“The biggest fat lie is this belief that the answer to all money problems is to make more money.” Krisstina Wise

Understanding how money works require deliberate action towards being financially literate and practice. A financially balanced lifestyle is the dream of most people, but most people struggle to reach that dream because of a lack of grasp of money matters. Our guest today, Krisstina Wise, has lived on both sides and says that money management is a real-life skill that has the potential to transform financial outcomes for the better.

Krisstina Wise is a real estate mogul, Millionaire Coach, and creator of several multi-million-dollar businesses, including Goodlife Luxury, The Paperless Agent, and WealthyWellthy. She is an international speaker and author of the Amazon Bestseller Falling for Money, A Romance Novel For Your Bank Account. Named one of the 100 Most Influential Real Estate Leaders in the country, she has been featured in USA TODAY and by Apple, Contactually, and Evernote for her creative leadership with emerging technologies.

In today’s episode, our guest will be talking to us about the importance of financial education in the journey of financial freedom. She will also be use numbers to provide us with insightful illustrations on wealth multiplication.

Listen in!

Social media links:

https://linkedin.com/in/krisstinawise/

https://twitter.com/krisstinawise

https://www.instagram.com/krisstinawise/

What I help people with is in the category of money, which is a topic that has a lot of shame attached to it. [1:42]
Most of us have been programmed with the money mindset and belief structure by the time we’re probably seven to 10 years old without realizing it, and we carry that money understanding or lack of way into adulthood. [1:54]
Money is knowledge-based, so we have to learn about money. It’s a real-life skill, but the problem is it’s not taught in school. [2:24]
The common sense, which is the obvious part, is that you work for your money, buy things, have bills, and spend money, and because we can do that pretty easily, it makes us think that that’s all there is to it. [3:07]
There is so much more to it, and money has all these principles, laws, and mechanics. [3:21]
In all other categories of life, we would expect that we would have to learn and practice and apply that learning to produce the results that we want. [4:02]
What I find fascinating is that with the three or four most important categories of life, we don’t do that same thing: our health, relationships and marriages, parenting, and money. [4:19]
I found myself in a state of crisis that kind of forced me to want to learn this money thing. [5:50]
People like me that have had no advantages have learned in-depth and dedicated my adult life to learning this thing to be good at it, and the result is financial freedom, where your assets pay for the cost of your living. [6:02]
I have a money school called sovereignty Academy, where I teach people how to money and get out of the trap by learning these very basic fundamental things that once we learn them and know them, we can land the plane successfully time and time again. [6:21]
The biggest fat lie is this belief that the answer to all my money problems is to make more money. [7:54]
There’s a different way, and it’s much easier, but you have to get out of the mindset and quit that thinking working harder or making more money is the answer. [10:08]
It is vulnerable for many different reasons, but it comes for many of us until we’ve schooled ourselves and educated ourselves. [11:07]
Being ignorant about money is not a bad thing; it just means we don’t know yet, which can bring a lot of vulnerability. [11:40]
When it comes to money and relationships, we come from different backgrounds and have different beliefs, but it is all about finding the balance between spending and saving. [12:36]
Commercial break. [13:57]
My first tip is that if money causes some type of friction or keeps us up at night, the first thing to do is to get curious about learning. [15:13]
There are these fundamental principles and laws regarding money, and we can start to learn those now and make different choices. [15:30]
One of those principles is called Parkinson’s Law of money which has kind of these two parts, and this is a law and a money commandment that is a truth that if you believe to be true, then it can be very eye-opening. [15:46]
The first part says that expenses will always rise to match income, and that is why it’s a myth that working harder to make more money will solve your money problems. [16:09]
The second piece of Parkinson’s Law says that once a luxury, it becomes a necessity. As our income goes up, our lifestyle, conveniences, and comfortability go up, and our status matches that. [17:58]
Having personal debt means that you are living a life that you can not afford under the illusion that you can afford it because it fits into your monthly amount of money that you can spend. [18:58]
I teach a philosophy that you should become your own banker and not participating in the banking system unless you’re leveraging it very intentionally, strategically, and understandably. [20:04]
Money and time are the same things, and we need to buy time with our money instead of the other way around, which is through wealth creation. [20:28]
I have been buying and building my net worth over the number of years through acquiring my real estate assets, and it is the cash flow from those assets that fully fund the cost of my lifestyle, and that is what financial freedom is. [21:14]
I have been very intentional in using time on my side to over time acquire these assets with the goal that my assets would pay for the cost of my lifestyle. [21:30]
It is intentional, and you have to know how much money is enough by putting money into a compounding calculator. [21:48]
The money I invested over all those years bought my time today to do whatever the hell I wan [22:00]
When it comes to our kids, one of the best things we can do for ourselves is to learn this money game and play well and hopefully be able to teach or encourage our children because it’s not taught in school. [22:25]
The early your start, the more time you have and the easier it is, you are going to make some early on beginner mistakes, but you have a lot of time to make up for those mistakes [22:42]
We need to create wealth not just for ourselves but also for our children because times are changing, and learning this money is more important than eve [28:26]
The only way to protect ourselves and provide as much opportunity, safety and security as possible is to educate ourselves. [28:39]
Make money a curiosity to get good at it. [29:55]

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