485: How to Manage Your Money in a Recession

Achieve Your Goals with Hal Elrod

Hal Elrod

Goals, Lifesuccess, Success, Goalsetting, Halelrod, Business, Achievement, Lifestyle, Motivation, Productivity, Miraclemorning, Self-improvement, Education

4.8 • 1.4K Ratings

🗓️ 7 June 2023

⏱️ 59 minutes

🔗️ Recording | iTunes | RSS

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Summary

If you've ever dealt with financial challenges and the resulting feelings of fear, stress, and overwhelm, you're not alone. I've been in similar shoes.

During the 2008 “Great Recession” I went from making $60,000 a year to losing over half of my income, going deep into debt, ruining my credit, having my house foreclosed on, and ultimately feeling powerless and without hope.

Today, I'll share with you the money-management system that helped me to transform my financial situation and how I doubled my income at the height of that recession.

I'll introduce you to a unique strategy that allows you to enjoy your money while it grows. By the end of the episode, I hope that you can put an end to a lot of the stress you experience when it comes to money.

We're talking about shifting your mindset from scarcity to abundance and taking meaningful actions, no matter how small.

KEY TAKEAWAYS

In order to make changes in your life, you have to raise your standards.
Your income can only grow to the extent you do.
The quality of your thoughts determines the quality of your outcomes.
Intentions are worthless if you don’t turn them into unwavering commitments.
Two actionable steps to get unstuck and gain clarity on your goals.
Tactics for becoming a good steward of your money, regardless of how much you make.

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To get full access to today's show notes, including audio, transcript, and links to all the resources mentioned, visit MiracleMorning.com/485

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Transcript

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0:00.0	Hello and welcome to the Achieve Your Goals podcast, the show that empowers you to wake
0:06.1	up to your full potential and achieve your biggest goals and dreams.
0:09.6	I am your host, Hal Elrod, and I invite you to join us each week as we share actionable
0:14.3	strategies to take your life to the next level, as well as interview world-class experts
0:19.0	and entrepreneurs who have achieved extraordinary goals themselves and we ask them to give you
0:23.9	a peek behind the curtain and teach you exactly what you need to do to do the same.
0:28.1	Ready?
0:29.2	Hello listeners of the Achieve Your Goals podcast. This is your host, Hal Elrod, and I am excited
0:41.9	for today's episode. It feels really good. I just finished recording it, and this episode
0:47.3	is the simplest money management strategy that I've ever learned, but let me be clear. It's not
0:53.8	simple like it's only for when you're starting out. No, I learned this strategy 16 years ago
1:00.4	and I still implement it to this day. In fact, my entire company now applied this strategy to our
1:08.0	business, to our company, the Miracle Morning, and now we implement the strategy as a company.
1:13.2	So what I'm going to share with you today, though, is how to do it as an individual,
1:17.2	and I'm going to break this down into very actionable steps where you're going to set up six
1:22.2	very specific bank accounts with a very specific purpose for each account that, and I'm going to
1:27.5	share with you the benefits of doing that, not only the benefits financially and how you will be
1:32.2	able to be able to manage your money and grow your income as I did, which I will lay out for you
1:37.3	how I did that in the middle of the 2008 recession. I started this money management system in 2007
1:43.7	when I was earning a decent income, not enough where I had access, but it was enough to pay my bills.
1:48.6	I had financial security, but not abundance. I wasn't, didn't have extra. I applied the strategy.
1:54.6	You'll hear the whole, I'm not going to go too far into it. But anyway, so you're going to
	...

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