In the past few years have heard many entrepreneurs speaking on various financial programs. When I heard Courtney Carroll speaking at an Empowerment event it become very clear he understood financial planning. He has ability to share insights that make it clear to understand and easy to apply.
1st There are many books written on financial strategies, why do we still have an issue with millions of people doing so poorly in this area.
I believe we have been sold the wrong message by our governments and the media at large. People are being encouraged to live their lives for a pension rather than creating their lives by design. The majority of books on finance speak to the importance of paying yourself first and putting your money away in mutual funds for the long term. The habit of savings is indeed important and is one of the chapters in my upcoming book (Financial Fitness Blueprint) but to think that mutual funds will give you the security at the end of your retirement is a fallacy. Canadians need to understand that profits are better than wages. It is better to work 7-10 years developing your business rather than 30-40 years working for a pension. Until this concept is understood and embraced we will continue to see millions struggle financially around the globe.
2nd What insights or suggestions can you share for those looking to change their financial destiny?
To create a better financial picture for our future we must begin with the end in mind. We need to know what it is we want and then work backwards from there. In the educational field we call this backward planning. Here is an example of how to do it. Let’s say your goal is to create $10 000 dollars a month in passive cashflow. Establish how long you think it will take you to do so and which vehicle you will need to drive to get you to that goal. In this situation it could be the business of public speaking, a MLM business that has a residual income stream or my favorite real estate.
If my goal is to create $10 000 in passive cashflow in five years then I can begin my plan. Ten thousand dollars (my financial goal), divided by 5 (the number of years) equals $2000.00. Jim this means each year for 5 consecutive years I will need to buy real estate that returns $2000.00 a month in order to reach my goal.
The next step is to figure which markets to best leverage my money and how many homes I would need to purchase each year to get $2000.00 of cashflow. If each house averages $500.00 a month in cashflow then I would need to purchase four income properties each year. Therefore to get $10,000 dollars of passive income in 5 years I will need to purchase 20 homes.
Jim the formula for creating wealth is very simple. Those who know it and work it consistently will always reap the bounty of life’s rewards that are available to all who truly desire it. My book outlines the key steps or Financial Fitness Blueprint needed to successfully navigate the field of personal finance.
Courtney Carroll currently works as a Principal with the Toronto District School Board. As a successful administrator with the board of education he is passionate about empowering young adults to aim high and create their lives by design. Courtney has spoken to thousands of youth during his career about overcoming obstacles and the power of positive associations.
Courtney Carroll is a successful real estate investor who has worked in the field of finance for the past 6 years. His passion for finance was born from witnessing his family’s mismanagement of money and the bankruptcies that followed. He has taken the pain and embarrassment from his past to create a powerful message that helps others avoid the financial mistakes his family made. He is a regular speaker at ToastMasters International and has delivered keynotes and workshops on the topic of financial fitness to organizations in the GTA.
Courtney Carroll is currently in the process of completing his first book entitled “Financial Fitness Blueprint” to be published later this year. His speaking topics are on Financial Fitness, Life’s Lessons from the Field, 3 Keys for Success.
Courtney Carroll can be reached at email@example.com or by phone at 416-347-0864
You can also visit his blog at http://www.courtneycarroll.com
Jim Pagiamtzis is a published author, writer and entrepreneur who has written for the Toronto Public Library spoken at Universities, Enterprise Toronto, Initiative TO on How to be come a networking Success and How to attract Mentor in Business Life and Success. You can be email firstname.lastname@example.org if you interested in being featured in future spotlight articles or have him come and speaking to sales or marketing organizations