How to manage your money

Key Concepts: Daily cash position monitoring, personal finance management as a business, direct bank account review.

Daily Cash Position Monitoring:

The speaker emphasizes the importance of receiving a daily cash email for each of their companies. This email provides a snapshot of the company's current cash position. The subject line of the email clearly states the cash balance, allowing for quick and easy monitoring. This practice is implemented across all businesses, providing a consistent overview of financial health.

Personal Finance as a Business:

The speaker extends the business-like approach to personal finance. They employ someone to manage their home assets and revenue, treating personal finances with the same rigor as a business. This includes tracking income, expenses, and assets.

Direct Bank Account Review:

Despite having systems in place for daily cash updates and professional management, the speaker stresses the necessity of personally logging into bank accounts. This direct review involves examining bank statements, credit card statements, cash positions, and savings accounts. The purpose is to maintain a "pulse" on what's happening financially and ensure accuracy and awareness.

Notable Quotes:

• "Even my personal I literally have somebody that manages I'm talking my home assets and revenue and in I mean it works just like a business." - Illustrates the speaker's approach to personal finance.
• "...make sure that you personally log into your bank account and look at the numbers." - Highlights the importance of direct oversight.

Synthesis/Conclusion:

The main takeaway is the importance of actively monitoring both business and personal finances. While systems like daily cash emails and professional management are valuable, they should be supplemented with direct, personal review of bank accounts and financial statements. This multi-layered approach ensures a comprehensive understanding of one's financial situation and allows for proactive management.