The United States is truly in a financial education crisis. At no point in our lives are we taught to manage our money. We’re not being taught in high school or college, and often times we’re not being taught by our parents either. Millennials go from not having any income in college and just focusing on education, to then having a full-time job with a full-time salary and uncertainty about how to manage those salaries. Most millennials want to get good at financial management and prepare for their financial future, but they don’t know how because they’ve never been taught. It’s a difficult thing to be new in the workforce and try to navigate things all on their own. Rachel Richards teaches Millennials, and everyone else, how to manage their finances in this expert sales interview, hosted by John Golden.
This expert sales interview explores:
- The importance of the golden number
- How to increase your income
- Avoiding Millenial shame
The Golden Number:
The golden number is how much money you have leftover at the end of the month after you’ve spent everything that you need to spend. In other words, it’s your income, minus your expenses. Or, in essence, how much you have to set aside every month. When people try to find ways to increase their golden number, they usually start by finding things to cut back on, like going to Starbucks less or eating out less.
There are two different kinds of income. There is active, or earned income, and passive income. Active income is where you trade your time for your money. This could be something like getting a part-time job on the weekend, selling things online, etc. Passive income is when you earn money with little to no ongoing work.
How To Avoid Millenial Shame:
One of the biggest struggles facing the millennial generation specifically is that it has become even harder to keep up with the Joneses because of social media. It’s easier than ever to make judgments about other people’s financial situations, because of the greater exposure to the world at large.
John is the Amazon bestselling author of Winning the Battle for Sales: Lessons on Closing Every Deal from the World’s Greatest Military Victories and Social Upheaval: How to Win at Social Selling. A globally acknowledged Sales & Marketing thought leader, speaker, and strategist. He is CSMO at Pipeliner CRM. In his spare time, John is an avid Martial Artist.