In the vast world of finance, only a few voices manage to distinctively stand out, offering not just advice, but a blueprint to financial independence and success. Curtis May, the mind behind the Practical Wealth Show Podcast, is one of those rare voices. With over 35 years of experience in financial planning, Curtis May has dedicated his life to educating and guiding individuals towards achieving their ultimate financial freedom. Jeffrey Feldberg of the Deep Wealth Podcast had the pleasure of sitting down with Curtis to unravel the secrets behind building sustainable wealth and the principles that have endured for centuries around the globe.
The Journey to Financial Enlightenment
Curtis May’s journey into the world of financial planning wasn’t a straightforward one. From realizing his prospects in the NBA were slim to discovering his knack for marketing and financial planning in college, Curtis’s path was filled with pivotal moments of self-discovery and realization. It was his drive for personal development and the realization that he was “really in the marketing business” that propelled him into success. Curtis emphasizes the importance of investing in oneself, acknowledging that “your number one asset is yourself.”
Financial Planning: More Than Just Numbers
When it comes to financial planning, Curtis May approaches it with a unique perspective. It’s not merely about saving money or investing wisely; it’s about understanding and implementing the timeless principles of wealth creation. Curtis stresses the significance of treating the business or investment as a vehicle for achieving financial independence, rather than just a means to accumulate wealth.
Curtis emphasizes, “I realized about 10 years ago, I was really in the marketing business.” Steering away from conventional wisdom, he ventured into understanding the core of wealth creation and imparting this knowledge to others.
During his discussion with Jeffrey Feldberg, Curtis broke down his approach into understandable and actionable strategies. The core philosophy of Curtis’s financial planning involves focusing on cash flow management rather than solely on accumulation. Curtis introduces the concept of a “wealth capture account” where individuals are encouraged to save systematically, ensuring that part of what they earn is always preserved for future investments or emergencies.
One of Curtis’s key philosophies revolves around the velocity of money and the importance of cash flow mapping. Unlike the traditional focus on chasing returns and locking money in investments like 401ks, Curtis advises on optimizing liquidity and control over one’s capital. He elaborates, “Your number one investment is your business. Why would you lock money up for 10, 20 years when you need liquidity?” This perspective underscores the significance of viewing a business as the primary vehicle for wealth creation, urging entrepreneurs to reinvest their profits wisely.
A Tactical Approach to Business and Personal Finances
Curtis May’s financial wisdom extends beyond personal savings to strategic business operations. He advocates for a systematic approach to managing finances, both personally and in business. For instance, he suggests dividing incoming funds into different accounts for specific purposes like profit, variable expenses, and taxes. This not only organizes finances but also lays a strong foundation for accumulating wealth.
Curtis shared an innovative approach to managing finances through what he calls a ‘wealth capture account.’ By setting aside a percentage of income into different accounts, including profit, variable expenses, and taxes, individuals can create a robust system that safeguards their wealth and fosters growth. “You need to tell your money where to go instead of asking where it went,” Curtis asserts, emphasizing the proactive management of finances to pave the way for lasting financial independence.
Moreover, Curtis emphasizes the significance of marketing in business. Recognizing early on that “he was always in the marketing business,” Curtis believes that a relentless focus on generating leads and converting them into paying customers is paramount. This mindset shift from merely running a business to understanding and leveraging marketing has been a game-changer for many of Curtis’s clients and can be for you too.
A Word of Wisdom: Invest in Understanding
Perhaps one of the most powerful takeaways from Curtis May’s insights is the importance of investing in understanding. Whether it’s the market, real estate, or any other investment vehicle, having a profound understanding and control over your investments is invaluable. Curtis advises against chasing returns without comprehension, as it leads to speculation rather than genuine investing.
For Curtis, imparting financial wisdom to the next generation is crucial. He stresses the importance of preparing children for entrepreneurial success by exposing them to real-world financial lessons and encouraging them to invest in themselves. To fellow entrepreneurs, Curtis offers sage advice: “Invest in what you know, invest in what you can control, and don’t chase returns; that’s speculating.” This principle-centered approach is at the heart of Curtis’s teachings, advocating for informed and strategic actions towards wealth creation.
Conclusion: Your Guide to Financial Freedom
In essence, Curtis May’s philosophy revolves around empowering individuals with knowledge and strategies that lead to financial independence. By focusing on cash flow management, understanding the principles of wealth creation, and mastering marketing in business, one can unlock the door to financial freedom. It’s not just about making money; it’s about creating a life filled with prosperity and success. Curtis May and Jeffrey Feldberg’s conversation is a testament to the power of financial education and the endless possibilities that await those willing to learn and apply these timeless principles.
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