Roth IRA, you can do up to $7,000 per year per individual or $8,000 if you’re over the age of 50.

Bo: Now, as much as we love both of these accounts, there are some caveats you need to be aware of. Not everyone can contribute to an HSA account. You have to be covered under a high-deductible plan, and not everyone can contribute to a Roth IRA. You have to be under the income level to be able to do that. So, if you want to complete step five, if you want to be able to move along in the Financial Order of Operations, you need to be able to contribute enough to the Roth IRA, so $7,000 directly or if you’re over the income threshold, you make too much to contribute directly, you need to determine if you can do backdoor Roth contributions where you fund a non-deductible IRA and have the ability to convert that to a Roth IRA.

Brian: Yeah, like I said, they restrict these things. It’s also earned income is required as well. So, that’s why guys, don’t sleep on this. You know, one of the first things is that Roth IRA. As you start funding that, you start seeing the power of that compounding growth. I have shared when I wrote Millionaire Mission, I have my own regrets that I did not maximize the Roth every year that it was available to me. Don’t have those regrets for yourself. Maximize these unique tax-free growth opportunities.

Bo: And so, not only the Roth, but then if you are eligible, max out your HSA. Once you satisfied both of those tax-free savings opportunities, then you get to go to step six of the Financial Order of Operations, which is max out your employer sponsored retirement account.

Step 6: Max Out Your Employer Retirement Plan (18:27)

Brian: So, think about this. When we talk about this, when we’re talking about most of your employees, we’ve already talked about that free matching money. That was step number two, but a lot of these will allow you to do way more than that. If you’re talking about tax-favored savings vehicles, $23,500 per year, your 401(k)s, your 403(b)s, your 457s, your TSPs, these are all opportunities for you in a tax-favored way to save for the future. Don’t sleep on this.

Bo: And what’s amazing is that for most millionaires, there have been studies that show most millionaires reach seven-figure status because of their employer sponsored retirement account. So, when you have one of these accounts, not only can you do salary deferrals where you can go up to $23,500, but you also allow your employer to put money in, whether that be through some sort of safe harbor contribution, a matching contribution, or a profit sharing contribution. And even some plans will allow you to go even above that where you can do after-tax contributions. So these accounts, these 401(k)s, 403(b)s, 457s, they could potentially be funded all the way up to $70,000 per year. So it is a huge savings opportunity for most Americans who have the ability to contribute to these types of accounts.

Brian: So to complete step six, we got a quick checklist for you. Just make sure you determine how much can you max out. Now, we covered, you know, the 401(k)s and other things, but maybe some of you are part of SIMPLE IRAs and other things. Your numbers might be different. So go do the homework and figure out how much you can put in. And then now you have to figure out once you decide how much, are you going to do Roth, which we’ve already shared, those grow completely tax-free, but you don’t get a current deduction when you fund those accounts. If you’re in a higher income tax situation, you might want to do a traditional contribution, which allows you to take a current deduction off of your taxes right now. But realize when you pull that money out in the future, you’re likely going to have to pay ordinary income tax rates on it. So you have a decision to make on whether you’re taking the tax benefits now versus over the long term. Measure twice, cut once on that big decision.

Step 7: Hyper-Accumulation (20:28)

Bo: So Brian, so far we’ve been talking about the Financial Order of Operations. Steps one through six have been about what to do, what to do, what to do, what to do. Well, now we move into step seven, hyper-accumulation. This is where we get to focus not only just on what do we do, but now we get to really start thinking about why are we making the decisions we’re making.

Brian: Well, that term hyper-accumulation, what does that even mean for us? It means people who are saving 25% and greater because this is a unique thing because it actually shows that you understood that first component of wealth building which was the discipline component of living on less than you make. So much so that you actually even hit the 25%. Well, you might be asking yourself, why did you guys even come up with 25%?

Bo: We actually have a great tool, a great resource you can go use if you go to moneyguy.com/resources that shows for different ages, whether you’re 20, 30, 40, 50, at what savings rates are you able to replace certain degrees of your pre-retirement income. And what you’ll see when you go look at this deliverable is that most folks don’t end up saving and investing until they get into their early to mid-30s. Well, if that is you and if that describes you and you’re able to save 25%, you are still starting early enough that you’re going to give yourself a huge leg up and you’re likely going to be able to live the life that you want to live on your terms. Or maybe you’re someone who’s finding this a little bit earlier. Maybe you’re finding this in your 20s and you recognize, okay, well, maybe I don’t need to save 25%. Well, I would argue you also don’t know what life has to hold for you. So, the earlier you can get to that 25% savings rate, the earlier you’re going to get those dollars working for you. And the earlier you get those dollars working for you, the more flexibility, the more options you’re going to give yourself later in life.

Brian: Yeah. So, let’s talk about kind of close this out to complete step seven, hit 25% savings rates. And then I also want to encourage people if you have unique savings goals, because this step seven is also about how you’re going to use this money in retirement. Maybe you’re part of the FIRE movement and you think you want to leave the workforce much earlier. Your savings rate might need to be higher, much higher than 25%. We’re just saying don’t just sleep on this. Make sure you understand the why behind what your savings rate should be.

Bo: And so, one of the reasons why we came up with a number, why we developed and determined 25% was the number that you should be saving and investing is so that we could free you up. We wanted there to be some place where you could say, “Okay, if I’ve done this, if I’ve satisfied this, if I’ve hit this number, I know that I’ve taken care of my future self. I know that I’ve taken care of my future financial independence.” Well, once I’ve done that, now I get to start focusing on other things. And that’s where the next step in the Financial Order of Operations comes in. And that’s step eight, prepaid future expenses.

Step 8: Prepaid Future Expenses and Abundance Goals (23:17)

Brian: Yeah, this one’s exciting because a lot of this was just paint by the numbers. How do we keep our life from making desperate decisions? How do we maximize the tax code? A lot of mathematics and other things went into it. When we get to step eight, guys, this is more about now we know a lot of financial decisions are outside the math. They’re outside of just you’re doing this because it’s the best value. I like step eight because it has another name. Good time rock and roll. Side nickname for it is abundance goals because this is when you get to do the fun stuff. If you want to increase your lifestyle for a purpose, like better travel, better lifestyle, nicer car, step eight’s your friend for doing this. Home renovations, real estate investing, if you finally want to go start building that single family real estate empire that you’ve always heard people talk about, step eight is perfect because you have the financial foundation underneath you to probably support any of those bad things that might happen from this investment endeavor. Also, we get a lot of flack on this because we love our children, but we still want you just like when you get on that airplane, they tell you to put on your oxygen mask before you put it on the kids. It’s the same way with your financial goals and your independence. Step eight’s the first one that lets you start saving and investing for the kids’ college. And then this is also the one if you really are thinking you’re going to be leaving the workforce early, you’re probably going to be loading it up and figuring out how much more do we need to be saving and investing to invest in that goal in step eight.

Bo: So if you find yourself in step eight, one of the things we want you to begin thinking through is, okay, what was my why? What was the reason I started on this journey so many years ago? And now that I’m on the journey, now that I’m here, what’s the reason behind the decisions that I’m making? Is it because I want to create memories? Is it because I want to change my circumstances? Is it because I want to buy back my time? Once you’ve answered the why behind the money decisions, then you can figure out what’s the best way for me to allocate those. How do I want to allocate across the abundance goals? Man, I’m at a place right now where I’m going to be able to provide for mine and my spouse’s future financial independence. Wouldn’t it be great if we could help the kids with college? Wouldn’t it be great if we could have that second home? Wouldn’t it be great if we could move into that area that we’ve always wanted to live in? And then you got to figure out, okay, based on these goals that we have, what are the best and most efficient ways for us to attack those goals? And what are the best accounts for us to use to do that? If I want to save for my kids, is it a 529 or is it a UTMA? Is it a custodial Roth? In step eight, you get to answer all of those questions where you get to focus outside of yourself and focus on the other things that you want to be impacting in your financial life.

Step 9: Pay Off Low-Interest Debt (25:54)

Brian: And that leads to the final step of the Financial Order of Operations. Step number nine, paying off that low-interest debt.

Bo:If you remember in step three, one of the things that we did is we listed out all of our debts. We listed out every debt we had and we specifically prioritized the high-interest ones. Well, now since we still have that list, we’re able to go back and now begin looking at some of those other types of low interest.

Brian: And it’s important because we know that building wealth is a journey, Bo. And so in the beginning, it’s about making the wealth. But there will come a point when you actually reach a level of success that you want to maintain the wealth. And part of maintaining wealth is let’s de-risk. Let’s even pay off some of these low-interest debts because that’s the part I just get nervous when people do it way too soon. You know, it’s one thing to be a debt crusader and try to pay off debt really fast, but we want to make sure you give it enough time to make the wealth. And then of course there does come a time and a point to where now in step nine, let’s pay off some of this low-interest debt so we don’t have any obligations to anyone out there.

Bo: Well, this does a few things for you. It might provide peace of mind. It just gives you a calm and a peace knowing that I don’t owe anybody anything. Or maybe it frees up cash flow. Hey, I’ve got this mortgage payment. I’ve had it for the last 20 years. And if I pay off that debt, I’m no longer going to have that. It’s going to free me up. Now, don’t mishear us. Just because you’re in step nine and just because you have the choice to pay off low-interest debt does not mean that there’s a requirement to pay off low-interest debt. We have a saying around here. When I say we, I mean absolutely I have a saying around here that it’s just as good as being debt-free having the ability to be debt-free. But in step nine, we want you working towards that goal. Or even if you don’t pay off the mortgage, before you actually get to financial independence, before you actually plant your flag saying, “I have solved the money problem,” we want you to have the ability to write a check to be able to knock out all of those low-interest debts.

Brian: Well, you know, we’ve often shared that there does come a time and place, and I resemble this now. I’ve gotten to the age where I just got tired of having this mortgage debt hanging over me, and I paid it off. So I’m completely mortgage free now. And there is some peace of mind that comes from that. And that’s why I think that I love the delicate balance we’ve created here with The Money Guy Show is that we have given you the maximization of a lot of the mathematics, but we’ve also tried to give you the emotional components so that you can try to figure out how to live your best life with it. Because that’s the biggest thing. It’s okay if you’ve already done all these other steps and saved and invested. If you now are at a point where you’re already saving and investing 25%, it’s automatic for the people and it’s already happening. We’re not going to pick on you if you want to go pay off that low-interest debt. Go knock it out. Live your best life. It’s completely okay.

Moving Through the Three Stages of Wealth (28:42)

Bo: And Brian, you’ve kind of layered this all throughout. But the Financial Order of Operations is supposed to be tactical. What do I do with my next dollar? How do I decide the best way to allocate? Well, what’s actually happening is as you move through the Financial Order of Operations and as your financial life and your financial circumstances change, what’s really going on is you’re actually moving through the three different stages of wealth.

Brian: Yeah. It’s one of those things where so many of us take for granted we will be wealthy. Well, that’s unfortunately not the journey for most Americans. So we want to make sure you spend enough time and discipline on the make wealth phase so that you then get to do some of these abundance things in the maintain wealth phase of maybe paying off low-interest debt or doing other endeavors. But ultimately what I like is this is where it all comes together is that third phase which is the multiply wealth where you get to live your great big beautiful tomorrow and hopefully pay it forward by you waking up every morning knowing something you’re doing is making the world a better place and your resources are aligned with that as well.

Conclusion: Building Your Great Big Beautiful Tomorrow (29:50)

Bo: Building wealth is incredibly simple and we tried to implement the Financial Order of Operations so that we could make it even simpler. Now, that doesn’t necessarily mean that it’s easy, but with these tools, with the resource we’ve made available, we hope that you will feel equipped and empowered that you can actually move towards your great big beautiful tomorrow.

Brian: So, here’s the thing that I think is interesting is that we have just given you the nine steps of the Financial Order of Operations, but we all know that there’s going to be some complications. You guys, this system worked great to a point, but now my life has sure gotten complicated. I got to step eight. I’ve added up all those residential rental properties. I work for a Fortune 500 company. I got restricted stock units. Oh my gosh, guys. My estate documents now. I need to do something. Somebody needs to tell me how do I get my income taxes, my estate documents, all my beneficiaries. Life is complicated. And that’s where we will leave the front porch light on for you. We get it. The journey to building wealth is somewhat simple. Doesn’t mean it’s easy, but it is simple. But naturally, success is going to create those complications. And that’s where the abundance cycle is fulfilled. And if you get to that point and you resemble this, we’d love for you to give us a chance to help become your kind of outsource CFO to help you make those great financial mutant decisions. I’m your host, Brian. Mr. Bo Hanson, Money Guy team out.