MFREE 065 TRAILER #2 WITH CHARLES MCKINNEY: FINANCIAL WISDOM

Aloha, It’s Shelon "Hutch" Hutchinson here! If you’re enjoying 'The Multifamily Real Estate Experiment' podcast, please like, comment, and share our episodes to help us reach and inspire more people. Thank you for your support!Summary My father taught me, he said, when you get paid, pay yourself first. Soyou get money from whatever jobyou're doing. And what does thatmean? You got to put it in a savingsaccount you have to do somethingwith it where it's not used. Then yougot your investment play money. youcan take that and go and play in thestock market or whatever. Thenyou've got the money that comes inand just bounces right out into theIRA.That money's in there. Max it out,every year, and don't even thinkabout it. then TSP came along. Oh,there you go. Percentage automatic,gone. So what I see in the bankgrowing in my checking account isjust what's left over from payingmyself.And then from that goes the budgetof, okay, rent or mortgage, school orwhatever, fuel, groceries all that, billsall those kinds of things. That all getssectioned off. And then what's reallyleft, we can decide, oh, do we want todo something fun like go out todinner?" Or do we just throw it in theother account for safekeeping andbuild that up for bigger fun later on?With that, the idea is to being debtfree. So another thing that I learned isget that good credit and maintain it.Don't use a credit card for credit.Use it as a means to not deplete yourliquid cash and then pay it off in fullbecause you're not spending moneythat you don't have with a credit card.So you're building credit and mycredit is amazing. It's in the green. It'sway over. It's good.Being debt free is the first thing.Paying things down so that you don'towe when you're leaving, becauseyou don't know what your stream isgoing to be your incoming stream isgoing to be.https://www.linkedin.com/in/cgmckinneyii/*=*=*=*=*=*=*=*=*=*=*=*=*=*=*=*=*=*=*=*=*=*=*=*=*=*=*=*=*=*=*=*=*=*=*=*Thank you to all of our listeners!!! We would love to hear from you!!!Email us at:[email protected]    [email protected]*=*=*=*=*=*=*=*=*=*=*=*=*=*=*=*=*=*=*=*=*=*=*=*=*=*=*=*=*=*=*=*=*=*=*=*Visit our website to find out more:www.hsquaredcapital.comJoin our Facebook Group:The Multifamily Real Estate Experiment*=*=*=*=*=*=*=*=*=*=*=*=*=*=*=*=*=*=*=*=*=*=*=*=*=*=*=*=*=*=*=*=*=*=*=*Thank you to all of our listeners!!! We would love to hear from you!!!Email me at:[email protected]*=*=*=*=*=*=*=*=*=*=*=*=*=*=*=*=*=*=*=*=*=*=*=*=*=*=*=*=*=*=*=*=*=*=*=*Visit our website to find out more:www.hsquaredcapital.comJoin our Facebook Group:The Multifamily Real Estate ExperimentFollow us on Instagram:@hutchthemarineinvestor