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SO MONEY SECRETS Financial Habits of Highly Successful People

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SO MONEY SECRETS Financial Habits of Highly Successful People SO MONEY SECRETS Financial Habits of Highly Successful People FARNOOSH TORABI TABLE OF CONTENTS So Money Secrets Note from the Author, Farnoosh Torabi Financial Habits of Highly Successful People ! Tony Robbins, Peak Performance Coach, Philanthropist & Entrepreneur ! Tom Corley, Bestselling Author, CPA ! Stephanie Burns, Founder and CEO of Chic CEO ! Rebecca Jarvis, ABC News Chief Business and Economics Correspondent ! Pat Kiernan, American Television Host, Morning Anchor NY1 News ! Brittney Castro, Founder and CEO of Financially Wise Women ! Jacki Zehner, First Female Trader Made Partner at Goldman Sachs ! David Asprey, Founder of The BulletProof Executive ! David Bach, EVP Edelman Financial Services, Founder of Finish Rich Media ! Danielle LaPorte, Inspirational Speaker ! Jean Chatzky, Financial Editor of NBC Today Show, Bestselling Author ! JD Roth, Founder of GetRichSlowly ! Kate Northrup, Author of Money: A Love Story ! James Altucher, Entrepreneur, Speaker, Bestselling Author ! Leanne Jacobs, Money and Lifestyle Strategist ! Lewis Howes, Business Coach, Host of The School of Greatness Podcast ! Robert Kiyosaki, Author of Rich Dad, Poor Dad ! Josh Elledge, Founder and Chief Executive Angel, SavingsAngel.com Head over to SoMoneyPodcast.com to submit your financial questions for Farnoosh. She answers listeners’ questions each weekend on So Money. © 2015 FARNOOSH, INC 2 NOTE FROM THE AUTHOR Welcome to So Money! It’s been such a privilege to produce and host my new daily podcast for you. In just a short while I’ve had the opportunity to interview some fascinating entrepreneurs, authors, financial experts and influencers who’ve all generously shared their personal money stories, philosophies and lessons. One of my favorite questions for guests is – What is one financial habit that helps you keep your money safe and protected? Habits, as we know, are powerful and can make all the difference in our lives, especially when it comes to taking our finances from good to great. For me, one of my top habits is asking a lot of questions – and never hesitating to ask what might be perceived as a “silly” or “dumb” question. There is no such thing. Whether it’s about fees, how a product works or whether I can get a discount…as a journalist, asking questions comes easy…and it’s the simple secret that prevents me from making bad or expensive decisions. It’s similar to what my first guest, Tony Robbins, believes. “The best people on Earth, they all say, ‘What don’t I know,” he tells me. And I couldn’t agree more. In addition to Tony’s brilliant thoughts, in the following pages you’ll find a collection of some the best interview excerpts related to financial habits. The insights and advice my guests shared are quite profound - and personal at times. I’m so excited to share this gift with you. And I hope you’ll continue to join me on So Money. We’ve got an incredible line up of guests and tons more to share and learn…all in the pursuit of a richer, happier life. Enjoy! Warmly, Farnoosh © 2015 FARNOOSH, INC 3 TONY ROBBINS Bestselling Author, MONEY Master the Game: 7 Simple Steps to Financial Freedom Stay Curious and Reach High… “For me personally, it's really looking for, and never believing, you have all the answers. One of the reasons I wrote this book is I spent 21 years coaching one of the most brilliant guys in the world who never loses money. But I learned so much. I figured out how little I knew. The best people on Earth, they all say, "What don't I know?" 'cause the world's always changing.” - Click to tweet If you want to do better financially, a universal principle is change who you spend time with 'cause who you spend time with is who you become. If you go play a sport, let's say tennis… and you play against somebody who is 10 times your ability, you are going to increase your skill just to stay on the court with them. But if you play against people you're better than, it's only a matter of time before your game goes down. So, in my life, I've always tried to reach the people that were playing the game much higher and knew the game ahead of me, like they knew the road ahead 'cause I know that anticipation is power.” *** For the past three decades, Tony Robbins has served as an advisor to leaders around the world. A recognized authority on the psychology of leadership, negotiations, organizational turnaround, and peak performance, he has been honored consistently for his strategic intellect and humanitarian endeavors. His most recent book Money Master the Game: 7 Simple Steps to Financial Freedom is #1 best seller on Amazon. Learn more about Tony at www.tonyrobbins.com Follow him on Twitter @tonyrobbins © 2015 FARNOOSH, INC 4 TOM CORLEY Speaker, Bestselling Author, CPA / CFP Invest in Experiences… “Buying stuff doesn't make you happy, what really makes you happy is doing something you love” – Click to tweet. “My wife and I…we get our joy out of life from hanging out with our friends and our family. We just try and live our lives moderately, maintain a low cost of living and just enjoy the moments in life, not necessarily the things. People have this misunderstanding that they'll be happier if they have a bigger house or a nicer car. It doesn't do anything. You return right to your happiness baseline after a couple of weeks. Everyone has a different happiness baseline. It's governed in part by your genetics…10% of it is governed by your financial circumstances, but 40% of it is governed by your activities, the activities you engage in. So, you'll only be 10% happier buying stuff. You'll revert back to your baseline, but what will continue to make you happy is doing certain things... whether you're pursuing some goals, a life dream or your major purpose in life.” *** For 5 years, Tom Corley observed and documented the daily activities of 233 wealthy people and 128 people living in poverty. He discovered there is an immense difference between the habits of the wealthy and the poor. During his research he identified nearly 300 daily activities that separated the “haves” from the “have nots.” Tom is a bestselling author. His two most prominent books are Rich Habits – The Daily Success Habits of Wealthy Individuals and Rich Kids – How to Raise Our Children to be Happy and Successful in Life. Learn more about Tom at www.richhabits.net Follow him on Twitter @richhabits © 2015 FARNOOSH, INC 5 STEPHANIE BURNS Founder and CEO of Chic CEO Stick to Cash… “I negotiate everything. –Click to tweet. In terms of business and life, I grew up and went through college just like all of my friends, thinking credit cards were the greatest thing that ever happened to me, and shopping and getting myself into a lot of credit card debt. And so, that hole that I had to dig myself out of and currently still digging myself out of, I didn't want to spill over into my business. Chic CEO has zero debt. We don't have credit cards. We don't have lines of credit. We don't have investors. So, when we make a purchase, it is because we brought in the revenue to do so. I think in the beginning, and this isn't true for all businesses, but we worked really hard to make sure that, we're not spending money needlessly. And so, I'm very frugal with every dollar we have, every dollar we spend. I negotiate everything. I barter. I do everything that I can, to make sure that expenses stay low, because … the credit card debt I put myself in college by shopping, scared me enough to make sure that I wanted my company to be healthy financially.” *** Stephanie Burns is the founder and CEO of Chic CEO. Chic CEO is an online resource for female entrepreneurs – bringing how-to information, tools and community to women starting businesses. Just 6 months after launch, Chic CEO was named as one of the Top 10 Entrepreneurial Websites for Women by Forbes and every year after. Learn more about Stephanie at www.chic-ceo.com Follow her on Twitter @stephanieaburns © 2015 FARNOOSH, INC 6 REBECCA JARVIS ABC News Chief Business and Economics Correspondent Never Pay Retail… “I always look for a deal. I remember when my sister and I were kids. If we went shopping with my mom, she would basically say, ‘You can get a shirt or get a pair of pants as long as you find one that's less than $5.’ So I learned to sale and deal shop. I don't know if $5 was the number that it always was. But it was a low, low number and the whole idea behind it was to only buy if it was a deal. Especially nowadays, I think it's even more pertinent. You can find a deal no matter what, as long as you're not totally caught up on one item. And that's another thing. Don’t get caught up. Don't fall in love with one particular item in a store. I've never in my entire life. I'm serious about this. I have never fallen in love with one thing – Click to tweet and I think a lot of that comes back to my mom's teaching that unless it's a deal, I don't really want to buy it. And I really, I, genuinely, in my lifetime, have not, as far as I can recall, have not bought anything that wasn't on sale.
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